When you think of a bankrupt millionaire, what comes to mind? That’s certainly not clear, but it seems to sum up American TV personality Todd Chrisley to a T. Todd Chrisley is well-known to viewers thanks to his starring role in the USA Network reality series Chrisley Knows Best. So, let’s dive into this article and learn more about Todd Chrisley Biography, Family, Early Life etc.
The self-made billionaire apparently has accumulated a debt of $49 million despite his unique revenue from his career. No, that doesn’t make any sense at all.
But his narrative doesn’t end there; he now lives comfortably in a mansion worth $2 million. He allegedly spends at least $30,000 a year on clothes for his family. Divorce, money problems, and several issues have plagued his life. Everything you wanted to know about him is right here.
Michael Todd Chrisley Early Life
Michael Todd Chrisley was born in Georgia on April 6, 1969. However, he spent most of his formative years in Westminster, South Carolina. Gene Raymond Chrisley and Faye Chrisley, his parents, were major influences on him. On July 11, 2012, his father passed away.
Together with his brothers Randy and Derrick Chrisley, he experienced childhood. They were kids from a tiny town who were captivated by bicycles. About his academic background, not much is known. He says he started with nothing and has made his life into what it is today entirely by his own effort.
Prior to his successful career in the media, Todd was a real estate investor. After signing a deal with ‘Fannie Mae,’ he was able to buy foreclosed homes at a discount and resell them for a profit.
Chrisley & Company is his own company, with holdings in retail, media, entertainment, and asset management. From an early age on, he was able to amass a considerable fortune through his commercial ventures.
Chrisley Asset Management (CAM) lost a lot of money on a sizable real estate investment in 2008, when the market for homes began to decline. In the end, Todd was unable to repay the $30 million he had guaranteed as a loan and was forced to declare bankruptcy.
Todd Chrisley Family
Todd’s two marriages have produced five children for him. His first wife, ex-wife Teresa Terry, is the woman he wed when he was just 21 years old. Teresa had their first kid at the young age of 19. Both Lindsie and Kyle Chrisley were born to them throughout their long marriage.
The couple separated in 1996 and eventually divorced. Terry, now a divorcee, reveals that the couple’s breakup was the result of years of physical and verbal abuse on Todd’s part. However, in court, Todd rejected the violent allegations against him.
Separating from his first wife, Todd married his current wife, Julie Chrisley, on May 25, 1996. They have three children from their tumultuous marriage. The Chrisleys have three children: daughters Savannah and Grayson and a son, Chase.
Grandnephew Chloe, age 5, is in Todd’s full custody. She is his oldest son Kyle’s offspring, with his longtime lover, Angle Johnson. The battle with drug addiction that Kyle has fought has taken a mental toll on him. For him, Chloe would always be a member of the family and a child first, and he assured the public of that.
Kyle Chrisley, his son, did not appreciate this. When he gave an interview to the Daily Mail in October 2014, it was a nasty one in which he called his father “a bankrupt, toxic, and a snake.” To boost the ratings of his reality program, Kyle’s father was accused by his son, Kyle, of using the custody of his daughter, Chloe, as a bargaining chip.
Todd responded by telling E! News that Kyle’s claims were untrue and unfortunate. Kyle, he said, was just looking for a method to self-medicate, which is something he’s done off and on since he was a kid.
Todd Chrisley Bankruptcy Story
Unfortunately for Todd, his business investment failed, and he now owes $30 million (including $12 million in mortgages and his wife’s $4.4 million loan).
A Chapter 7 bankruptcy petition was submitted on his behalf in August of 2012. He reported having only $100 in cash, $55 in a bank account, $4.2 million in assets, and nearly $49 million in debt.
It was revealed that Julie Chrisley had received over $700,00 in transfers from CAM corporate accounts, putting the total amount of money she had received from the company in the millions during the bankruptcy proceedings. Following the bankruptcy, the family is apparently being supported by Julie, who is claimed to be worth $3 million.
It wasn’t until 2015 that the lawsuit was resolved. That his case had been dismissed was confirmed by Todd to Radar Online, and he added that the family was doing well monetarily and emotionally.
Todd Chrisley Career
Chrisley Knows Best is the show that made him famous; however, he has been on other reality shows. His family of five children and his American wife have become the focus of several reality series in the United States.
For his family, Todd is the strict, disciplined father they need. On average, 1.16 million people have watched it since its debut on March 11, 2014. There have been 5 seasons thus far, and each one has averaged over 1.2 million viewers.
Savannah and Chase Chrisley got their own spinoff show in 2017. It was subsequently reported. Their live appearances on television would cause their parents a lot of stress and worry. Chrisley Knows Best is reportedly filming its sixth season right now, as reported by Todd to US Weekly.
Todd Chrisley Net Worth
It would appear that Todd is enjoying professional fulfillment, as evidenced by his enviable pay. If his investment hadn’t been a loss, he would otherwise be in a healthy position financially. But it didn’t work out. At the moment, the only source of income for him is his program, and it has been speculated that he has a net worth of approximately $5 Million. His official salary has not been made public at this time.