The Real Housewives are all about showcasing their lavish, over-the-top lifestyles. Their motto could be, "The bigger, the splashier, the better." Joe and Teresa Giudice were always the leaders in that area. Turns out, they were living a big, fat lie.
In documents obtained by TMZ, the charade is explained in shocking detail. Basically, that enviable, ritzy lifestyle was ALL smoke and mirrors. Everyone has marveled at their $1.7 million mansion, but they only had $140,000 in equity. There are two other pieces of property that they have absolutely NO equity in.
Now let's talk about the cars: they have a Maserati, an Escalade, and a Ford 350 and have no equity in them. They also have a Sea-Doo boat, a Kawasaki quad, and two go-karts. And guess what? No equity in those either. Drowning in more than $13 million in debt, their financial slate was wiped clean after going to bankruptcy court. They will pay just $7,500 to creditors that once loaned them millions.
Crazy right? But they aren't the only Real Housewives financially faking it. Her former costar Danielle Staub and RHOBH's Taylor Armstrong have both filed for Chapter 7 bankruptcy. In fact, Taylor's financial woes were well-documented for the Bravo cameras. Her Beverly Hills cohorts never fretted about money like she did. Over in the OC, Tamra Barney filed for Chapter 13 after divorcing her husband. Alexis Bellino's husband filed for Chapter 11. New York's Sonja Morgan filed for Chapter 11 stating nearly $20 million in debt and only $13.5 million in assets.
At least Joe and T are in good company.
Are you surprised so many of the Real Housewives are really broke?
Image via BravoTV.com