50 Cent files for bankruptcy after paying damages for circulating sex tape

Get Rich or Die Filin'

A picture 50 cent posted of himself in front of a mountain of cash on Instagram a few months back (50 Cent/Instagram)

50 Cent has filed for chapter 11 bankruptcy protection in a Connecticut court, after being ordered to pay $5m in damages for circulating someone else’s sex tape and adding his own audio commentary.

The rapper, real name Curtis James Jackson III, reported assets and debts each in the range of $10 million to $50 million in the court papers, which you can view here.

The development brings a new poignancy to his mantra 'Get Rich or Die Tryin', and irony to the track 'I Get Money'.

Jackson's legal team were "disappointed" on Friday when he was slapped with $5 million in punitive damages for appropriating a 13-minute video featuring Lastonia Leviston, narrating it as a character called 'Pimpin' Curly' while wearing a wig.

At the time, Jackson was feuding with Rick Ross with whom Leviston has a child.

"This was something done to me. I didn’t have a choice. I would never, ever do this to myself," she testified.

50 Cent previously consistently made 'top five richest rappers' lists, and in December 2014 signed a $78 million deal with underwear brand Frigo RevolutionWear.

"I just did a deal for $78 million for underwear. What did you muthaf*ckas do today? Lllllllllooooolllllllllll" he wrote on Instagram at the time.