The rapper 50 Cent has reportedly filed for bankruptcy.
The bankruptcy case was filed on Monday as the entertainer, whose real name is Curtis Jackson III, was scheduled to testify in a $5 million sex tape trial.
A Manhattan jury handed down the verdict after just 70 minutes of deliberation on July 10. The six jurors found that Jackson, as part of his rap beef with rival Rick Ross, posted a private sex video featuring Ross’ baby mama online to millions of viewers.
The woman, Florida resident Lastonia Leviston, sued in 2010, claiming the posting nearly drove her to suicide.
Jackson was supposed to hand over a net worth statement plus his state and federal tax returns for the past five years on Monday so the jury could calculate punitive damages in addition to the initial $5 million award for Leviston’s emotional distress.
The disclosure would have provided a rare look into the finances of someone believed to be one of the world’s most successful rappers.
But the initial Connecticut Chapter 11 bankruptcy filing says Jackson has $10 to $50 million in assets and $10 to $50 million in liabilities.
It puts his creditors at between 1 and 49.
The bankruptcy claim comes just days after The New York Times published a fawning profile of Jackson, calling him a “Renaissance Man” who favors Versace shirts and has “exceptional business instincts.”
Jackson had tried to duck the sex tape trial in May by filing for bankruptcy on behalf of his boxing promotions company, but a federal judge ruled that the civil case had to go forward and threatened the rapper with sanctions.