Cole McBee gives shocking update on family’s financial problems as Dad serves time in jail
'We're still going through it'
Cole McBee gave an update on the McBee Dynasty family’s financial situation on Watch What Happens Live with Andy Cohen on July 6. Here’s everything he said.
View this post on Instagram
Cole gave a hopeful answer and said that the family has made real progress paying off their debt, though the crisis isn’t fully behind them. “To say we’re out of everything would be a lie,” he said.
Their financial struggles stem from the patriarch of the family, Steve McBee Sr. He went to prison on major fraud charges and pled guilty to a multi-million-dollar federal crop insurance fraud case.
The McBee farm has also been carrying a massive debt load estimated upwards of $60 million to $70 million. So now, they’ve been forced to restructure their entire lives and the farm in order to pay off their debts.
View this post on Instagram
“We’re in a much better place than we were yesterday, and we’re in a whole lot better spot than we were last year,” Cole noted. Cole’s older brother Steven Jr. made the difficult decision to sell off the company’s headquarters, including its grain bins, shop, and aviation building in season three episode one.
Cole admitted to Andy that this was only part of the solution. “That solved a lot of the problems, but there’s still some problems out there.” They’re still working through it and trying to overcome challenges to get out of this hole. “We’re moving in the right direction every day,” Cole said.
Speaking to Bravo Insider in June, Cole revealed that the farm will now focus on their cattle operations. “We’re not farming anymore, but just grow our farm in acres. Obviously, between our cows, I’d like to double our pasture, be able to double our herd in the next five years is my plan.”
For all the latest reality TV cast member news, scandals, gossip and updates – like Reality Shrine on Facebook.