Chrisley Knows Best star Todd Chrisley is known for living a lavish lifestyle. He is known to greatly enjoy shopping. He is known to spend roughly $300,000 on clothing each year. So, most fans of this USA Network reality TV star assume he must have a pretty substantial net worth. Chrisley, however, isn’t worth nearly as much as his fans would assume him to be.
What is Todd Chrisley’s 2020 net worth?
According to Celebrity Net Worth, a website dedicated to digging up the current value and income data regarding celebrities, Todd Chrisley has a surprisingly low net worth. In fact, as of January 2020, Chrisley’s net worth is estimated to be NEGATIVE $5 million. (Yes, negative).
Why is his net worth in the negative?
Todd Chrisley is the owner of a firm called Chrisley Assets Management. It, however, has been struggling financially for several years according to public court documents.
As mentioned previously, Chrisley is a man who isn’t afraid to spend money. This certainly contributes to having a negative net worth. In addition to his massive clothing budget, he owns a 30,000 square foot mansion.
Presently, Todd is elbow deep in a $45 million bankruptcy case. It involves a real estate venture of his that didn’t end well. During recent court proceeding, it was revealed that by a trustee that Todd hid millions of dollars in his wife’s name. Todd’s lawyers, however, deny these claims to be true.
Back in 2012 was when Todd originally filed for bankruptcy. Chrisley revealed that he was buried under $50 million worth of debt while only having $4.2 million in assets. He also claimed he had $55 in his checking account and just $100 in cash.
Todd also noted that the mortgage on his mansion in Atlanta was $12 million. He also reported owing over $600,000 in IRS related fees.
His wife, Julie Chrisley, is reportedly wealthy. Her net worth is reported to be separate and detached from her husband.
The year 2019 and court cases
In August of 2019, both Todd and his wife were arrested. They were charged with a number of things including wire fraud, bank fraud, tax evasion, and conspiracy. These crimes were alleged to have committed between 2007 and 2012.
Todd and his wife, however, claim they are innocent. They claim it was a “trusted employee” who stole from them and committed the crimes.
They still spend money, despite Todd having a negative net worth.
Despite Todd being worth absolutely nothing, they still manage to make massive purchases. The duo spent $3.4 million on a home located in Nashville in June. Just two months later they put the home on the market for $4.7 million.