Last year,Chris Brown got sued over an outstanding loan related to the acquisition of two Popeyes restaurants. City National Bank filed a lawsuit against Brown, seeking $2 million in unpaid funds. Now it seems, according to Radar, he has to pay up.
Popeyes Money
After losing a case by default, Brown faces the risk of losing assets, including his property, at his estate. The situation follows a recent approval at a hearing, granting the lender permission to seize assets to collect the debt.
As of March 1, according to Radar, Brown owes $1,760,654.11 from a loan provided by City National Bank (CNB) in 2018 intended to invest in two restaurants in partnership with music producer The Dream.
“This court may order that a writ of execution or other enforcement may issue. Your wages, money, and property could be taken without further warning from the court,” the filing read. “If enforcement procedures have already been issued, the property levied on will not be distributed until 30 days after you are served with this notice.”
For the record, Brown lives in a lavish $4.3 million “smart house” in Tarzana, California, equipped with 16 security cameras, according to The Los Angeles Times.
On Feb. 17, 2023, CNB claimed it owed $2,140,901.74 in unpaid principal and interest.
Forbes reported that the nearly $2 million loan is under Brown’s name, and although The Dream was listed in the Georgia lawsuit, Brown is solely accountable for the entire amount. In August 2023, the court issued a default judgment after Brown failed to respond to the case, with The Dream not being named in the default judgment.
The bank can also initiate collection efforts against Brown in California, where the singer resides.
Brown’s involvement in the restaurant business is a consistent theme, as evinced by his purported ownership of 14 Burger King establishments since 2015. However, details about this venture have been scant. What is worth noting is that a Burger King franchise requires a $50,000 franchise fee from the franchise owner. The franchise owner must also pay for all the costs associated with starting a new fast food restaurant. And they must have at least $500,000 in liquidity and a net worth of at least $1.5 million.
It takes a net worth of at least $1,000,000 to own a Popeyes with liquid net worth must be at least $500,000, according to The Pricer.
Brown, whose net worth has been estimated to be as high as $50 million, dropped his latest project, “11:11,” less than three months ago.
“11:11”, his 11th album, released on Nov. 10, 2023, encompasses 11 tracks spanning R&B, pop, Afrobeats, and dancehall genres. It features chart-topping hits from 2023, such as “Summer Too Hot,” “Sensational,” and “Nightmares,” Billboard reported.
The album earned 45,000 equivalent album units in its first week, with streaming accounting for the majority of its activity. This marks Brown’s fifth No. 1 on the Top R&B Albums chart.
Brown and His Legal Matters
The Grammy-winning singer is also entangled in another legal matter.
In December Brown refused to sit for a videotaped deposition involving an ex-housekeeper and a vicious dog attack on her. His refusal came just days after the Los Angeles judge upheld most of the housekeeper’s claims.
The housekeeper asserts she suffered disfigurement after an altercation with one of Brown’s dogs resulted in severe skin injuries. Brown vehemently denies these claims, contending that the housekeeper’s actions provoked the dog, leading to her injuries. Presently, both sides are gearing up for trial proceeding. While the court date was set for January, there seems to be no new updates.
