Results are given for the ground state energy and excitation spectrum of a simple $N$-state $Z_N$ spin chain described by free parafermions. The model is non-Hermitian for $N ge 3$ with a real ground state energy and a complex excitation spectrum. Although having a simpler Hamiltonian than the superintegrable chiral Potts model, the model is seen to share some properties with it, e.g., the specific heat exponent $alpha=1-2/N$ and the anisotropic correlation length exponents $ u_parallel =1$ and $ u_perp=2/N$.