Princess Diana was much admired around the world for her style and grace. In 1997, Diana sold a collection of 79 dresses at a Christie’s auction to raise money for her favored charities. A Tampa, Florida entrepreneur, Maureen Dunkel, purchased 14 of the dresses with the intention to raise money for charity and display them worldwide.
Dunkel had the dresses in her possession since then and began a charitable foundation called the People’s Princess Charitable Fund with the intent to show them around the world. Most of the dresses toured Canada, Great Britain and New Zealand, but exhibiting the dresses became too expensive and eventually, Dunkel could no longer afford to display them.
Dunkel has been forced to declare Chapter 11 bankruptcy and Diana’s dresses will be auctioned off in Toronto, Canada to pay off her debts. The auction will be held on Thursday, June 23rd. The auctioneers Waddingtons, who is conducting the sale, estimate the dresses to be worth around $4.15 million. Dunkel’s debts are close to $3 million. Bankruptcy lawyers represent many clients who are unable to satisfy creditors.
Dunkel went into debt over a real-estate development that failed when the housing market collapsed. Business ventures can sometimes fail, especially in dismal economic times. When a business owner finds they are unable to pay their debts a bankruptcy attorney can help them figure out what options they have to pay off creditors. Consulting a bankruptcy lawyer will allow the business owner or individual the chance to start over with their finances.