Things have been rocky for Chip Gaines recently as the HGTV star is currently enthralled in a nasty lawsuit with his former partners, who claim that he convinced them to forfeit their share of their joint business, Magnolia Realty, for $5,000 — allegedly failing to mention that days prior, he signed a deal to film a pilot with HGTV.
And now those partner — John Lewis and Richard Clark — are fighting back in a big way, as they feel the Fixer Upper star scammed them out of “millions.”
“The bottom line is we owned a business together. We had been friends for over a decade. The choice could have been when he had the knowledge that there was success on the horizon that he could have allowed his friends and business partner to enjoy that future success with him, and he chose not to do so,” John told In Touch exclusively.
“I knew they were filming a pilot. I had no idea that it was going to be aired on any network, let alone HGTV, and didn’t know about that until two days after signed over the company to Chip. I trusted what Chip was telling me — the business we owned together had no value.”
Of course, the show went on to become HGTV’s top-rated series.
So just how much is Chip worth these days? Many estimations predict that Chip and his wife, Joanna, are worth a combined $5 million!
The bulk of their income, of course, comes from their hugely popular home renovation show, which reportedly pays them each $30,000 per episode. The couple — who are parents to four children — also own several properties in their native Waco, and have several business under their Magnolia brand, including Magnolia Market, Magnolia Realty, and Magnolia Homes.
Their businesses don’t end their — they’ve also earned a pretty penny with Joanna’s clothing line, collection of Fixer Upper-inspired paint, and a line of rugs.
Even though they are wildly successful, Chip and Joanna stay humble — and make sure they raise their children the same way.
“We are thankful for our success,” Chip said last year. “But if it ever compromised our ability to be a healthy married couple or our kids started to get a little bit off track, we would quit this thing in a heartbeat!”