Owning a home that was once in possession of Teresa Giudice is apparently not a big draw to buyers on the New Jersey foreclosure auction circuit!
Teresa and Joe Giudice‘s Lincoln Park home, which they owned as a rental property, was auctioned off this week and even with the bidding beginning well below estimated value, there were no takers!
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Teresa and Joe bought the Lincoln Park home in 2005 for $170,000 and used it solely as an “income property,” according to her attorney. However in 2014 after their bankruptcy was denied and they once again owed millions in debt, they allowed the property to lapse into foreclosure in a tactic her attorney described as “eliminating excess” and “doing more with less.”
Teresa and Joe owed $225,742 on the home when foreclosure proceedings began, but NJ.com reports that the lenders would be willing to accept at minimum $123,000 for the 3-bedroom, 1-bath home. Unfortunately for the bank, not a soul placed a bid and so the lenders bought the home back from the auction block for $100.
The Giudice Jersey Shore house also hit the auction block last summer and failed to sell. Teresa and Joe have also battled reoccurring foreclosure proceedings on their Montville mansion, which last year they tried to sell for $3 million.
TELL US – ARE YOU SURPRISED NO ONE WANTS TO BUY TERESA’S RENTAL PROPERTY.
[Photo Credit: Instagram]