Auction at Teresa Giudice's House Is Canceled
By PopEater Staff Posted Oct 1st 2010 03:11PM
The public sell-off at 6 Indian Lane in Towaco, originally scheduled for Aug. 22 but later nudged to Oct. 3, has been replaced with a private sale that Giudice's lawyer believes will snag more money for the goods.
"When the sale is conducted, the Giudices would get $52,000, because they are allowed that as exemptions," their lawyer, Jim Kridel, tells PEOPLE. "There would have been a shortfall. What if they got $30,000, but they owed $52,000 to the Giudices? It wouldn't help, so we said why not have a private sale? It would be best for the state, the creditors, the trustees and the Giudices."
A source with knowledge of the situation tells PopEater that the auction was less about paying off debts and more about creating a public embarrassment for Giudice and her husband, Joe.
"It was never really fair since filing bankruptcy is a punishment all by itself," our source says. "It's not a lollipop parade. You don't just walk away unscathed and not paying your debts. That's not how it works. They restructure loans and try and pay as many people back as possible."
The couple, who filed for bankruptcy last fall, have been plagued by financial trouble and the revelation that they were accused in New Jersey court of hiding $250,000 when originally filing for Chapter 7 protection.
Among the items that the general public will not be able to buy anymore: a Schaefer & Sons Grand Piano, a 6' ceramic urn, a suit of armour and three massive chandeliers. The auction website is still up , so check out a full list.
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NEW YORK - SEPTEMBER 29: TV Personality from 'Real Housewives of New Jersey' Danielle Staub attends Giorgio Gucci Emperor's Brand Honors Gala at The Pierre Hotel on September 29, 2010 in New York City. (Photo by D Dipasupil/Getty Images) *** Local Caption *** Danielle Staub
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