Chip Gaines Net Worth – $50 Million
Chip Gaines has a net worth of $50 million. He is an American reality television celebrity and house renovation/design guru. This is his and his wife Joanna Gaines’ combined net worth. They rose to prominence as the hosts of the HGTV show Fixer Upper. The pair now runs a home renovation empire with various programs and a Target housewares line. Chip and Joanna launched a new joint venture with HGTV in April 2019, which will include their own TV network and streaming app.
Empire of Media
Chip and Joanna launched a new joint venture with HGTV in April 2019, which will include their own TV network and streaming app. The joint business, which is expected to begin in 2020, will include Chip and Joanna as Chief Creative Officers. The Gaines and numerous other home renovation series will be rebranded by Discovery Networks, which owns HGTV. Fixer Upper episodes will be available on the new network’s back catalog.
Chip Gaines earned his bachelor’s degree in business administration from Baylor University in 1998. While still a student, Chip began flipping properties. Despite the fact that he and Joanna both attended Baylor, they never met.
Joanna planned to pursue a career as a journalist and majored in communications. Joanna met him at her father’s Waco tyre business, where she worked part-time. After starring in ads for a tyre business, Joanna received her first taste of the spotlight on television.
Chip didn’t meet Joanna in person for the first time. While buying something from his father, he saw her portrait behind the counter. He began frequenting the store in the hopes of seeing Joanna face to face, according to folklore. Finally, in 2001, they were made public. “Hey, you’re the girl from the ads!” he would say as a pick-up line.
Despite a few early setbacks, such as Chip being an hour late for their first date, they eventually found each other and married in May 2003.
Within a month of married, they’d already reversed their first hour together. Renovating their own house was one of their first initiatives. They now have a total of five kids. Chip and Joanna founded the first “Magnolia Market” home design store shortly after getting married. In 2014, Chip and Joanna relaunched their Magnolia Market in the same area after a break when their original Magnolia Market shuttered.
Popularity on TV
Magnolia Homes, a Waco, Texas-based house remodeling and building company, was eventually founded by them. They finally drew the attention of HGTV, which, in collaboration with the makers of the reality program “Cake Boss,” debuted “Fixer Upper” in May 2013 and ran until 2018. The Gaines remodeled almost 100 houses throughout their HGTV show’s tenure. Their purchasers usually have a budget of approximately $200,000 and are ready to invest $30,000 on improvements. Chip is the project manager, while Joanna is in charge of the design.
Related – What is Cynthia Rowley’s Net Worth?
Real Estate Lawsuits in Magnolia
Their former Magnolia Real Estate Company partners filed a $1 million lawsuit against them in April 2017 over Fixer Upper. According to the lawsuit, Gaines bought out partners John L. Lewis and Richard L. Clark without informing them of the TV series arrangement he struck with HGTV. He allegedly paid $2,500 for each of their shares but refused to divulge insider knowledge, according to the two. “We are certain that these accusations will be determined to be without merit,” Chip’s attorney stated, “and it is frustrating to see people try to take advantage of Chip and Joanna Gaines’ hard work and success.”