With just weeks before Joe and Teresa Giudice face sentencing in their fraud case, their world continues to crash down around them. RadarOnline.com has learned that the Real Housewives of New Jersey couple has made the painful decision to sell their beloved New Jersey Shore vacation house, because the family needs the money to pay off creditors in their bankruptcy case, and prepare for their criminal sentencing.
The four-bedroom Beach Haven West house will be listed any moment now in the "low $300,000 range,” an insider told Radar. "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.”
"It was a very tough decision for Teresa to decide to sell the house,” the insider continued. "Knowing this would be their last summer at the beach house was bittersweet for her, but she knew it had to be done."
The house was badly damaged by Hurricane Sandy in 2012, and suffered significant flooding. The family boat, which had been parked in front of the house when the storm hit, ended up in a side yard of the house, against a fence. The Giudices cleaned it up enough to enjoy the home in summer 2013 and 2014, but now those days are over.
Just last week, the Bravo stars also listed their ornate Montville, N.J., mansion for $3.999 million, after purchasing it in 2002 for $530,000. They hadn't moved in until lengthy renovations were completed in 2008.
The family beach house is extremely modest compared to the over-the-top glitzy mansion, however. The home features an open floor plan, outdoor entertaining area, and is on the waterfront. The family boat is also for sale.
Joe and Teresa are "desperately trying to get all of their affairs in order before their October 2 sentencing,” the source explained. "It's been a very difficult time for the family, but they are getting through it the best they can."
Joe could be facing up to 47 months in prison, and Teresa, up to 27 months behind bars.