Dorit Kemsley is the latest housewife to join the cast of The Real Housewives of Beverly Hills alongside multi-millionaire husband and property developer Paul Kemsley, 49. And despite their impressive lifestyle RadarOnline.com has uncovered that Paul filed for chapter 15 bankruptcy in 2012, claiming to be $10 million to $50 million in debt.
At the time he reported having $1 million to $10 million and was living in Florida (so he says) declaring his expenses were $34,000 a month. He also claimed he was separated from his ex-wife and had a New-York girlfriend — Dorit, 40. “My estranged wife currently pays for all this as I have no income.”
It’s appalling, but not shocking. Unfortunately this is what real estate developers do all the time….think Donald Trump or Ernesto Arguello or Joe Giudice, or the infamous and now dead Scot Young.
They receive millions in loans to develop their properties and then declare bankruptcy to allow them to keep that money. Of course the people who get screwed are always the small businesses–the sub-contractors who don’t get paid. Not to mention the tax payers who often pick up the tab for the unpaid debts through things like the bank bail-out.
Thankfully a United States Bankruptcy Court in the Southern District of New York denied his petition for recognition on March 22, 2013.
Paul even tried have the case reopened on May 15, 2013, but the court denied that request as well.
So look forward to watching these two wealthy pan-handlers grace the screen when the show premieres next month.
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