Singer Chris Brown he is being sued over a $2 million loan allegedly taken from a bank to buy two “Popeye” chicken restaurants.
According to legal documents obtained by The Blast, City National Bank is trying to collect a loan made to the singer and others to purchase two fast food restaurants. The lawsuit was technically filed out of Georgia, but the bank filed the lawsuit in Los Angeles court knowing the singer lived in the area.
In the filing, the bank says it provided $2 million in loans to Brown and several others, including rappers. Dream. It states that the “proceeds” were intended to be “invested in two Popeyes restaurants.”
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Chris Brown and Dream aren’t behind the counter at a fried chicken joint, but they appear to be part of the investment group that bought the company.
Singer Chris Brown allegedly owes millions in Popeyes loan
CNB claims they forked over the money in 2018 and tried to reclaim it several years later. “As of February 17, 2023, the debt of the Borrower and the Guarantors is $2,140,901.74 in unpaid principal and interest,” the bank said in a statement.
As for Chris’ involvement, the bank claims that “Mr. Brown is the personal guarantor” of the loan and is now on the hook for the money.
Unfortunately, Brown faces an uphill battle on this issue, as a Georgia court has already ruled in favor of the bank. In other words, the Los Angeles case is simply an attempt by the bank to get money it has already won in a lawsuit. Specifically, in Brown’s case, the bank states that he owes “$1,314,367.40.”
It is worth noting that it is unclear whether the restaurants are successful, but the bank wants to repay the loan on them. Period.
Chris Brown has interests in Tons Of Popeyes and Burger King restaurants
This isn’t Chris Brown’s first venture into the fast food chain. According to the report, the singer owns fourteen Burger King restaurants in Virginia. As you know, Brown was born and raised in the state. Brown’s net worth is currently reported to be between $50 million and $150 million, depending on the source. So it’s not such a big problem for him.
Rapper The Dream appears to be in the same situation, although it is unclear whether the bank is pursuing him as well. He may live in another state, so the bank is trying to collect the debt in this court.
At this point, Chris Brown is either paying up or preparing for a lengthy legal battle.