One of Connecticut’s better known white elephants—rapper 50 Cent’s massive Farmington mansion—has finally traded for $2.9 million, or 84% less than what it first sought 12 years ago, according to people familiar with the deal.
The musician, whose birth name is Curtis James Jackson III, purchased the property from former boxer Mike Tyson for $4.1 million in 2003, property records show. That deal set a still-standing record for the most expensive home ever sold in Farmington, which is about 80 miles north of Greenwich, according to appraiser Jonathan Miller.
TThe property first listed in 2007, then underwent several price cuts over the years and was listed by various different agencies. Most recently it was seeking for $4.995 million, according to Zillow. It had also been listed for rent at $100,000 a month.
Approximately 50,000-square-foot, the 52-room compound is much larger with other homes in the town of Farmington.
The original listing pictures show an indoor basketball court with the logo for Mr. Jackson’s G-Unit hip hop group, and a night club decorated with murals depicting Mr. Jackson’s large back tattoo and of him wearing a bedazzled cross medallion and pointing a gun.
The house also has game rooms, a recording studio, a home theater, an indoor pool and a conference center.
The estate was costing the rapper almost $70,000 a month to carry, including property taxes and mortgage payments, according to documents related to his Chapter 11 bankruptcy filing in 2015. He managed to hold onto the house despite his financial difficulties several years ago.
Inside the Compound
The rapper bought the house the same year his debut album, “Get Rich or Die Tryin,” debuted. He was an early investor in Vitamin Water, and has credits as an actor, including in the Starz network action series “Power.”
While the Connecticut market has been soft in recent years, this sale is “an outlier that has nothing to do with the state of any housing market in Connecticut. But when you think he sold the property for 85% less than he paid would you have left it on the market longer?
By John Cicioni