Billionaire Couple Goes Bankrupt
Kristina and Larry Dodge are the billionaires who are going broke.
INSIDE EDITION’s Jim Moret asked, “How much would you guess that you were worth at your peak?”
“Nearly a billion dollars,” said Larry.
The Dodges used to own a bank and lived the high life.
Living in a multimillion dollar mansion in southern California, they partied with the rich and powerful, like Arnold Schwarzenegger, the Romneys, and Harrison Ford.
So what happened?
When the economy went south they lost it all.
Moret said, “Tell me what your sole source of income is right now."
“We're living off social security, which does not cover the overhead,” said Larry.
Now the Dodges are selling everything inside the house on eBay just to make ends meet.
Kristina is selling her birthday gift, a see through Lucite piano with a solid gold interior.
“I think it cost, when we bought 15 years ago or so, $70,000,” said Kristina.
“For a piano?” asked Moret.
“Yes,” said Kristina.
“And maybe you could get?” asked Moret.
“Maybe $30,000,” said Kristina.
A Lalique crystal table that cost her $100,000 is for sale too, for only $20,000.
Kristina even had to sell her wedding ring in order to pay mounting bills.
But, there was one thing that pushed them over the edge.
When they were rich, the Dodges pledged $5 million to the Kansas City Art Institute. Now that they are broke, they are unable to go through with the pledge. And the school is taking them to court.
In an exclusive videotaped deposition obtained by INSIDE EDITION, the lawyer for the art school questioned Kristina in the following manner:
The lawyer asked, “Let’s go slowly. You speak English don't you?”
“I hope you can see that I do,” said Kristina.
“Uh, how about a yes or no answer. Do you speak English?” the lawyer asked again.
“Yes I do. I hope you can tell,” said Kristina.
Kristina told Moret, “To be treated like a piece of trash, that’s the part I didn't expect.”
In a statement the Art Institute said they had a contract with the Dodges and, “We still expect them to live up to the contract."
Their situation is so desperate, their mansion went up for auction recently. Suddenly, on the steps of City Hall at the very last minute, Kristina stopped the foreclosure auction when she and her husband filed for bankruptcy.
They were able to save their mansion for now. A small victory for the couple who once had it all and lost it.
"Are you mad, Kristina?" asked Moret.
"I am. I am mad," she said.
To see more of the Dodger's story and what they are auctioning off, click here.