Patricia Kluge Featured in Forbes Magazine for Rise and Loss

Patricia Kluge is making headlines again after the socialite was featured in a story in Forbes Magazine titled "The Rise and Fall of Patricia Kluge."

It focuses the story of the former billionaire spouse turned vintner who is now facing foreclosure.


Kluge, 62, lost her Charlottesville, Virginia, estate to Bank of America Corp. in a foreclosure auction last month.


Bank of America took control with a winning bid of $15.3 million, said Jonathan Hauser, a lawyer representing the lender. The bank had made three separate loans to Kluge and filed a foreclosure lawsuit in January seeking at least $23.9 million in unpaid principal and interest, according to court documents.


Kluges Albemarle House estate, a neighbor to Thomas Jeffersons Monticello, had been listed for sale in December 2009 at a price of $100 million, according to real estate listings website Zillow.com. The price had since been reduced and was last listed at $24 million, according to Sothebys International Realty.


Some reports say that real estate mogul Donald Trump was negotiating to buy Kluge's grand Albemarle House. He may also purchase most of Kluge's former real estate holdings outside Charlottesville near Thomas Jefferson's Monticello estate.

Those include 200 acres of land adjacent to the estate that once had a nine-hole golf course designed by Arnold Palmer and a 900-acre vineyard.

Kluge was a model when she met John W. Kluge, founder of Metromedia. They married in 1981. By the time they divorced nine years later her husband, was ranked by Forbes as the world's richest man, worth more than $5 billion.In the settlement, she walked away with about $1 million per year and the historic Albemarle estate. Forbes notes her downfall came when she created Kluge Estate Winery and Vineyard on 960 acres near Albemarle along with third husband William Moses. While the business enjoyed initial success, it did not survive the recession. In 2009, Albemarle was put up for sale at $100 million. That number was reduced to $24 million until it was recently foreclosed. Kluge and Moses continue to live in a $3 million property on the vineyard estates.
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