Tuesday, March 15, 2011

Global 2011: Rise and Fall of Patricia Kluge

The New York Stock Exchange in 1882 by America...Image via Wikipedia
It's the kind of story from which movies are made. Sad ones, that is. A beautiful young woman marries a billionaire, divorces and uses her hefty settlement to strike out into a celebrated business, only to lose it all. Rather than a contrived film plot, this is the real-life story of Patricia Kluge.

Last month Kluge, now 62, bid adieu to Albemarle, a beloved Charlottesville, Va., manse. That's when the 200-acre, 45-room estate became the subject of a foreclosure auction on the courthouse steps in downtown Charlottesville. By its ending, creditor Bank of America (NYSE: BAC - News) had repossessed the property for just $15.3 million.


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