Reality television has its fair share of captivating personalities, and Todd Chrisley is undoubtedly one of them. Known for his entertaining antics on the show "Chrisley Knows Best," Chrisley has become a household name. But how did he amass his fortune and afford his lavish lifestyle?
How did Todd Chrisley make his money?
Chrisley's journey to wealth began in the real estate business, where he founded his own company, Chrisley & Company. With his sharp business acumen, he amassed millions. However, his ambitions didn't stop there. He ventured into the fashion industry, aiming to open a department store. Unfortunately, this plan never came to fruition.
"In a year, we sometimes spend $300,000 or more, just on clothing," Chrisley revealed in a promo for the reality show (via People). However, his extravagant spending eventually caught up with him. In 2012, Chrisley filed for bankruptcy, revealing debts amounting to $49.4 million. The following year, his company, Chrisley Asset Management, also filed for corporate bankruptcy. Despite claiming that the case was nearing its end, it was evident that financial struggles still plagued the family.
The Chrisleys' tax evasion and fraud charges
Seeking a fresh start, the Chrisleys bid farewell to their sprawling Georgia mansion and relocated to Nashville, citing security concerns. However, their troubles were far from over. In 2019, the Chrisleys found themselves facing charges of tax evasion.
Despite declaring himself a resident of Georgia on various documents, Chrisley never filed income in the state and owed nearly $800,000 in back taxes. The Georgia grand jury indicted the Chrisleys on charges of conspiracy to commit bank fraud, wire fraud, conspiracy to commit wire fraud, conspiracy to defraud the United States, and tax evasion.
In a surprising twist, the reality TV family shifted the blame to Michael Braddock, Chrisley's former business partner, accusing him of committing bank fraud on their behalf. Todd Chrisley took to Instagram to share his side of the story, emphasizing their innocence and presenting evidence and witnesses to support their claims.
"I'm telling you all this now because we have nothing to hide and have done nothing to be ashamed of," Chrisley wrote. "Not only do we know we've done nothing wrong, but we've got a ton of hard evidence and a bunch of corroborating witnesses that prove it."
Todd Chrisley's fraudulent documents
However, as the legal proceedings unfolded, prosecutors alleged that the Chrisleys and their accountant had submitted fake documents, lied about their wealth when applying for loans, and even fabricated evidence of their fraudulent activities.
For instance, Chrisley presented documents claiming he had $4 million in a Merrill Lynch account, even though he didn't possess an account there at the time. Later, when he did open an account with Merrill Lynch, it never held more than $17,000.
"As a result of false representations like these, a number of banks issued the conspirators millions of dollars in loans, much of which Todd and [wife] Julie Chrisley used for their own personal benefit," stated the indictment.
The prosecution rested its case in May, but the trial is still ongoing. As news of the family's financial misdeeds surfaced, fans of the show were stunned, realizing that they may not have truly known the real Todd Chrisley after all.
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