LOS ANGELES (LALATE EXCLUSIVE) – Todd Chrisley on Chrisley Knows Best details his extravagant living. But the show has left viewers guessing how did Todd Chrisley make his money, what does Todd Chrisley do for living, and where did Todd Chrisley’s net worth come from? Chrisley details extensively on the reality show his spending. He talks about hundreds of thousands of dollars on clothing per year, over a million dollars on son Kyle Chrisley, a substantial part of his net worth on a retail operation. But beyond stating that he was an entrepreneur in real estate, Todd Chrisley tells little to viewers about where he made all his money. LALATE however has exclusively obtained the answers this weekend, as admitted by Julie Chrisley herself.
LALATE has exclusively obtained documents in which Julie Chrisley explains how Todd and her made their money. The couple started in 2005 a company called Chrisley Asset Management. Julie explains how Chrisley Asset Management made money on foreclosure properties through Fannie Mae.
Julie reveals that “CAM was established by Todd and Julie in 2005 to manage real estate asset owned by the Federal National Mortgage Association (‘Fannie Mae’) and others following foreclosures in order to maintain such properties”. So what did Todd Chrisley do with the foreclosed properties?
Julie explains that she and Todd would “upgrade and repair the [Fannie Mae] properties”. Then in the backend, the Chrisleys and Fannie Mae would make money. Todd and Julie would then “sell them”. And how did Todd and Julie get paid? After the properties were sold, Chrisley Asset Management “would be paid a commission” [by Fannie Mae].
Todd Chrisley was initially the sole owner of this business. Then Todd’s share changed. On or around 2005, Julie claims that she became the major owner of the company. She claims that she moved up to sixty percent ownership, Todd had ten percent only, and a person named Mark Braddock allegedly had thirty percent.
According to Julie, from 2005 to 2010, the deals were lucrative. Chrisley Asset Management “performed well financially” during that period, Julie reports.
The Chrisleys also expanded the business. Julies states that the “business expanded into performing real estate asset management for its customers and clients”. But by 2012, the situation changed dramatically, following which Julie and Chrisley Assessment Management would sue Braddock. From there would follow Todd’s bankruptcy and more. For other exclusives about Todd Chrisley click HERE.