Reality TV star Todd Chrisley is making headlines these days as he faces jail time with his wife Julie after being found guilty of fraud and tax evasion. Prosecutors say the couple could be sentenced to more than 10 years in prison.
Todd, who starred in Chrisley knows best, presented false documents to the bank for having taken out loans in order to lead a lavish life. People are now wondering how much fortune the property mogul may have made in the years leading up to his trial. Here’s everything we know about Todd Chrisley’s net worth and income.
Todd Chrisley’s net worth
As indicated by the site Celebrity Net Worth, Todd Chrisley has a net worth of $1.5 million. The entrepreneur derived most of this income from his real estate business. Her stint on the USA Network reality show Chrisley knows best added to his fortune.
The show premiered in 2014 and featured Todd and Julie living a luxurious lifestyle, spending recklessly on expensive clothes, cars and mansions. The show ran for nine seasons and ended in December 2021.
Todd is also the founder and owner of Chrisley Asset Management, a business that would have struggled even as the family continued to lead luxurious lives. Later, the company also played a role in the tycoon’s legal troubles.
When it comes to real estate, Todd moved to Nashville in 2015 with his family, knowing there is no state income tax. There he bought a mansion worth $1.6 million. In 2019, the family purchased another home just outside of Nashville for $3.4 million. Two months later, they listed the property for $4.7 million.
Fraud charges and arrest
In August 2019, Todd and his wife were arrested in Atlanta for tax evasion, bank fraud, wire fraud and conspiracy. According to court documents, the two used their company Chrisley Asset Management to take out loans to buy and sell foreclosed properties between 2007 and 2012.
The couple allegedly gave banks false information that inflated their net worth. According to the lawsuit, the couple “conspired to submit false documents, such as fabricated bank statements and false personal financial statements, to financial institutions to obtain millions of dollars in loans, much of which they used at their expense. personal gain”.
The couple also reportedly evaded federal tax bills. Todd and Julie, however, claimed the illegal transactions were made by a former employee. According to estimates, the couple owed $2 million in unpaid taxes to the IRS. They were also asked to post $100,000 in unsecured court appearance bonds.
Todd Chrisley is currently facing a $45 million bankruptcy over a collapsed real estate empire. A trustee in the case alleged that Todd hid assets worth millions in Julie’s name. The former tycoon previously filed for bankruptcy in 2012 when he posted $4.2 million in assets against $50 million in debt.
In his file, Todd claimed to have only $100 in cash and $55 in his account. The following year, Chrisley Asset Management also filed for bankruptcy with the company. At the time, Todd owed $600,000 in IRS late fees, debts and penalties.
For more news and updates, keep watching this space.