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50 Cent discount: Rapper sells Connecticut mansion at a sharply lower price

Janna Herron

After languishing for 12 years on the market, a Connecticut mansion owned by rapper 50 Cent is finally being sold — for a hefty discount.

The $2.9 million sales price to an undisclosed buyer is far less than the $14.5 million it listed for in 2007, the earliest asking price recorded by Realtor.com.

The deal was confirmed by Jennifer Leahy, the real estate agent at Douglas Elliman who handled the sale of the Farmington, Connecticut, estate. The Wall Street Journal first reported on the sale.

Born Curtis James Jackson III, 50 Cent bought the sprawling property for $4.1 million in 2003 from former heavyweight boxing champion Mike Tyson.

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That purchase price was, and remains, the high-water mark for Hartford County where the mansion is located, according to Jonathan Miller, president and CEO of the appraisal firm Miller Samuel Inc.

Overall, Farmington is a modestly priced, single-family home market, Miller said. The median sales price was $301,600 in the first quarter.

50 Cent put his property on the market in May 2007 and cut the listing price at least five times over the next decade, according to Realtor.com and Zillow records. Its most recent asking price was $4.995 million when the listing was removed in September. The rapper has since filed for bankruptcy.

Spanning 50,000 square feet, the 52-room estate has 21 bedrooms and 25 bathrooms. It features an indoor pool and hot tub, an indoor court, a green screen room, a recording studio, a full gym, a conference room, and its own night club.

The Journal reported that proceeds from the sale would be donated to the musician's nonprofit, G-Unity Foundation.

This article originally appeared on USA TODAY: 50 Cent discount: Rapper sells Connecticut mansion at a sharply lower price