EXCLUSIVE: Teresa & Joe Giudice Cut Asking Price of House Due To Danger of Foreclosure

Posted on Jan 8 2015 - 2:03pm by Editor

Teresa Giudice

Former “Real Housewives of New Jersey” star, Teresa Giudice, has reduced the asking price of her Towaco, NJ mansion by $500,000, AGAIN!

The new listing price of the gaudy dwelling is now $2.99 million. While the price reduction may seem reasonable, or even a bargain for the 4-acre property, the residence was recently appraised for around $1.8 million… a far cry from the new asking price.

READ: Desperate Housewife: Teresa Giudice Reduces Price of Her New Jersey Mansion By $500,000

Teresa and Joe Giudice put their Towaco, New Jersey million dollar mansion on the market in September, and since have reduced the price three times, most recently in November, where they slashed their expectations by $500k.

The numerous and probably desperate  price reductions may stem from a place of financial panic. A source tells All About the Tea exclusively, that the convict couple are allegedly delinquent on their $17,000 a month mortgage by several months.  After Teresa and Joe were convicted, most of their revenue streams dried up. That fact coupled with their bankruptcy discharge denial, are both circumstances driving the Giudices to scramble to unload ALL of their properties and find affordable living accommodations before the bank seizes their NJ mansion.

READ: Convicted Felon, Teresa Giudice Bankruptcy Finalized: Creditors Owed $13.4 Million

 

teresa-giudice-house-10

The felon reality duo’s beach house is also up for sale, with an asking price of $315,000. The beach house is located on the Jersey shore (Manahawkin, New Jersey) and is described as a the perfect weekend getaway! The contemporary 4 bedroom 2 bath Ranch was completely renovated with light bright and airy tones, vaulted ceilings, fans & recessed lighting. Brand new kitchen w/ custom cabinets, stainless appliances, ceramic tile flooring. The outdoor living space is relaxed and comfortable w/ Double Sliders to stamped concrete patio, 50 feet of waterfront w/ vinyl bulkhead. Plenty of storage inside and out.

Teresa Giudice house

This move has been a long time coming, and probably won’t be the last price drop as they desperately try and outrun the bank. Could there really be a family out there with the same taste as the gaudy Guidices?

 

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Writing Staff at All About The Tea

  • disqus_jpuxh67QSR

    Isn’t the mortgage on this mansion one of the loans that was fraudulant? and if it is foreclosed on by the bank andthe bank looses money on it, the that would be additional fraud losses?

    • WestCoastFeed

      I don’t think it was one of the fraudulent loans. But even if it were, they only pleaded guilty to one of the mortgage/bank frauds.

      • disqus_jpuxh67QSR

        The mansion loan is the one they falsified bank statements that said they had 500,000 in the bank. I have to think they gave up soemone to get so many charges dropped in the plea. Who is it and is there another shoe to drop?

  • misstc

    Okay, I don’t know NJ Law-but in cases like Florida, when one gets busted (like for drugs, etc) everything gets confiscated: Cars, homes & possessions to pay for court & other things. Since they purchased/built this home with ill & felonious intent, would not everything have been taken away until proven guilty or satisfied by the court? And now they have been convicted and still have the house? Fishy!! The keys to the house belong to the court to dispose the home as best fit to pay for restitution. Totally confused on this one!

    • disqus_jpuxh67QSR

      I know, right? here in AZ the confiscation law are strong. I would think the fed’s would be too. I don’t get it with these two.They seem to be able to keep a lot of assets thru it all and Joe has a new nice truck.

      • JerseyGirl830

        YES, it’s a $50,000 dollar truck

        • Bad Barbie

          which could be leased so it is not an asset but a debt. Can’t auction a leased car.

    • WestCoastFeed

      They owe more on the house than it is worth. There’s nothing for the Feds to confiscate except the contents. It all belongs to the bank.

      • JerseyGirl830

        So since their sentences, Oct. 2, who’s been paying gas, electric, heat ?????

        • WestCoastFeed

          My guess is that they have been paying the utilities, but not the mortgage.

        • TartLemon

          Taxes and insurance continue too.

      • TGIP – Nene’s New Wig

        Which bank?

