Teresa Giudice complained about downsizing to a smaller mansion on a recent episode of “The Real Housewives of New Jersey,” but she may soon learn what downsizing really means. Radar Online reports that Theresa’s credit is so bad she may need to move into a “modest condo” and live like an average person.
Teresa and her husband Joe, who are due in court for sentencing in their fraud cases on Oct. 2, recently listed their 16,000 square foot home for approximately $3.9 million. The “RHONJ” star balked at the thought of finding a “smaller” place — something in the 8,000 square foot, $1.4 million range — but Radar‘s sources say that Teresa needs a “serious reality check” when it comes to her next home.
“Their credit is in the toilet because of the chapter 13 bankruptcy. No bank would loan any money to them! She and Joe have almost no equity in either of their houses because they refinanced so many times.”
The source went on to say that the Giudice’s financial situation is so bad that they will find it hard to make payments on a three bedroom condominium. Of course, it’s likely Teresa would be traumatized if she had to move her four children into an average size home, but anything will be bigger than the jail cell Joe Giudice is likely to spend the next four-plus years in.
The couple reportedly has very little income coming in. They are reportedly trying to sell off all of their homes as legal bills mount and sentencing for their fraud cases quickly approaches. After listing their Montville mansion and Jersey Shore vacation home, NJ.com states that Joe and Teresa also put a third house on the market. A small rental property in Lincoln Park that they purchased in 2005 is currently on the market for $179K.
In an effort to raise some quick cash while they wait for a house to sell, Radar reports that Joe demanded that Bravo fork over $30,000 if the network wants to see his mug on this season’s reunion show. Teresa also attempted to score some extra cash by arranging a post-sentencing interview with an unnamed entertainment show. That request backfired on the reality TV star when she was told that she is under contract to give the first interview to Bravo’s Andy Cohen.
“Andy has the first right of refusal under Teresa’s contract with Bravo…Obviously, Andy and Bravo know this will be ratings gold, and wouldn’t pass up the chance to interview Teresa one-on-one, after she is sentenced on October 2.”
For now, Teresa Giudice continues to live as if she has an endless amount of money, with The Hollywood Gossip reporting that the “RHONJ” star was spotted carrying a $2500 Valentino purse while shopping for a home that she may very well be confined to if a federal judge decides not to send her to prison next month.
[Images: Wikimedia, AllAboutRH.com]