Magnolia Millionaires: How Chip And Joanna Gaines Built Their $20 Million Fortune

After six seasons of Fixer Upper, Chip and Joanna Gaines are household names. The Waco, Texas couple has built an empire under the name Magnolia, capitalizing on Joanna’s wildly popular “Farmhouse-chic” design, their strong family values, and beloved Texas town.

They even created what people are calling a “Magnolia Disneyland”, a shopping center spanning two blocks in downtown Waco that the couple just poured $10.4 million dollars into renovating. How else have they been building their fortune? Take a look– you might be surprised.

The Magnolia Market On Bosque Came First

chip-joanna-gaines-old-photo
Instagram/Magnolia
Instagram/Magnolia

Before Fixer Upper, Chip and Joanna opened the original Magnolia Market in Waco in 2003. The shop sold vintage items, housewares, decor, and other accessories that caught Joanna’s eye. The town loved her taste and the market’s welcoming ambiance. The shop on Bosque street proved to be a success.

During this time, Joanna was a new mom with two little ones. She often brought Drake and Ella Rose into the shop before they could even walk. But with another business on the side already, the couple made the decision to close the original Magnolia Market.

They Earned $30,000 Per Episode For Fixer Upper

fixer-upper
HGTV/Fixer Upper
HGTV/Fixer Upper

America was first introduced to Chip and Joanna Gaines when the first season of HGTV’s Fixer Upper debuted in April 2014. The home design and renovation show was an instant hit, and sparked the “Farmhouse-chic” craze that heavily influenced home design trends through the show’s five seasons.

Joanna’s love of shiplap, wainscoting, barn doors, and other farmhouse staples found their way into homes across the country. Not only that, but fans of the show began visiting the Waco, Texas area to experience the town they watch on TV first-hand.

Magnolia Homes Was The Breadwinner

While Joanna was spending time running Magnolia Market, the couple also owned Magnolia Homes, their home construction business. Chip had begun purchasing and flipping homes in Waco when he first met Joanna. While he focused on the construction side of things, Joanna’s natural talent at design helped tie it all together.

The couple brought old homes back to life and began to make a noticeable impact on the town they loved so much. Seeing their fantastic work, business and new clients kept coming their way.

They Purchased The Silos In Waco, Texas

silos-magnolia-market
Pinterest/Magnolia
Pinterest/Magnolia

The Gaines went big when they decided to purchase the Silos in their Texas town. Originally built in 1950 by the Brazos Valley Cotton Oil Company, the location spans two city blocks in downtown Waco. In just the first year of opening in 2016, the Silos welcomed an estimated 1.9 million visitors, around 30,000 a week according to the Waco Tribune.

The Silos first opened with a retail store, barn, garden store, bakery, lawn area, and parking for food trucks, along with an office building.

Magnolia Press Coffee Co. Just Opened

magnolia-press-coffee
YouTube/Magnolia
YouTube/Magnolia

Located down the street from the Silos, Chip and Joanna own Magnolia Press Coffee Co. While they didn’t fit it into their shopping center design, the coffee company is a short walk away, on the corner of 8th and Webster in downtown Waco.

The shop has a lounge, back patio, and a walk-up window for to-go orders. They also serve pastries and of course, the shop matches Joanna’s signature design style.

Investing $10.4 Million Into Magnolia Market at the Silos

The couple is now using their talent for design and construction (and over $10.4 million dollars) to renovate the 4.9-acre site. The Gaines have plans to expand the Silos to include more shops, public spaces, gardens, a Wiffle ball field, and even a historic church that they relocated to the site.

The Silos renovation is expected to bring even more visitors and economic activity to Waco and the surrounding region.

The Magnolia House Rental Property Is A Pricey Stay

magnolia-house
Airbnb
Airbnb

Fans of Fixer Upper might recognize the “Magnolia House” that Chip and Joanna purchased and turned into a rental property in Season 3. Now the home is available for the public to rent for up to eight people.

Located 20 minutes outside of Waco in the town of McGregor, the Gaines charge $795 for weekdays and $995 per night on the weekend. Of course, each room exudes Joanna’s signature design style.

Magnolia Realty Has More Than 100 Real Estate Agents

magnolia-realty
HGTV/Fixer Upper
HGTV/Fixer Upper

It’s no secret that Chip and Joanna also have a hand in selling the home to their clients before the renovation starts. For most people, a realty business would be enough! But not for the Gaines’. Spearheaded by Chip and founded in 2009, the couple’s realty business sells homes in seven regions of Texas (of course, including Waco).

But don’t expect Chip to be the one to walk you through the home. Magnolia Realty includes a team of more than 100 real estate agents.

Silos Baking Co. Brings In Some Dough

Yes, the Gaines even own a bakery! Joanna has been seen baking with her kids on Fixer Upper and offers her clients homemade treats while she shows them her design ideas. Silos Baking Co. offers all of Joanna’s original recipes including pastries, cookies, and cupcakes.

Chip and Joanna opened the bakery at the Silos to provide their visitors with more to do after visiting the massive Magnolia Market retail shop.

Magnolia Seed And Supply Is Another Business Of Theirs

As owners of a 40-acre farm, Chip and Joanna have a deep love for country life, and that includes gardens, too. They opened a garden shop at the original Magnolia Market location, selling live plants, pots, gardening equipment, rain boots, and more.

The couple hopes that their five children will take interest in their family businesses as they grow older. Their youngest daughter, Emmie Kay, loves taking care of plants. Maybe she’ll be the one to run the garden shop one day.

They Have Their Own Food Trucks At The Silos

Food Trucks
Unsplash/Micheile Henderson
Unsplash/Micheile Henderson

While a retail store and even a bakery might not sound like a stretch for Chip and Joanna Gaines, it might be surprising to learn that the couple has also organized food trucks for guests of the Silos.

