50 Cent's Big Price Cut In Farmington
It's been a big weekend for some of real estate's slow sellers. On Saturday we saw Nic Cage put his Bel-Air mansion on the market at a new lower price and now rapper 50 Cent is trying yet again to unload the pile of property in Farmington, Connecticut which he bought from Mike Tyson's ex-wife. Tyson's mansion has been nothing but a headache for Fiddy. He bought the home for $4.1 million (Tyson's ex originally wanted $25 million) and spent $6 million renovating it. He has been trying to sell the home since 2007 when he wanted $18.5 million for the property.
Earlier this year he settled a lawsuit against an engineering firm that he hired to inspect the 52-room home before he bought it. claiming they underestimated the value of the repairs needed. At that point the mansion, which was then listed at $14.5 million, was pulled off the market. But it's back up with a new listing agent and a new price of $10.9 million. The listing pics are similar to the ones we saw when we first had it as an estate of the day in 2007. Even with the new price he's going to have trouble getting rid of this home if only because not many buyers in the area will be looking for a home with a grotto and a nightclub.
[via NY Post]