50 Cent's Connecticut Mansion 'Not Sold' to Assisted Living Facility, Rep Says
03/03/2016 AT 12:10 AM EST
Contrary to multiple reports, 50 Cent has yet to sell his Farmington, Connecticut mansion.
"It is not sold yet, there are offers they are reviewing and it is still on the market," the rapper's rep tells PEOPLE.
50 Cent – who filed for Chapter 11 bankruptcy protection in July 2015 – first put the 21-bedroom, 25-bath property on the market for $18.5 million in 2007.
The rapper, né Curtis Jackson, bought the property for $4.1 million in 2003, and spent up to $10 million renovating it.
"There is no signed contract in place to purchase the property," Jackson's lawyer confirms to PEOPLE. "Until such time as a formal contract has been approved by the Bankruptcy Court and executed, the property will remain listed and for sale to all interested buyers."
The 53-room estate – once owned by Mike Tyson – was rumored to be bought for "$8 million" by a buyer who would have turned it into an "assisted living facility," according to TMZ.