'Golden Bachelor' Winner Theresa Nist Reveals Her History with Bankruptcy and a String of Mortgage Loans
Theresa Nist, the winner of the popular reality TV show Golden Bachelor, has recently made headlines for her secret bankruptcy past and multiple mortgage loans.
Despite her current engagement to Gerry Turner, 72, Theresa's previous marriage was marked by financial struggles, RadarOnline.com has learned.
Theresa Nist won the Golden Bachelor.
According to the U.S. Sun, Theresa, a 70-year-old native of New Jersey, enjoyed a loving 42-year marriage with her late husband, Bill, who tragically passed away at the age of 63 in 2014. However, the couple faced significant financial difficulties throughout their time together.
It has been revealed that Theresa and Bill filed for bankruptcy in 1991, resulting in the loss of their $200,000 home. At the time, their son Tommy was a teenager, and their daughter Jen was just six years old.
The bankruptcy, assigned to the New Jersey bankruptcy courts, was discharged four months later.
Sources claimed Turner wanted to be 'rich and famous.'
The bankruptcy, known as Chapter 7, is typically used by low-income earners who have fallen behind on unsecured debts. As part of the process, the court-appointed trustee sells off the couple's assets to pay priority creditors. Unfortunately, this meant that Theresa and Bill lost their home in Cranford, New Jersey.
Court documents show that the couple had taken out a mortgage for $168,700 in May 1988, but their outstanding debt of $196,182, including mortgage arrears, interest, and legal costs, led to the transfer of their home to the Federal Home Loan Mortgage Corporation for a nominal fee of $100.
Just two years later, Theresa was also pursued for a federal tax lien amounting to $8,246, which was discharged in November 1995.
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Gerry Turner reportedly plotted to use 'Golden Bachelor' as an opportunity to get 'rich and famous.'
Despite their financial struggles, Theresa and Bill experienced a change in fortunes. They purchased another home in Cranford for $239,000 in October 1999, sold it for $336,000 in December 2002, and made a profit of $97,000. They also profited from a house in Rahway, selling it 18 months after purchase and making a $48,000 profit.
In September 2009, the couple bought their current property in Shrewsbury, New Jersey, for $311,000. Theresa still resides there today, enjoying a modest one-level house with three bedrooms and one bathroom.
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Since purchasing her current home, Theresa has taken out four mortgages. The first was for $254,900, paid off in August 2010. She then obtained another loan for $249,600 in the same month, which was discharged in January 2013. A further mortgage of $240,000 was taken out just a year before Bill's passing.
Most recently, Theresa borrowed $200,000 in September 2018 and successfully paid off the loan in September 2020.
Theresa's new fiancé resides in a lakeside home in Hudson, Indiana, valued at $637,000. He purchased the property for $375,000 in June 2020, three years after his wife Toni passed away. Gerry, a retired restauranteur, reportedly has a fortune of $1.5 million.
The couple is set to tie the knot on January 4, 2024, in a wedding that will be live-streamed on ABC. They plan to honeymoon in Italy after the ceremony.