  • JerseyGirl830

    Instead of waist ing time running around like a Loon that she is, looking for new Attorny’s then firing them when she realized nothing can possibly be done to KEEP HER A$$ out of jail,. She should have been concentrating on re-locating Her DAWTERS and selling that God forsaken funeral parlor looking house. After all isn’t that one of reasons Judge Salas gave her three months for? To get her personal $hit together put everything in order and concentrate on spending time with her children? Everything is falling apart for her and soon this is going to really be a disaster for those girls.

    • Marsbars09

      Thank you! Instead of thinking about the well-being of her daughters she was maneuvering ways to keep her crooked ass from prison.
      Tre is about herself. Always have been and always will be.

  • DLister

    I can flat out state that the new price is still way over-inflated. Nobody is going to buy it. It may sell at about $1.4 to $1.7 million, tops.

    • JerseyGirl830

      When all is said and done I say, some builder will buy it for about $700.000. Knock it down & re-build. That’s my prediction.

      • Bad Barbie

        If someone bought Whitney H randown 1980’s crackhouse … nothing surprises me from weirdo fans.

      • MorningYawn

        They will build a neighborhood on those 4 acres.

  • WestCoastFeed

    I couldn’t find them on any Montville Twp, foreclosure or pre-foreclosure list. I wonder if the bank has taken any action yet?

    • Bad Barbie

      The house is “for sale” not defaulted. Yet.

    • The article states in danger not that it’s already in foreclosure.

      • WestCoastFeed

        Some banks move on one missed payment. That’s why I checked.

  • Bad Barbie

    This was on page six yesterday. LOL

  • italiano bambino

    Someone with REALLY bad taste would by her house. ..

    • Hey Bam!! How you doing, love?

      I doubt they’ll get it sold before the bank seizes it.

      • italiano bambino

        Hi babe im doing ok just enjoying lunch. How are you? .. i never understood the need for HUGE house for a small family

        • Greed. They just had to be bigger and better than everyone else. Sad souls.

          • Bad Barbie

            They all suffer from that on that show. Look at her brother. He was single when he build the house they are selling now.

          • italiano bambino

            Bigger holes in there pockets

        • Bad Barbie

          That’s too much damn cleaning and utilities but NJ and PA are loaded with these mac mansions. Usually people that can’t afford to live in NYC tend to go to the sticks and buy a ridiculous home.

          • italiano bambino

            Damn just to much i can guarantee there not home to enjoy a house like that. Out and about to keep the house floating

          • Bad Barbie

            I mean, if you are JLO bank rolling then by all means… but JLo sleeps in hotels, backseat, jet more than at home anyway. So yeah you are right.

          • italiano bambino

            Lol true

        • Hey love! Enjoy your lunch and hopefully nice weather 🙂

        • CatsMeow

          Exactly! I think they were probably trying to keep up with the Jones’, umm I mean Gorgas?

    • Marsbars09

      Ditto! I just commented her house looks like the one from the Addams Family.

  • BuckJohnson

    I don’t think they will and if so they won’t get any money out of it. Why would anyone buy this, wait until it goes into foreclosure.

  • Ravello

    I’ve read they are considerably underwater on all their homes, the odds of selling them short sale are slim, especially the hideous big house. The foreclosure process can take years, we followed our local sheriff sales as we flipped houses for a while. The defendants have quite a few legal challenges and we’ve seen people delay for 2,3 or even 4 years. Essentially they squat for nothing while the process drags out.
    I was shocked to see Juicy driving the new mega expensive Ford truck and she was out and about in the Mercedes SUV. The creditors should be more aggressive,

    • TartLemon

      Teresa says the vehicles are leased. Even leased would require credit checks. Can you imagine the monthly auto insurance premiums for Juicy must be more than a car note.

      • camdenharbor

        So where are they getting the money for two leased cars? A couple of those monthly payments, plus the insurance premiums would probably pay for a beater to get Joe around.

        • TartLemon

          That’s what I want to know too. What is their source of income? The items at RadarOnLine maybe? that wont last much longer. The commenters are fewer and fewer all the time and increasingly nasty towards ROL for constantly posting them.