Various local food trucks are arranged to serve visitors at the Silos. Chip and Joanna even opened two of their own: The Magnolia Table food truck and the Silos Baking Co. truck, which operates out of an airstream.

Magnolia Table Restaurant Has A Two Hour Wait

One of their businesses that is not located at the Silos is their full-service restaurant, Magnolia Table. Of course, it’s still located in Waco, just 2.5 miles away. Specializing in breakfast, the Dallas Eater warns guests to expect a two-hour wait for a table, even early in the morning! The publication warns not to bother going on Saturday at all– it’s too packed!

Magnolia Table serves breakfast and lunch, and closes at 3 pm each day, except for Sundays, when the restaurant is closed for the day.

Magnolia Table With Joanna Gaines Is Already A Hit

joanna-gaines-cooking-show
Magnolia Network
Magnolia Network

Some say it was Jimmy Fallon that first had the idea of Joanna starting a cooking show. During an event at the University of Texas campus in Austin, Fallon told the couple, “I don’t want to tell you how to do your network, but I would do a cooking show if I were you.”

Joanna responded, “We’re doing one. Yes, we’re gonna do it. It’s gonna be fun.” Much like Fixer Upper, Joanna’s cooking show Magnolia Table became an instant hit and was renewed for two more seasons on the Discovery channel. Of course, Joanna designed the set, describing it as “A space that felt authentic, that radiated with the same warmth and familiarity of my own kitchen at home.”

Magnolia Journal Has 6.6 Million Readers

Practically the Martha Stewart of the 2010s, Joanna Gaines is the face of Farmhouse-chic. Seeing her incredible influence on home decor and lifestyle trends, it makes sense that she would start her own magazine, just like Martha.

Published quarterly, Magnolia Journal is Joanna’s lifestyle magazine that features recipes, home decor, seasonal inspiration, and everything Magnolia. Fans can find the journal at Barnes & Nobles, Target, and Walmart stores, and online on Amazon.

Magnolia Network Is Their Biggest Investment Yet

GettyImages-1139001684
James Devaney/GC Images
James Devaney/GC Images

They say everything is bigger in Texas, and that includes Chip and Joanna’s dreams, too! Out of all of the couple’s business ventures, Magnolia Network may prove to be the biggest. The Gaines announced that they would be starting their own media network, launching in January 2022.

Beginning with four original series premiering on their joint venture with Discovery in April 2021, Magnolia Network will launch with 10 original series catering to the home and design crowd that religiously followed Fixer Upper and helped the couple become the big stars they are today.

Tour Buses Bring Shoppers To Magnolia Market

magnolia-market-silos-waco
YouTube/The Hollar Homestead
YouTube/The Hollar Homestead

Joanna followed her heart when she decided to open Magnolia Market once again, but in a much bigger form at the Silos. There, fans of the show and visitors can explore a vast collection of home decor that meets Joanna’s Magnolia standards.

The new Magnolia Market has an incredible 12,000 square foot retail space located inside the historic grain barn and office building. That’s in addition to their online store. The location is so popular, there are even tour buses dropping off shoppers.

The Hillcrest Estate Rental Property Costs More Than $1,000 A Night

hillcrest-estate-airbnb
Airbnb
Airbnb

The Gaines also own a large estate in the Hillcrest neighborhood of Waco. This rental property sleeps up to 12 people and has an average nightly rate of $1,145.

The Hillcrest Estate is a beautifully restored historic property from the 20th century, fully decorated with plenty of charm. How many people can say that they stayed at a place owned and renovated by Chip and Joanna Gaines? For many, it’s worth the price tag.

“Silobrations” At The Silos Are A Big Hit

Since the grand opening of the Silos in downtown Waco, Chip and Joanna have hosted “Silobrations”. Every October on the weekend of the Silos’ birthday the couple hosts a popular event that includes live music, food trucks, a vendor fair, and more.

They also host Christmas at the Silos, the Silo District Marathon in April, and Spring at the Silos in March. These events are a big hit for not only Waco residents but Fixer Upper fans that travel from out of town.

Chip And Joanna Have Published Several Books

GettyImages-615670368
Donna Ward/Getty Images
Donna Ward/Getty Images

In addition to her quarterly lifestyle publication, Joanna also authored six books! Magnolia Story gives an inside look at how the couple met and the decisions that led them to where they are today. Joanna has also published cookbooks, a home decor guidebook, and two children’s books.

Chip has authored two books, Capital Gaines, and No Pain No Gaines, reflecting on building his business while staying true to the family man that he is.

They Launched Magnolia Hearth & Hand Collection At Target

GettyImages-1183440974
Daniel Acker/Bloomberg via Getty Images
Daniel Acker/Bloomberg via Getty Images

Joanna didn’t limit her products to Magnolia Market. She made a major deal with Target to create the Hearth & Hand Collection with Magnolia. Partnering with the major retailer, Joanna put her name on furniture, décor, rugs, pillows, bedding, and more.

While Magnolia Market might be out of some fans’ price ranges, the Magnolia collection with Target advertises affordable pieces for shoppers who want the Farmhouse-chic look without the high cost.

They Also Have An Exclusive Collection At Anthropologie

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Laura Cavanaugh/WireImage
Laura Cavanaugh/WireImage

Joanna also partnered with Anthropologie stores to expand her retail reach even more. The collaboration includes 19 pieces that can only be purchased through Anthropology. The exclusive collection simply includes pillows and rugs.

While Anthropologie shoppers can purchase a piece of Joanna’s signature design style, it doesn’t include enough products to keep them from visiting Magnolia Market, where the higher price tag items like furniture, kitchen, and home décor will have fans spending their paycheck.