Film reviews were mixed to negative.The shtick of the horror-comedy Leprechaun series is summarized thus: (a) Warwick Davis is wearing ugly makeup to play an evil leprechaun; (b) he kills you while cracking jokes. This particular one takes a... curious direction, by setting the film around a trio of wannabe rappers in LA. The film is all over the place and, frankly, most of those places are clearly labeled "bad" on the map. On one hand, the movie continually succeeded in dodging my expectations for the horror-comedy slasher genre and was rarely formulaic. On the other... where to begin? For one, I'd think that the threat of being murdered for stealing a leprechaun's supernatural property would sort of derail any plans you had for starting a musical career, not turn your career into the A plot. For two, what the HELL were the creators thinking with the... well, I hate to use the word "transwoman", because the creators certainly didn't. Did having that scene (you'll know it when you hear it) and playing trans panic for laughs really enhance the film? Ignoring the massive problems, though, the movie does have some great stuff every now and then. Particularly the zombie fly girls at the end. Score: 2 stars out of 4 (your mileage may vary).
— Wikipedia article, with characteristic understatement
P.S.: I'm looking forward to rewatching Leprechaun in Space in the near future. I recall it being much more enjoyable than this film.