September 25th 2023.
Chris Brown is in a bit of a pickle. The "Fine China" singer was recently slapped with a $2 million lawsuit by City National Bank for allegedly defaulting on loans meant to purchase two Popeyes Chicken franchises. The California-based bank claims that Brown is the guarantor for the loan and owes "unpaid principal and interest".
It's not the first time the 34-year-old Virginia native has invested in fast food. According to US Weekly, Brown has owned 14 Burger King franchises for almost a decade. And it's definitely paid off - his net worth is estimated to be at $50 million.
To secure a Burger King franchise, one must have a net worth of $1 million and $500,000 in liquid assets. Initial franchise fees and costs stand at $50,000 USD for a 20-year agreement. There are also background check fees and varying application costs.
Brown is also busy building his own fashion empire. He recently launched NAMI slides in partnership with Renowned fashion brand, John Dean. The second iteration of the NAMI slides features "THEE most comfortable & Durable Slide you will own" and even has the capability to biodegrade in two years.
At the time of this writing, Brown has yet to respond to City National Bank's claim. With his investments in fast food franchises and fashion, it's no wonder he's managed to amass a net worth of $50 million.
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