The debt of nearly $11 million is being faced by the star of “The Real Housewives of New Jersey” Teresa Giudice and her husband Joe and includes the foreclosure of their Towaco, NJ mansion, which is used in the Real Housewives’ series.
A whopping $11 million is owed by Teresa Giudice in various debts. This came as a shock to everyone, after making a name for herself on the show as someone with a very lavish lifestyle. $11.8 million is listed in debts and their bankruptcy appeal filed in federal court in Newark, New Jersey.
The debt includes $5.8 million on various business investments made by Joe, $2.6 million in mortgages on three homes, and $12,000 owed to a fertility clinic. $104, 000 also listed by the couple in credit card bills, including $20,000 to top-tier department stores like Neiman Marcus and Nordstrom, and $2,300 to the Phone Company, and $85,600 listed for home repairs.
Teresa’s Opulent 11,000 sq. ft. home in Towaco, N.J. is in foreclosure. Marble and onyx floors and countertops are included by this home. The $1.8 million eight-bedroom, 5.5-bathroom mansion is currently in default as per New York Post report. The banks have also foreclosed on other homes owned by the couple, including a $279,000 four-bedroom Jersey Shore house. The Giudices are said to have had three mortgages on the house and owed $325,000. $200,000 homes in Lincoln Park, NJ are in foreclosure because this home had four mortgages and an outstanding debt of $600,000.
Teresa and Joe claim to spend just $400 a month on clothes in court papers however Teresa spent thousands and thousands of dollars on their kids’ clothing on their “Bravo” reality show. Joe has his monthly income listed at $3,250 while Teresa lists hers as $3,333 for their income. The couple also lists another $10,000 in “monthly assistance from family members.” nearly $20,000 is owed to Bloomingdale’s, Neiman Marcus, and Nordstrom by Teresa. Their credit card debt alone is listed at $104,000.