Singer Chris Brown is being sued over a loan of $2 million allegedly taken from a bank to purchase two ‘Popeyes’ chicken restaurants.
According to legal documents obtained by The Blast, City National Bank is attempting to collect on a loan given to the singer and others to buy two fast-food locations. The lawsuit is technically out of the state of Georgia, but the bank filed a case in Los Angeles Courts, knowing that the singer lives in the area.
In the filing, the bank claims it gave Brown a $2 million loan and several others, including rapper The Dream. It claims the “proceeds” were to “invest in two Popeyes restaurants.”
Chris Brown and Dream aren’t behind the counter in the locations serving delicious fried chicken, but it appears they are part of an investment group that bought into the company.
Singer Chris Brown Allegedly Owes Millions On ‘Popeyes’ Loan
CNB claims they forked over the cash in 2018 and attempted to collect it a few years later. “As of February 17, 2023, Borrower and Guarantors owe $2,140,901.74 in unpaid principal and interest,” the bank states.
As for Chris’ involvement, the bank claims “Mr. Brown is a personal guarantor ” of the loan and is now on the hook for the money.
Unfortunately, Brown will have an uphill battle on this one because a judgment was already entered in a Georgia court in favor of the bank. In other words, the LA case is simply the bank trying to collect the money they already won in the lawsuit. Specifically, in Brown’s case, the bank says he owes “$1,314,367.40.”
It should be noted that it’s unclear whether the restaurants are a success, but the bank wants to collect on their loan. Period.
Chris Brown Owns Interest In Tons Of Popeyes & Burger King Restaurants
This isn’t Chris Brown’s first venture into the fast-food chain business. According to a report, the singer owns fourteen Burger King Restaurants in Virginia. As you know, Brown was born and raised in the state. At the moment, Brown’s net worth is reportedly between $50 million and $150 million, depending on the source. So, this isn’t a massive problem for him.
Rapper The Dream appears to be in the same situation, although it’s unclear if the bank is coming after him, too. He may live in another state, so the bank is attempting to collect in that court.
At this point, Chris Brown either pays up or straps in for a lengthy legal battle.
