Teresa and Joe Giudice to list vacation house ahead of fraud sentencing

By
MailOnline Reporter

Published:
03:31 GMT, 16 September 2014

|
Updated:
10:17 GMT, 16 September 2014

View
comments

With fraud sentencing just around the corner, they have put their home on the market for $3.99million.

But Teresa and Joe Giudice aren’t quite done with down sizing their considerable assets.

According to a new report by Radar, the Real Housewives Of New Jersey stars have decided to sell their prized vacation house located on the New Jersey Shore.

Scroll down for video

On the market: Teresa and Joe Giudice have apparently decided to sell their prized vacation house located on the Jersey Shore

Teresa and Joe are thought to need the money to pay creditors in their bankruptcy case as well as prepare for criminal sentencing.

A source for Radar said the four-bedroom West Beach Haven property will be listed in the ‘low $300,000 range’.

‘It’s being put on the market today, and the sale of the house will give Joe and Teresa money to pay off some creditors, and give them some cash.’

Tough times: According to Radar, the couple – pictured in December of last year – have been forced to list the property to pay creditors in their bankruptcy case as well as prepare for criminal sentencing

Parting is such sweet sorrow: According to an insider for the publication, the property is to be listed in the low $300,000 range’

Summer home: The property features four bedrooms and is located in West Beach Haven

The insider added: ‘It was a very tough decision for Teresa to decide to sell the house. Knowing this would be their last summer at the beach house was bittersweet for her, but she knew it had to be done.’

Last week, TMZ reported that Teresa and Joe quietly listed their Montville, New Jersey mansion for $3.99million.

If it is bought at list price the couple stand to make a lot of money, as the website reports they splashed $530,000 on it in 2002.

‘She knew it had to be done’: According to the Radar’s source, putting the house on the market was a really tough decision for Teresa, as she was pictured in New Jersey in August

Everything must go: The pair will also be putting their beloved boat on the market as well

It was not until 2008 that they moved into the home however, TMZ claims, after renovations that doubled the size of the formerly 5000 square foot property.

The website alleges that the Towaco mansion was worth around $1.2million in 2012.

If the pair were hoping to sell the pad prior to their court date, they now have a little more time on their hands.

Waiting: Teresa and Joe – Pictured at the Newark Criminal Court in March – will be sentenced on October 2 after they pleaded guilty to a combined total of nine counts of mail, wire, bank, and bankruptcy fraud

The sentencing has been pushed back from September 23 to October 2, which is said to be perfectly normal.

While Teresa could be incarcerated for 21 to 27 months, Joe might serve 37 to 46 months in jail.

The pair have pleaded guilty to a combined total of nine counts of mail, wire, bank and bankruptcy fraud.

They are thought to be hoping to serve their sentences concurrently, so that one parent can remain at home with the children.