50 Cent Gives Up on Selling Home

5 months ago 04th Jun 10:10

Rapper 50 Cent has proved he will never succeed in real estate - he has pulled his home off the market after over-pricing it by more than $13 million (£8.6 million).

The In Da Club hitmaker paid $5 million (£3.3 million) for the mansion in Farrington, Connecticut in 2003 but added $18.5 million (£12.3 million) to the price tag when he put the property up for sale in 2007.

That home in that location is not worth anywhere near $14 million, and it will never sell for that, no matter how long you leave it on the market

He dropped its value to $14.5 million (£9.6 million) late last year (08) after failing to attract a buyer - but it still didn't sell, and has now been taken off the market.

And a real estate expert is adamant the reason the 19-bedroom, 50,000-square-foot house remained unsold for two years is because it was hugely over-priced.

Prudential Premier Homes agent Rob Giuffra says, "The house is not worth $1 over $5 million. Celebrities often overvalue a house, so they keep dropping in price.

"That home in that location is not worth anywhere near $14 million, and it will never sell for that, no matter how long you leave it on the market".

50 Cent has spent an estimated $10 million (£6.7 million) renovating the property and adding attractions including a giant hot tub and a dance floor.