50 Cent finally sells 52-room Connecticut mansion for cut price of $8 million - to developer who plans to make it a NURSING HOME

Rapper 50 Cent has finally sold his Connecticut mansion for the cut price of $8 million - to a nursing home management company.

The artist, whose real name is Curtis Jackson III, initially listed the 21-bedroom home in Farmington for $18 million in 2007, and has been gradually reducing the asking price ever since.

He snapped up the abode for $4.1 million at the height of his fame in 2003, the year he released some of his top hits P.I.M.P., In Da Club, and 21 Questions on the album Get Rich Or Die Tryin'.

Over the next few months, he invested up to $10 million in renovations to the property's gym, racquetball courts, and disco room with stripper poles.

But now, the glittering additions will likely be stripped away as TMZ reports the estate will be turned into an assisted living facility for the elderly.  

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Rapper 50 Cent has finally sold his Connecticut mansion for the cut price of $8 million - to a nursing home management company. He initially listed the 21-bedroom home in Farmington for $18 million in 2007

Court papers reveal that 50 Cent spends $72,000 a month on the house (above) and its 17 acres of grounds, including $5,000 a month on gardening

Get rich or die tryin': The home, based in Farmington, Connecticut, boasts a number of opulent features including a swimming pool and private casino

The 50,000-square-foot home boasts 25 bathrooms.

One of the biggest private residences in America, it costs a whopping $72,000 a month to finance and maintain.

The rapper bought it in 2003 from boxer Mike Tyson. 

He then spent $6million renovating the house and its grounds, and installed a helicopter pad, infinity pool and a private cinema.

The home also has a private casino, gym, racquetball courts and disco room with stripper poles. There are 52 rooms in total, including nine kitchens.

In 2012 the rapper showed it off to Oprah Winfrey, giving the cameramen for her chat show a tour.

The entertainer has followed in the footsteps of Tyson and two other former owners of the huge property, one of the biggest private residences in America, that none of them could afford to keep.

Fast-forward 13 years and the 40-year-old is not feeling so prosperous. And so it will come as some relief to Jackson that his glittering mansion has been passed on for half its estimated value. 

The house was built for notoriously 'tacky' Colonial Realty founder Benjamin Sisti in 1985 for $2.3m.

The Hartford Courant last year described the businessman as 'to good taste as Madonna is to modesty.'

Sisti became 'bankrupt' in 1990. Police later found out that Colonial Realty was a ponzi scheme and around 7,000 investors lost all their money.

Sisti at one point said he had less than $15,000 in assets but it was later revealed that he doled out all his assets to family members before claiming he was broke.

Party's over: 50 Cent parties in his own private casino in his mansion. He is the fourth person to own the Connecticut mansion and face bankruptcy over the spiralling costs of maintaining the huge property

Sports fan: The Candy Shop singer larks about on his private basketball court

Grandiose: 50 is seen posing in front of his waterfall in his lavish back garden

Feeding time: He also feeds his fishes in a large pond

The former homeowner later spent nine years holed up in a far less luxurious home- prison - after pleading guilty to bankruptcy fraud.

Boston.com reports that the mansion then went into foreclosure and was sold to People's Bank for $3.5m in an auction.

Lithuanian business owner Romas Martsinkiavitchous bought the house for $2.7m in 1993.

The home proved to be too much for the Lithuanian import who was 'facing bankruptcy' when he put the home up for sale for $3.5m the following year.

It’s not clear if he ever actually filed for bankruptcy though he pushed away creditors until 1996 when he sold the house to Mike Tyson for $2.8m.

The 52-room house has nine kitchens, including the one above, which has remarkably clutter-free surfaces

The movie theater in the house, which was filmed for Oprah Winfrey's show in 2012

Oprah's camera crew took footage of this huge dining table and drawing room in the opulent mansion

Tyson spent millions more installing a nightclub that could fit 1,000 people called club TKO, an indoor shooting range, an NBA sized basketball court on a former tennis court, and an entirely pink bedroom.

Despite personalizing every nook and cranny of the house, the infamous boxer decided to sell the home just one year later for $22m.

No one wanted to buy the home, which included the decked out furnishings, so in 2003 the house was awarded to Tyson's ex-wife Monica Turner as part of their divorce settlement.

Tyson, who once had a $400 to his name, filed for bankruptcy.

Once he got the keys 50 Cent added a movie theater, a helicopter pad, an infinity pool, and stripper poles.

'He’s put a lot into it, and it’s all very tasteful, except the stripper poles,' said a real estate agent in 2007.

That same year, 50 Cent listed the home at $18.5m.

Over the years he dropped the price of the home hoping to find a buyer.

Making the most of it while he can? 50 Cent posted this photo of him relaxing by his outdoor infinity pool in the grounds of the Connecticut estate

50 Cents posted this photo on Instagram of him and some friends enjoying his mansion's private casino 

Jackson filed for bankruptcy last summer after a New York City jury ordered him to pay $7million to Lastonia Leviston for posting - with his own mocking commentary - a sex tape of her on his personal website.

Leviston, 36, who has a child with Jackson's rapper rival Rick Ross, said the tape destroyed her life and drove her to the brink of suicide. 

The rapper was also embroiled in a $18million lawsuit over his headphones businesses, and says his costly legal woes have forced him to file for Chapter 11.

The musician has sold more than 22million albums, and Forbes once estimated the entertainer and businessman's net worth at $150million largely from his business interests in clothing, beverages and music technology.

Fans had a tough time understanding how the New York-born rapper, actor, and Vitamin Water investor could be in a financial hole. 

Excessive: As part of his bill of $72,000 a month to maintain the property, 50 Cent spends $5,000 on gardening

Accusations: 50 Cent was ordered to pay $5million to Lastonia Leviston in court after she said he posted a sex tape of her online. Above he is pictured next to his indoor pool at the Farmington mansion

Oprah's crew filmed the pool in 2012 (above) for a special show about the rapper and his huge home

The rapper - real name Curtis Jackson III - shared this picture of him performing at the house

However, in bankruptcy paperwork 50 Cent reported $32million in debts - including $2,000 he owed to his grandfather.

And in court, he said the flashy cars and bling were all borrowed - part of an act to keep up his image.

'Those cars were rented,' he testified in July.

'It's like music videos, they say action and you see all these fancy cars but everything goes back to the dealership.'

However bankruptcy papers state he owns seven or eight cars worth more than $500,000, including a Bentley and a Rolls Royce Phantom.

The rapper owns a number of businesses and is an actor, most recently appearing in Jake Gyllenhaal's movie Southpaw.

Jackson started dealing drugs at age 12 during the 1980s crack epidemic that hit urban America hard and left drug dealing to pursue a rap career.

He has become on of the world's highest selling rappers and founded his own record label G-Unit Records in 2003.

50 Cent formerly dated talk show host Chelsea Handler and singer Ciara.

No doubt the lake and fountains at the front of the incredible Farmington house cost quite a bit to maintain 

During the tour of the estate given to Oprah Winfrey's cameramen in 2012, he showed off this expansive hall

One of the 21 bedrooms, which has an impressive spiral staircase leading to a mezzanine 

This twin stairway was shown on Oprah's show three years ago, during which 50 Cents gave a sit-down interview with the chat-show queen