          • camdenharbor

            Where ARE they getting the money? Why aren’t their finances under a microscope at this point? Even without paying a mortgage there are still car payments, utilities, insurance, phone, cable, food…etc. All areas they should be required to downsize.

      • fred

        and you still have to PAY for leased vehicles

  • TartLemon

    Teresa had PLENTY of time to move out of that money pit and get the girls settled into downsized living. Instead, she CHOSE to continue to blow $$$. Why don’t they move into one of those properties instead of selling? Like the shore property. Sounds like reasonable expense for them.

    Joe says he still owns rental property. Any ideas where that is?

    • MorningYawn

      She didn’t downsize so she didn’t have to deal. She can’t be delusional and “everything is great” in a used skeevy place. The shore house is a god idea, or the first house she bought, which is also for sale.

      I think Joes properties are in a not so nice part of Patterson.

  • Marsbars09

    The Giudice mansion reminds me of the mansion from the Addams Family. That is one ghoulish, monstrous piece of property.
    Really, the sooner that mansion sells the better. The Giudices have been living in that house for free for far too long.

  • MorningYawn

    Why does that shore house make me think it’s going to topple over at any moment?

    • disqus_jpuxh67QSR

      none of these properties have curb appeal..none

      • MorningYawn

        #TRUTH

  • camdenharbor

    I used to think if only I could have those door handles. Not anymore. Not after seeing that fountain. Tre could have done the cliche ‘boys peeing’ version. Which, of course, I love. But lions barfing water intrigues me. It is a promise to the potential buyer that the interior design of that house will be equally tasteful.

  • MorningYawn

    I bet they are more than just a few months behind on that fugly McMansion

  • cait

    You are all so mean to The Tree and Joe ! If they can make their welfare check and food stamps stretch to a few luxuries, then it shows astute money management skills, and we know they have those !

  • Raine Woman

    If they want to save their house, they should start selling Joe’s pizza out of that drive-thru they mistakenly think is a Porte Cochere. Backing up to a major highway means easy on and off access for travelers!

  • Ravello

    We’ve always lived below our means, paid our bills on time and have money in the bank. I have no sympathy for these two grifters who have stiffed so many creditors. Regarding the vehicles I thought they owned a couple and owned the RV as Judge Salas was outraged that they didn’t list the vehicles as assets on financial papers filed with the court. If they are leased how in the world do they get approval? Leasing agreements require credit checks and they will seize the vehicle quickly for nonpayment, I hope forensic accountants are digging into this mess.

  • disqus_jpuxh67QSR

    Kim Granatel said the Guidice put cars in other peoples names. That her driver ran the plate of Joe’s car and it came back under someone elses name. That things can’t be taken away if you dont own them.

  • She Stinks!

    It should be sold as a tear down. Knock the price down more!

  • Ben_Dover

    Most Americans would have had their house auctioned months/years ago in this situation. I am baffled as to why this family still resides in the house and has spending money to boot.

  • Chee Chalker

    Anyone know what the outstanding mortgages amount to for the Towaco property? That shore house is ugly. U G L Y, Tre ain’t got no alibi, it ugly, ug ug, it ugly

  • Gabby

    OMG that house is ugly! Who would want it? Even if you could afford it, I would look for something better looking. This has Teresa written all over it.

  • TheBeverlyHillsHaveEyes

    I can see this house going in to foreclosure while Teresa is in the slammer. Was there ever a follow up on Joe’s mom’s property that was up for auction? I wonder what happened there.

  • Join attorney, Stacy Slotnick, for a discussion around Teresa’s early release: http://allaboutthetea.com/2015/01/09/teresa-giudice-gets-early-release-date/

  • Just a jersey girl

    Hey there been sick first of all the property is not in foreclosure, to be listed as preforeclosre you have to be delinquent 3 months On t he mortgage. It will take them 24 months if they stop paying the mortgage to get them out of the house. There probably is very little equity trust me the banks do not want it.
    The shore home was effected by Sandy, everyone in this area is facing an elevation nightmare. My guess when Teresa gets out she will be returning to her MacMansion.
    She should have put her Mansion on the market before she signed the plea deal for a listing price oh about $2.25 M