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Billionaire Divorcee Files for Bankruptcy

Any good family lawyer in Pasadena would tell you to hang on to a big divorce settlement and make sure you protect your investments. But clearly nobody told once-billionaire-now-broke-socialite Patricia Kluge to save her pennies for a rainy day. According to recent reports, Kluge is in the middle of a financial tsunami.

When Patricia Kluge divorced billionaire television mogul John Kluge in 1990, she was awarded an estimated $1 billion dollars. The massive settlement is widely considered one of the largest in U.S. history, but proportionate when you consider John Kluge was worth around $6 billion at the time. Patricia Kluge, a British-born former adult movie star, got used to the high life during her years with John. She was the queen of the Manhattan social circle during her marriage and was known for hosting lavish parties like the $1 million fiesta she threw for her 40th birthday at the Waldorf-Astoria.

So when she remarried Bill Moses, a lawyer, she continued spending like she was still a billionaire bride. Then last year, the couple sold off over-the-top furnishings like a Chippendale commode and a George III crystal chandelier and priceless works of art during an estate sale. Moses told the Daily Telegraph, "We spent too much too fast." The estate sale brought in an estimated $10 million but Moses and Kluge were also forced to sell of their 300-acre lavish home in Virginia. The mansion was once listed for $62 million but sold for $9 million a few months ago.

Still, Kluge has reason to smile, thanks to friends with big paychecks like Donald Trump, who recently bought her winery for $3.7 million.

"All we're focused on is getting this done and then rebuilding the company with Donald and his team, bottling the wine and re-opening our distribution channels," said Kluge.

She tells the British newspaper that financial disasters like hers are not uncommon. And despite her loses, she'll survive.

"It's life," Kluge said. "We're not the first to go through it. Through all this tragedy we see a lot of positive things. I'm a Brit - you cut one arm off and I'll grow another."

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