City National Bank has filed a $2 million lawsuit in a Los Angeles court against Chris Brown, The Dream, and others in a collective who received the “proceeds” to “invest in two Popeyes restaurants” from the bank.
The loan went through in 2018 for the group to receive the funds.
“As of February 17, 2023, Borrower and Guarantors owe $2,140,901.74 in unpaid principal and interest,” the complaint states, adding that the “Go Crazy” recording artist was the “personal guarantor” of the loan.
According to The Blast, the Georgia-based bank has already won a court-ordered judgment to get the money but has not received it. Brown’s portion of the judgment is “$1,314,367.40.”
The lawsuit does not state whether or two restaurants have been built and if they were successful.
The singer, who surpassed Elvis Presley for the most RIAA Gold Certified Singles for a male vocalist in history, has a portfolio that includes fourteen Burger King restaurants in Virginia, his native state.
As a businessman and entertainer, Brown has had a speckled history of successes and losses.
Two years after debuting as an artist, through Jive Records, Brown started a record label under Interscope called Chris Brown Entertainment.
Shortly after that, in 2009, the young star started having problems with the law after his very public domestic assault case against his ex-girlfriend, now-billionaire Rihanna.
Once he completed one year of domestic violence counseling and six months of community service, he received five years of probation and a five-year restraining order from the “Wild Thoughts” singer.
While most of his legal issues have been connected to his anger issues or alleged addiction to substances, he has managed to start a couple of businesses like his clothing line called Black Pyramid and his own cereal brand, “Breezy’s Cosmic Crunch.”
Launched in 2021, Breezy’s Cosmic Crunch was a collaboration with Miami-based retailer SoFlo Snacks. The limited-edition breakfast cereal, which came a year before Snoop Dogg’s Brand Snoop Loopz, was the company’s fastest-selling cereal.
“It’s been exciting creating Breezy’s Cosmic Crunch, I wanted to create something my fans could enjoy while also giving them something they could keep and collect forever,” said Brown, according to Billboard.
A portion of his estimated net worth of $50 million has been earned in ventures like these, investments, merchandising, special meet and greets, touring, and real estate, with his largest property deal being his four-bedroom hilltop mansion in Tarzana, California.
The singer purchased the 8,000-square-foot home on 0.75 acres in 2014 for $4.35 million.
However, the lion’s share of his wealth has been from his tremendous musical career which includes 10 studio albums.
Apart from the CNB lawsuit, Chris Brown faces a couple of big civil lawsuits involving two former housekeepers who allege that his neglect led to an attack involving his dog on his property.
Maria Avila and her sister Patricia Avila worked as housekeepers at Brown’s Tarzana residence.
On December 12, 2020, while Maria was taking out the trash, she was viciously mauled by a Caucasian Ovcharka/Caucasian shepherd dog, resulting in severe injuries to her face and arm.
The woman later filed a lawsuit in July 2021 as Jane Doe, seeking $71 million in damages, claiming Brown tried to conceal the incident and prioritized it over her well-being.
Brown argues that Maria mistreated the dog.
Patricia, who witnessed the attack, filed a separate lawsuit for emotional distress, seeking an undisclosed payout. Brown has since challenged Patricia’s claims in court, asking for the court to send her to a professional to examine her claim of distress and won.
The case is ongoing and is scheduled to go to trial in December 2023.
These lawsuits pose a significant financial threat to Brown, as they could leave him financially vulnerable if the plaintiffs succeed, unlike the CNB lawsuit, which would have a lesser impact on his finances.