Real Housewife Teresa Giudice Becomes a Desperate Housewife in the Face of Bankruptcy

Last Updated Apr 26, 2011 9:24 PM EDT

If you're in the market for a 6-foot tall Satsuma Temple Urn, or just have an urge to see how the other half lives, August 22 is your lucky day.

The Real Housewives of New Jersey star Teresa Giudice will be hosting an auction of her most cherished possessions - but you'll have to pony up a $300 refundable deposit (to keep out gawkers).

The auction is not for charity, though. The Giudices are in real trouble financially and they've got to raise cash any way they can.

Giudice and her husband, Joe, filed for bankruptcy last October in the face of $11 million in debt from failed real estate ventures.

According to CNN, the Giudices were accused of "undervaluing items listed as personal property exempt from the bankruptcy filing, including a pool table ($1,000) and even their wedding bands ($400)."

In addition to selling off some of her inessentials to get their finances in order, Mrs. Guidice is trying to expand her acting and dancing career to bring in more money.

With a role in the off-Broadway musical "My Big, Gay, Italian Wedding", a possible spot on Dancing With the Stars and a new commercial for Jersey-based Sizzle Tans her career is booming while her finances are faltering.

There have been rumors that the bank has moved to foreclose on the Giudices' $1.8 million, 10,500-square-foot, eight-bedroom, 5-and-a-half-bath mansion in Towaco, NJ, but the bronzed beauty said she wouldn't be leaving any time soon. Possession is, as always, nine-tenths of the law.

Giudice took to Twitter saying, "Huge news correction. I'm telling you guys first and directly--My House is not for sale."

So you might not be able to buy the house at the big auction on August 22, but you could walk away with a grand piano, some lovely chandeliers, a Panasonic LCD TV, or a suit of Armour.

If you do buy something, be sure to let me know - and include a photo.

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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at and The Equifax Personal Finance Blog, and is Chief Content Strategist at, a community for real estate investors.
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    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns, where readers can find real estate and personal finance resources.