People often wait months, or even years to sell their homes. Rapper 50 Cent likely did not set a record for the time it took his 52,000 square foot mansion to sell, but the period seemed to stretch on nearly forever, to a decade plus two years. And, he had to offer a sharp discount to the original asking price.
The 51,657-square-foot residence has gone under contract for $2.9 million, which is down from $18.5 million in 2007. That is a drop of 84%. There has a recession since then, but the real estate market has recovered. Apparently, there has not been much of a market for such a massive home in Farmington, CT, which is in the center of the state geographically, and far from any big city.
50 Cent bought the house in 2003. It has belonged to boxer Mike Tyson. The home has 19 bedrooms, 19 baths, and 16 half baths. It also sports an indoor poll, basketball court, recording studio, and several guesthouses. 50 Cent paid $4.1 million for the house and added renovations which cost as much as another $10 million. Real Estate broker Dolly Lenz said of the original price tag, “It was just priced too out of whack. There’s never been a house there that’s sold for anywhere near that number.”
It’s easy to see why the price analysis is true. Farmington is in Harford Country. It is not known for its luxury homes. It is the headquarters location for United Technologies, Otis Elevator Company, and Carvel. The greatest historic mansion in the state is located nearly 100 miles away. Farmington is one of Connecticut oldest town, incorporated in 1645. Residents are well off. The average household income in the town is over $133,000. That is high by national standards. The average household income in the U.S. is under $60,000. However, an income of $133,000 is still not enough for most people who would like to own a $3 million home. Farmington is not the richest town in the state. At current mortgage rates, and with a 20% downpayment, the monthly payments on a mortgage that size could easily be $15,000 to $20,000 a month.
On top of that, a resident would need to pay property taxes and insurance. And, it is reported that sums were about $70,000 a year. And, there are, of course, the utility costs to heat and cool the 52,000. The Wall Street Journal got some of this data from 50 Cent’s bankfuptcy filing in 2015.
Earlier this month, 50 Cent appeared on the Steven Colbert show and voiced his own problems with the home. “You know when you look down the hallway in your house and you don’t wanna go down there? Things would break because you didn’t use it. You didn’t turn it on, now the light is flickering.” Now, it is someone else’s turn to look down those hallways.