A reality TV star on USA Network's Chrisley Knows Best, who has recently been jailed for tax evasion, had nearly $50 million in debt before his arrest.
Todd Chrisley, 53, and his wife and Julie, 49, were sentenced to a combined total of 19 years imprisonment on Monday (November 21), per WSB-TV Atlanta.
The TV star's lavish lifestyle was well documented on his Instagram page, and he once bragged during a promotion for his show that: "In a year, we sometimes spend $300,000 or more, just on clothing," as cited by People.
Behind the image Todd wanted the world to see of being mega-rich, there was a side that he attempted to keep hidden from the public.
In documents obtained by People, the 53-year-old filed for bankruptcy in 2012. He listed $4.2 million in assets while his debts totaled a staggering $49.4 million.
Speaking to the outlet in 2014, Robert Furr, Todd's attorney at the time, outlined that the TV star guaranteed a $30 million real estate development loan, and "it failed".
"He was on the hook for $30 million. If he hadn’t had that happen, he would have been fine, financially," the attorney continued.
On top of these bills, Todd had mortgages totaling $12 million, owed nearly $600,000 to the IRS, and even took a $4.4 million loan from his wife.
Julie Chrisley, a former Miss Carolina, was quite well off. "She has her own money. This is money that she lent him [Todd] over the years for his business. It’s as simple as that," Robert explained.
The US Attorney's Office states: "Todd and Julie Chrisley conspired to defraud community banks in the Atlanta area to obtain more than $36 million in personal loans."
It goes on to state that the couple submitted false bank statements, audit reports, and personal financial statements in order to obtain the loans.
"The Chrisleys spent the money on luxury cars, designer clothes, real estate, and travel – and used new fraudulent loans to pay back old ones," the report continues. "After spending all the money, Todd Chrisley filed for bankruptcy and walked away from more than $20 million of these fraudulently obtained loans."
The husband and wife were convicted of tax evasion and bank fraud back in June and will now begin their sentences. Todd was sentenced to 12 years in prison and 16 months probation, whilst Julie received seven years in prison, plus 16 months probation.
During the hearing, Todd asked for leniency for his wife due to the pair having children who would benefit from having a parent around.
However, US District Judge Eleanor Ross stated the crime: "Has to be burdened by the defendants."