New York City socialite Jocelyn Wildenstein once worth billions of dollars has filed for Chapter 11 bankruptcy protection. She listed her Citibank account balance as $0 in the filing. The 77-year-old says she is unemployed and now relies on only social security and the kindness of friends and family to pay for ongoing expenses.
One thing working in her favor is the amount of property she has, which is in the millions. She listed assets of $16.39 million against $6.38 million in liabilities, and her holdings include an apartment valued at $11.75 million in the Trump World Tower in Manhattan, plus a 2006 Bentley now worth $35,000, according to the bankruptcy filing.
However, her debts are also in the millions and include more than $300,000 owed to various lawyers. And she owes $4.6 million on her apartment, which is currently in foreclosure, according to court papers.
The $2.5 billion divorce settlement she received in 1999 from the late billionaire art dealer Alec Wildenstein has virtually disappeared. But she alleges that her money woes are not a result of overspending, but rather problems with the trust she got in her divorce.
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