Mike Coppola/Getty ImagesTeresa and Joe Giudice are selling their New Jersey mansion, E! News confirms.
The Real Housewives of New Jersey stars, who pleaded guilty to multiple fraud charges in Newark Federal Court in March, have quietly listed their home for $3.99 million. The Giudices purchased the luxury pad in 2002 for $530,000.
"This is a house that has a lot of bad memories for them," a source tells E! News of the pair's decision to put their home on the market. "It's time for a change. They feel it will be a positive one."
When asked if the duo will be downsizing, the insider replied, "They want to move into a space that's less about entertaining and more about family."
According to the couple's 2010 bankruptcy filing, the Giudices own three homes. The house that they most recently listed, which is located in Towaco, N.J., was valued at $1.7 million that same year and was built in 1975 and has a lot size of 3.68 acres.
Meanwhile, both Joe and Teresa have been ensconced in their own legal turmoil following their individual guilty pleas after they were both charged with conspiring to defraud lenders and illegally obtain mortgages and other loans, as well as allegedly hiding assets and income during a bankruptcy case. The 39-count indictment claimed they committed mail and wire fraud, bank fraud, made false statements on loan applications and bankruptcy fraud. It also charged Joe, 43, with failure to file tax returns from 2004 to 2008, during which time the father of four allegedly earned nearly $1 million (in total, the Giudices were accused of obtaining more than $5 million in bank loans due to fraudulent and falsified paperwork).
"Today, I took responsibility for a series of mistakes I made several years ago," Teresa said in a statement following her guilty plea. "I have said throughout that I respect the legal process and thus I intend to address the court directly at sentencing. I will describe the choices I made, continue to take responsibility for my decisions, and express my remorse to Judge Salas and the public. I am heartbroken that this is affecting my family—especially my four young daughters, who mean more to me than anything in the world. Beyond this, I do not intend to speak specifically about the case outside of court, at the recommendation of my attorney and out of deference to the government and our legal system."
Joe faces a potential sentence of 37 to 46 months in jail while Teresa could get 21 to 27 months. The troubled couple was originally scheduled to be in court for sentencing on July 8, but the hearing was postponed until Sept. 23 following the death of Joe's father.
—Reporting by Beth Sobol and Claudia Rosenbaum