Michael Todd Chrisley or Todd Chrisley is a real-estate tycoon. And while he earned million and built a small empire, he is now in debt. How did he manage to lose his money? And how big is Todd Chrisley’s fortune? Let’s take a look.
His family considers him a controlling, unreasonable, and easily irritated person. He is a germophobe and avoids dirt and animals.
As of August 2020, Todd Chrisley’s fortune is negative $5 million. Yes, he is in debt. In 2019, he and his wife pleaded not guilty for charges of bank fraud, wire fraud, and tax evasion. Here is a look at his journey.
|Name:||Michael Todd Chrisley|
|Birthday:||April 6, 1969|
|Net Worth:||-$5 million|
|Occupation:||American Real-Estate Tycoon, Reality TV Personality|
Career Ups and Downs
Todd is an American businessman and reality television personality. He got famous thanks to his Chrisley Knows Best show. It follows him as he goes about his daily life. In 2020, Todd aired his eighth season of the show. And there is also a spinoff called Growing Up Chrisley. It premiered on April 2, 2019.
Born in Georgia in 1969, Todd grew up in Westminster, South Carolina. He is the patriarch of the Chrisley family.
Todd started his company Chrisley Asset Management as a young entrepreneur. The firm, according to court documents, struggles for many years to make ends meet. And that is despite Todd and his family living a lavish lifestyle.
At the moment, Todd is in the process of a $45 million bankruptcy case involving a real estate empire. His empire went very sour.
At the court hearing, a trustee said Todd hid millions of dollars of assets in his wife’s name. But Mr. Chrisley denied the allegations.
Todd filed for bankruptcy in 2012. At the time, he said he has only $4 million in assets and $50 million in debt. He also said he has only $100 in cash and $55 in his checking account.
In 2013, his company, Chrisley Asset Management filed for corporate bankruptcy. The mortgage on his Atlanta mansion totaled $12 million and he also reported $600,000 in IRS late fees.
That is his debt situation. In 2014, trying to earn money and avoid total bankruptcy, Todd started the show Chrisley Knows Best. It premiered with an eight-episode first season.
Instantly, Todd achieved fame and popularity for his luxurious lifestyle. Viewers got fascinated with his reckless and out of control spending. In one episode, he spent more than $300,000 on shopping. And he drives expensive cars, living in a 30,000 square feet mansion.
He made his money in real estate but that business bankrupted. So now, he tries television. He has strict rules for raising his children. Todd monitors their internet usage and text messaging. And he planted tracking devices in their vehicles.
As of 2019, Todd filmed and released 145 episodes and seven seasons of Chrisley Knows Best. The eighth season will premiere in 2020. The show has broadcast deals in the US, Canada, the UK, Australia, and Asia.
The popularity of the show led to a spinoff series with Chase and Savannah Chrisley’s move from Nashville to Los Angeles. The show, Growing Up Chrisley premiered in April 2019. So far, there are two seasons of the spinoff.
In 2016, Todd tried to enter the world of music. He released the country single Infinity Love featuring Sara Evans. It peaked at Number 19 on the Billboard charts.
In August 2017 the USA Network ordered a half-hour after show According to Chrisley. In it, Todd talked about marriage, parenting, sex, relationship, and many other topics. Each episode featured one member of the Chrisley family and a celebrity guest. But after one season, it got canceled.
So, what is the real Todd Chrisley’s wealth? Is he in debt? Or does he have money on his bank account? Looking at his lifestyle and luxury, you might think of Todd as a millionaire. And yes he is, a millionaire in debt.
As of August 2020, Todd Chrisley’s cash flow is $5 million in debt. Yet, he shows his materialism and flashy clothes, cars, and expensive lifestyle to his fans. He lives in a $3.3 million home in Nashville with his wife Julie.
Nowadays, his primary source of income is the show and sponsorship deals.
In August 2019, Todd and Julie got arrested in Atlanta on a multi-count indictment. Charges included tax evasion, bank fraud, wire fraud, and conspiracy between 2007 and 2012. The indictment read stated that the couple operated a scheme swindling millions of dollars in bank loans by providing fraudulent information.
Furthermore, they allegedly dodged federal tax bills. One of the reasons Todd moved his family to Nashville is the income tax. There is no state income tax there. In 2019, the family bought a $3.4 million home outside of Nashville. And just two months later, because of their financial crimes, they put the home on the market for $4.7 million.