50 Cent files for bankruptcy

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50-cent-in-mobay.jpgRapper 50 Cent, whose real name is Curtis Jackson III, has declared bankruptcy. He filed the papers on Monday.

According to reports from the Wall Street Journal, "In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million."

Jackson filed papers days after he was ordered to pay $5 million in compensation to a woman who sued for him for an online sex tape.

50 Cent is reportedly worth approximately $270 million. This comes mainly from his minority stake in Vitamin Water, which the Coca Cola company bought for $4.1 billion in 2007. The Washington Post said at that time, "50 Cent was thought to have walked away with a figure somewhere between $60 million and $100 million, putting his net worth at nearly a half billion dollars."

His net worth would also come as a result of album sales and starring in films and TV.