The 21-bedroom, 25-bathroom mansion was first listed in 2010 for $18.5 million and has since been reduced several times down to $8.5 million. Originally purchased in 2003 for $4.1 million, 50 Cent claims he put between $6-10 million into the 51,657 square foot property.
What else would $8.5 million get you if you were to purchase the home? An indoor pool, gym, basketball court, a “disco” dancing area with stripper poles (disco inferno, anyone?), just to name a few things. Not to mention, you would need $67k/month simply for up keep!
The main issue 50 made, along with sellers in general, is that his initial price was too high and not on par with market trends. When you don’t offer a competitive price for your property, it can turn off potential buyers and scare them away. Secondly, this article states that celebrity homes tend to sit on the market for quite some time, however the main reason for that is due to the price bracket. Celebrities generally have larger and more expensive homes that are not accessible to the average home buyer.
In our opinion, 50 Cent made a mistake by pouring too much money into his house and pricing it way too high for the market. His best bet is to put the home for lease and try selling again in a year or two.
What do you think? Sound off in the comments!