Todd Chrisley’s net worth plummets following guilty verdict

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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 for bank fraud and tax evasion, their estimated net worth has plummeted. Money problems aren’t the only thing plaguing Chrisley and his wife. The duo face decades behind bars.

Todd Chrisley’s net worth has plummeted since his conviction

It was once believed that Todd Chrisley and his wife, Julie, had a net worth of over $50 million when their business and reality TV show were taken into account. Following their sentencing, Celebrity Net Worth now puts Todd Chrisley’s net worth at just $1.5 million.

Todd Chrisley | USA Network/NBCU Photo Bank via Getty Images

Julie Chrisley is also believed to have a net worth of $1.5 million. When their tax issues are ironed out and legal fees are paid, the Chrisleys will likely be heavily in debt. Despite their current legal issues, USA Network greenlit Season 10 of Chrisley Knows Best in May. Season 9 of the series will air on June 23. The reality series is USA Network’s highest-performing original series. According to USA Network, season 10 will air in late 2022.

Todd Chrisley’s net worth was probably smoke and mirrors

Chrisley’s net worth has probably never been close to $50 million. While the property developer was a shrewd businessman at one time, he also spent lavishly and well beyond his means. According to court documents, to keep up appearances, Chrisley had an associate create fake bank statements showing the Chrisley family had significantly more in the bank than they did.

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Mark Braddock, Chrisley’s business partner, testified in court that it was his job to fabricate 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 off older loans. According to Braddock, the Chrisley family spent outrageously while trying to get loans.

In a bombshell moment, Braddock recounted how Todd Chrisley flew to Los Angeles twice a month from his East Coast home just for haircuts and coloring. The Chrisley family also bought expensive cars, took luxury vacations and tried to avoid huge tax bills.

Todd and Julie Chrisley are both facing serious sentences behind bars

Todd and Julie Chrisley are both facing significant stints behind bars after their convictions for fraud and tax evasion. 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 have been released on bail pending sentencing, but both are under house arrest.

Todd Chrisley and Julie Chrisley arrive at the 52nd Academy of Country Music Awards

Todd Chrisley and Julie Chrisley | Michael Tran/FilmMagic

According to several sources, the couple could face up to 30 years in federal prison. Interestingly enough, the Chrisleys aren’t the first reality TV couple to find themselves in front of a jury for bank fraud.

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Teresa and Joe Giudice of The Real Housewives of the New Jersey were both convicted of bank fraud after they overstated their earnings to secure loans. Teresa spent 15 months in prison, while Joe was sentenced to 41 months behind bars. Joe was deported to Italy after his prison sentence. He and Teresa have since divorced.

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