Emily Exton
July 26, 2010 AT 10:45 PM EDT

Image Credit: Luigi Costantini/BravoItems from the home of The Real Housewives of New Jersey star Teresa Giudice will be up for auction on Aug. 22 at 12 p.m. EST, People reports. Claims of financial trouble had surrounded Teresa and husband Joe for months, and the couple officially filed for bankruptcy in June in hopes of a “fresh start.”

A list of what’s for sale can be found on the auction house website, and includes items like this suit of armor, a 20-foot jet boat, and a grand piano. (Great, but where’s the chinchilla?).

After learning the truth about their financial status, watching this season of the show gives you the feeling that the Giudices may have been living beyond their means for some time. Everything from Teresa bragging about her recently finished “$5 million home,”  to the extravagant birthday party for their daughter, and the “Swarvoski crystal explosion” decor of their housewarming party (handled by the memorable — and probably expensive — party planner,  Elvira) makes you scratch your head in retrospect. Recent episodes have hinted at the troubled situation, including Danielle’s claims of foreclosure, which led to a country club brawl and a now-infamous hair pull. The news of the auction also comes hours before tonight’s new episode, in which Teresa hopes for “diamonds, and diamonds, and diamonds” for their 10th anniversary (but not the Crown Jewels, what do you think she is, Arabic?), while husband Joe struggles with the idea of splurging “in these times.”

Teresa and Joe are not the first Housewives couple to have their finances dissected on the reality show and in the media. Orange County’s Lynne and Frank Curtin were evicted last season. (Who could forget their lovely daughters Raquel and Alexa flipping the camera the bird when the eviction notice arrived?) Hopefully the auction will help the Giudices sort things out, but because the Real Housewives franchise was created under the premise of wealth and luxury, with the idea that these women lived fabulous lives us viewers would never have, could they be removed from the cast if their financial situation does not improve? (Bravo and Guidice have not immediately responded to EW’s calls for comment.) Is that fair? Would you miss Teresa’s quick wit and adroit social commentary, as well as her Paterson roots?

Keep your head up Teresa, and remember: Money can’t buy you class. Is there anything of Teresa and Joe’s that catches your eye, PopWatchers?


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