How did Jocelyn Wildenstein lose her fortune? Financial struggles explored as once billionaire socialite dies

Swiss socialite Jocelyn Wildenstein, who was known as Catwoman for her frequent face surgeries to get a feline appearance, passed away on New Year's Eve at 84. Her partner, fashion designer Lloyd Klein, revealed she was discovered unresponsive after a nap before they were due to celebrate New Year's Eve dinner together. Wildenstein was once a member of New York’s elite society, famed for her luxurious life and a sensational divorce, after which she received billions of dollars in payout.

Born Jocelyn Périsset on August 5, 1940, in Lausanne, Switzerland, she was reportedly raised in a middle-class family. Not much else is known about her upbringing.

In 1978, she married art dealer and billionaire Alec Wildenstein. The marriage, characterized by marital discords, ended in a bitter divorce in 1999. Jocelyn Wildinstein was granted $2.5 billion in settlement and $100 million a year for the next 13 years. The settlement remains one of the biggest in history, though it was given on conditions that she would not spend any of the money on further plastic surgery, as reported by Reuters.

Nevertheless, Wildenstein’s troubles commenced manifesting themselves soon after, as she started struggling financially.

Wildenstein led an extravagant lifestyle. She reportedly spent $1 million a month on designer clothing, jewelry, and other luxury items. In the 2012 book, The Good Divorce by Raoul Felder and Barbara Victor, it is stated that Wildenstein spent $60,000 a year on phone charges and over $500,000 on food and wine annually.

By 2018, Jocelyn Wildenstein's financial condition had worsened significantly. She filed for Chapter 11 bankruptcy protection, claiming to have $0 in her bank account while listing assets of approximately $16.39 million against liabilities of $6.38 million, according to The New York Post.

Her liabilities included more than $300,000 in attorneys' fees and a $4.6 million mortgage on her Trump Tower apartment, which was in foreclosure when she filed.

Wildenstein blamed her financial woes on problems with the trust set up as part of her divorce. She told The New York Post that the trust was supposed to be secured by valuable artworks that were forgeries or undervalued.

“I was as surprised as anyone because there’s a lot of things involved.”

Her bankruptcy lawyer Douglas Pick told the newspaper:

“I never received any answers to my inquiry as to why a lawsuit was never commenced based on the appraisals of what subsequently was determined to be an alleged forged artwork.”

In interviews leading to her death, she claimed that she had been cut off from payments for a divorce settlement made by the Alec Wildenstein family.

Current developments

Within two years after Wildenstein filed for bankruptcy, she was having trouble with lawyers in court and was embroiled in personal difficulties including allegations of domestic violence by her partner Lloyd Klein, People reported.

Wildenstein died in their Paris apartment, where she and Klein had been staying since August 2024. Klein described the events of the days preceding her death, saying they had had a pleasant holiday season, with dinners at the Ritz and social events during Fashion Week. He said he tried to wake her up for their New Year's celebrations to discover she had passed away.

The news agency AFP quoted Klein:

"It is with heavy heart and with great sadness that Mr Lloyd Klein announces the unexpected death of his beloved fiance and longtime companion Jocelyne Wildenstein."

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Initial medical reports revealed Wildenstein was suffering from a pulmonary embolism, usually due to clots in the blood that can stop or partially stop blood flow to the lungs.

Klein explained she had been dealing with phlebitis, inflammation of the veins, which led to swollen legs and posed the risk of complications that eventually led to her sudden heart failure.

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