Economy

These 10 billionaires went bankrupt – so they lost their fortune

Patricia Kluge invested much of the money from her divorce settlement in her own winery. After the collapse of the real estate market, she lost everything again – and even had to auction jewelry and works of art.

US entrepreneur Patricia Kluge lived the epitome of high society life before she lost her fortune during the 2008 real estate crisis. After initially being heiress and model, Kluge met her second husband, John W. Kluge, during a trip to New York City. The fifth richest man in the world at the time, with a net worth of $ 5 billion, married Patricia in 1981.

The couple divorced nine years later. Patricia Kluge received a proud $ 1 million a year severance payment, plus the house in Albemarle. The property in rural Virginia is not far from the Monticello estate of the third US President Thomas Jefferson, but it still contributed to the rise and fall of Patricia Kluge.

With the plan to make the property a profitable business, she opened the “Kluge Estate Winery and Vineyard” on 960 acres of land near Albemarle together with her third husband, William “Bill” Moses. For a short time, Kluge wines were on the tables of celebrities across the United States. A clever one was even served at the wedding of ex-daughter Chelsea Clinton.

However, when Kluge continued to invest in the property and other things after the real estate crisis, she lost everything. In 2011, Donald Trump bought the Albemarle winery for a fraction of its value after it was confiscated by the Bank of America.

To protect themselves from bankruptcy, Kluge then organized an auction at which their jewelry and other luxury items were to be auctioned. But without success – In June 2011 Kluge had to file for bankruptcy.

Dave M. Benett / Contributor / Getty Images

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