It looks like it might soon be moving day for reality star Todd Chrisley and his brood of eight—downsizing from his lavish 30,000 square foot Rosewell, Georgia home to a two-bedroom condo in Atlanta.
According to court documents obtained by MailOnline, Chrisley, 45, the sharp-tongued family patriarch of Chrisley Knows Best, could soon lose the family’s mansion to the bank if it’s not sold first.
A new court order entitles the bank holding the million dollar mortgage on the two-acre estate to foreclose on the property. Until now, Chrisley had been shielded from foreclosure after he filed for bankruptcy protection in 2012.
Now the court has given U.S.Bank the green light to repossess the home that serves as the backdrop for the popular reality series that has been signed for a second season.
But a buyer may save the day. According to Suzanne Close, a broker with Atlanta Fine Homes Sotheby's International Realty, the home, which went on the market in March for $2.4 million, is now under contract for an undisclosed sum.
But where does that leave Chrisley, who owes close to a million dollars on the house?
His only property that is not on the line is a two-bedroom condo in Atlanta!
The fifth floor unit, located at 620 Peachtree in Atlanta, is completely paid off. It is a 1,750 square foot, two-bedroom, two-bathroom, condominium unit worth $300,000.
The family is also in danger of losing two more of their four properties. In addition to the family home, Todd is also facing foreclosure on the house occupied by his mother, Grandma Faye. He defaulted on a $33,000 loan and she and Todd’s oldest son Kyle, who had been staying with his grandmother, are about to be forced out.
Grandma Faye’s $500,000 house, located in Alpharetta, Georgia, has four bedrooms and four bathrooms and is 3,000 square feet.
The third possible casualty of Todd’s bankruptcy is his four bedroom, four bathroom, 4,324 square foot lakefront vacation retreat located in Seneca, South Carolina, 37 miles from Greenville. The house was purchased for $1.425 million, however with back payments and penalties the amount has swollen to over $1.688 million.
When Todd filed for bankruptcy he listed more than $4.2 million in assets but claimed his debts were amazingly, over $49 million!
According to LALATE.com Todd’s financial empire literally collapsed overnight after Todd and Julie lost a lucrative contract with Fannie Mae, where most of their fortune had been built refurbishing foreclosure properties and selling them for a fat commission.
Todd allegedly owned a company called Executive Asset Management, LLC and made $8 million in 2004, which he sold that same year.
In 2008 he launched Chrisley Assessment Management, where the bankruptcy trustee claims Todd was withdrawing over $500,000 per month in income from the business. The trustee went on to exclaim Todd and Julie own — or owned — homes in resorts in Florida and South Caroline as well as the large estate in Atlanta.
In addition, the trustee explained Todd also owned a condominium in Los Angeles and leases a substantial residence in Gwinnett County, Georgia.
However, according to a recent search of real estate documents Todd, only owns the four properties now and his wife, Julie, a former beauty queen who has her own fortune, is not listed as a co-owner on any of them.
Todd also reportedly owes the IRS more than $500,000 and he even borrowed $4.4 million from his wife to invest in the business.
Todd and his wife, Julie, who have five children and two grandchildren, proudly boasted on the March 11, 2014 premiere of the show on USA Network that they live in a gated community with many celebrities, including the “The Voice” judge, Usher.
He went on to brag that his family spends at least $300,000 a year on shopping sprees.
The sprawling 30,000-square-foot mansion includes a gourmet indoor kitchen as well as an outdoor one, a living room that is so large it’s takes up an entire floor, a huge spa bathroom next to the master suite, nine fireplaces, a theater, grotto, wine cellar, elevator, saltwater pool and, of course, his infamous walk-in closet full of his designer clothes that he has separated by the different seasons.
Todd may not be able to save all or any of the three properties but he has already started to bounce back with his reality show and as a result of record ratings the USA Network has already renewed the show for a second season.
'Perfection should be something you should strive to be.' Todd explained on the show, 'I expect a certain standard, I want us to live a certain way.'