Once upon a time, Todd Chrisley and his wife, Julie Chrisley, had an estimated net worth of $50 million. That has changed drastically now. Following the reality TV stars’ convictions on bank fraud and tax evasion charges, their estimated net worth has tumbled. Money troubles aren’t the only thing plaguing Chrisley and his wife. The duo is facing decades behind bars.
Todd Chrisley’s net worth has tumbled since his conviction
Todd Chrisley and his wife, Julie, were once believed to have a net worth of upwards of $50 million when their business and reality TV show were factored in. Following their conviction, Celebrity Net Worth now places Todd Chrisley’s net worth at just $1.5 million.
Julie Chrisley is also believed to have a net worth of $1.5 million. When their tax issues are settled and legal fees are paid, the Chrisleys will likely be significantly in debt. Despite their current legal troubles, USA Network greenlit season 10 of Chrisley Knows Best in May. Season 9 of the series will premiere on June 23. The reality TV series is USA Network’s best-performing original series. According to USA Network, season 10 will air in late 2022.
Todd Chrisley’s net worth was likely all smoke and mirrors
Chrisley’s net worth was likely never anywhere near $50 million. While the real estate developer was a savvy businessman at one point, he also spent lavishly and well beyond his means. According to court documents, to keep up appearances, Chrisley had a business associate create fake bank statements showing that the Chrisley family had far more in the bank than they did.
Mark Braddock, Chrisley’s business associate, testified in court that it was his job to craft fake bank statements. According to Insider, Braddock told federal prosecutors that Chrisley would use the fake bank statements to secure new loans, which Chrisley would then use to pay older loans. According to Braddock, the Chrisley family was spending outrageously while trying to secure loans.
In a bombshell moment, Braddock recounted how Todd Chrisley would fly to Los Angeles twice a month from his East Coast home just for hair cuts and coloring. The Chrisley family also purchased expensive cars, took luxury vacations, and attempted to skip out on massive tax bills.
Todd and Julie Chrisley are both facing serious time behind bars
Todd and Julie Chrisley are both facing significant stints behind bars after their conviction on fraud and tax evasion charges. On June 7, Todd and Julie, along with their accountant, were found guilty of various charges, including bank fraud, tax evasion, and wire fraud. The couple has been released on bond while awaiting sentencing, but both are under house arrest.
According to several sources, the couple could face up to 30 years in federal prison. Interestingly enough, the Chrisleys are not the first reality TV couple who found themselves in front of a jury on bank fraud charges.
Teresa and Joe Giudice of The Real Housewives of New Jersey were both convicted of bank fraud after exaggerating their income to secure loans. Teresa spent 15 months in prison, while Joe was sentenced to 41 months behind bars. Joe was deported to Italy following his prison term. He and Teresa have since divorced.