"It is not sold yet," the source says, "there are offers they are reviewing and it is still on the market."
TMZ reported (March 2) that 50 Cent sold the 50,000 square foot home for $8 million to developers who wanted to turn the property into an assisted living facility.
The rapper filed for bankruptcy in July and the court must approve any potential sale of the mansion, which 50 bought in 2003 for $4.1 million.
"There is no signed contract in place to purchase the property," the Power producer's attorney told 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."
50 Cent first put the house on the market in 2007 for $18.5 million.
With files from Hip-Hop DX
