Posted: Tuesday – June 2, 2009 @ 9:04 AM
After 722 days on the market, 50 Cent has taken his Farmington, Connecticut mansion out of the running for a new resident.
The Hartford Courant reports that the 50,000-square-foot home’s asking price of $14.5 million was too much to attract potential buyers.
“The house is not worth $1[dollar] over $5 million,” Prudential Premier Homes agent Rob Giuffria told the newspaper, as he joined local real estate agents in alluding to the mansion’s Hartford area location, as a possible factor in deterring buyers.
“Celebrities often overvalue a house, so they keep dropping in price,” Giuffria reasoned. “That home in that location is not worth anywhere near $14 million, and it will never sell for that, no matter how long you leave it on the market.”
An agent familiar with the estate revealed the mansion has not been re-listed for sale yet, after the property’s listing contract with the Keller Williams office in Ridgefield officially expired in May.
The estate’s removal from the market is the latest development to occur since 50 Cent bought the residence in 2003 for $4.1 million .
Soon after acquiring the 17-acre home, the rapper spent an estimated $10 million on various renovations such as a 40-person hot tub inside a grotto.
Prior to dropping the price to $14.5 million late last year, the mansion was initially put on the market for $18.5 million.
Previous owners of the residence included former boxing champion Mike Tyson and Colonial Realty founder Benjamin Sisti, who built the estate in 1987.
In addition to the hot tub, the mansion included 19 bedrooms and 37 bathrooms, as well as a gym and a disco with a ‘dancing’ room, complete with stripper poles.