"Real Housewives of New Jersey" star Teresa Giudice and her husband are bankrupt. Reports emerged earlier this summer that they are more than $11 million debt. Giudice said the family hopes to get "a fresh start" by declaring bankruptcy.
According to People.com, some of the family's most expensive possessions will be put up for auction on August 22 at their mansion in Towaco, NJ. Click here to see the list of what's being auctioned.
Teresa recently denied that the auction would be taking place, but her own lawyer, Jim Kridel, confirmed it. He did say he's trying to appeal the decision.
People.com reports that trustee, John Sywilok, claimed via court documents that Teresa and Joe Giudice had hidden assets and that they undervalued their personal property. For instance, the couple claimed that their wedding bands cost only $400 and their pool table only cost $1000.
A jet boat, a snow plow, a grand piano, two flat-screen TVs, chairs, sofas, a large urn, fireplace accessories, a foosball table, a suit of armor and a faux marble chess set are just a few of the items that will be auctioned off. One can really get a clear view of the Giudice's sense of home decor style when reading that list.
The family's lawyer claims that they did not mislead anyone about their assets when they filed for bankruptcy, nor did they undervalue their personal property.
"I don’t think Teresa is happy seeing all her belongings displayed on the Internet."
He added, "You can’t sell used, personal property for the sticker price. A $5,000 chandelier won’t sell for $5,000. Nobody will buy a used mattress. The real issue in bankruptcy is, what’s the value of everything? And at the time of the bankruptcy, these things didn’t have any value."
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