‘Beautiful People’ singer and popstar Chris Brown now faces having his home repossessed and assets seized by City National Bank as he fails to repay a 2018 loan he took out to invest in the fast-food chicken chain Popeyes.
Akin to other music industry figures, in 2018, Brown decided to buy two Popeyes locations and invest in the franchise. However, following his loan from City National Bank, he has not been making the mandatory payments. As such, the financial establishment recently took him to court.
As a result of not paying back the loan in full with interest, last year, a California court ordered the singer to repay $22,140,901.74 in unpaid principal and interest. However, after the six-month deadline, he has still not managed to find all the money necessary to cover this sum.
As a result of the outstanding debt, it has been reported by the California radio show The Neighborhood Talk and the magazine Hollywood Unlocked that the court is now looking at Brown having his house repossessed and several assets seized. The court believes, collectively, they will be worth the equivalent of his outstanding debt.
According to reports from Neighborhood Talk and Hollywood Unlocked magazine, Brown has 30 days left to make the payment of $1.76 million. If he does not reach this tight deadline, the vocalist may be in big trouble.
According to official court filings, the court will seize Brown’s assets immediately with the document reading, “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.”
Chris Brown’s fellow investor, The Dream, is also on the hook alongside Brown. This is not Brown’s only legal case. Last year, the vocalist was sued by music executive Abe Diaw, who alleged that the ‘Run It’ act hit him in the face with a bottle of Don Julio 1942 tequila at TAPE club in London.
