Good news for the Giudices and bad news for those wishing to put in a bid on their personal items. PEOPLE magazine is reporting the bankruptcy public auction of Teresa Giudice, scheduled for Oct. 3, has now been canceled.
The lawyer for the Real Housewives of New Jersey star confirms the news to PEOPLE, stating that instead of a humiliating public auction, the Giudices will now be holding a private sale to maximize the amount of money they receive for their valuables.
Those valuables include a stainless steel gas range, a flat screen TV, a crest leather & fabric sofas, a faux marble chess set, bedroom sets, and a piano. You can see photos of the items here.
“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.”
Despite being able to get their public auction canceled, the Giudices are still facing legal troubles. As we reported weeks ago, a trustee for their bankruptcy case alleged in court documents that Teresa and her husband, Joe Giudice, hid assets, failed to report over $250,000 in earnings, and undervalued items listed as personal property exempt from the bankruptcy filing.