Friday, June 5, 2009

Hustlin' Backwards: 50 Cent's Mansion

Season 15 of MTV Cribs. Episode 7. It was dubbed the "50 Cent Special" because unlike prior episodes where several artists homes were shown, 50's CT mansion had the entire segment dedicated to it.

It was somewhat inspiring to watch, like most episodes, but even more so since it was 50, an artist & mogul who Ive always been fascinated by. I mean, back when 50 was at his peak he was making moves in, out, and around hip-hop. I expect that a lot of the posts on HustleBasics will be about 50 because hit or miss he stays on his grind.

Unfortunately, his CT mansion turns out to be a miss. Not so much the buying that was a miss because in buying it from Mike Tyson's ex-wife for 4.1 milli he could have made a decent return on the investment when he it came time to sell it. Especially since it seems for the most part 50 did actually live in the mansion (Not every rapper that does MTV Cribs actually owns it or lives there).

Things would have ended well had they ended there, but they didnt. Turns out there were renovations to be made. 50 hired a local engineering firm, that allegedly gave him a $500, 000 estimate on said renovations. The contract was signed and work started. By the time it was all said and done the 53 room mansion had 10 million dollars in renovations including the addition of a 40-person hot tub.

See things like that remind me of when heads from around my old hood would drop 5 stacks into a hooptie. $5000 in rims, sound system, etc...all that on a $1000 Honda Civic hatchback.

Hustlin' backwards.

There is cost; the amount of money or resources used, and then there is value; the monetary worth or desirability placed on something.

At one point in the MTV segment (@ 2:06 in the video above) 50 points out that the chandelier above the dinning table is 80k.

50's Baccarat crystal chandelier
cost: $80k
value: $80k

Is it me or did he pronounce it something like "Bacaram" crystal? Im assuming he meant Baccarat crystal. I'm also assuming he meant thats how much it cost him. In this case the cost is equal to the value because if 50 wanted to sell it he could probably get around what he paid for it. Baccarat crystal is a sound investment, unlike the BMW he jokes that he could have bought at the same price.

50's custom vase
cost: $0
value: Priceless

Its 50's "favorite thing in the house" so obviously its very valuable to him. More valuable than the chandelier even. Not nearly as valuable to you and I. Why? Like he said, he couldn't buy anything like it because it was custom made by an uncle of his who is in prison. Hence, its priceless specifically to him.

So thats cost vs value. Back to the mansion itself...

"He's put a lot into it, and it's all very tasteful, except the stripper poles," Curt Clemens Sr., owner of Century 21 Clemens & Sons in Hartford, tells the Courant. Clemens, who represented the property when it was owned by Tyson, said he toured the house a few months ago but is not handling the sale.

On the down side, "It's an impossible house to use because of its gargantuan size," Clemens says. "Only a very minute portion of the population could afford to buy it, maintain it and would want it."

So at the end of the day, the cost of the mansion far exceeded its value.

Hustle Basics Lesson:

Know and understand the cost vs the value of your investments. When the cost of your investment passes the value of it to begin're hustlin' backwards.