Taylor Armstong Settlement Required Her To Hand Over Her (Fake) Birkins

06/14/2012 01:48 pm ET | Updated Jun 14, 2012

Things are not looking up for Taylor Armstrong, the "Real Housewives of Beverly Hills" cast member whose husband, Russell, committed suicide last summer. As the Daily Beast reports, Russell left Taylor with a whole heap of financial problems when he killed himself, namely a massive lawsuit over his attempts to defraud a medical company. Now Taylor -- and her favorite jewelry and handbags -- are paying the price.

Last July, accused Armstrong of stealing money that Armstrong had raised from investors (Armstrong was a venture capitalist and owned 60 percent of's stock). The company sued him for $1.5 million after Russell and Taylor failed to disclose every person from whom they had received money. Then, in August, Russell killed himself.

In addition to mourning her husband and having her personal turmoil play out on national television, Taylor Armstrong has spent that past several months trying to settle the case out of court. The settlement she finally reached requires her to fork up over $1 million -- but according to the Daily Beast, Taylor does not have that kind of money. So the glamorous reality TV star has been forced to sell or hand over her personal belongings, including her 10-carat yellow diamond ring and her two Hermes Birkin bags.

Except that the purses were fake. "There was no paperwork on the bags," said Robert Lorsch, CEO of The ring, however, was worth $250,000.

But neither that nor Armstong's reported $127,000 "Real Housewives" salary comes close to covering the $1 million demanded by

Celebrities With Hermes Bags
Suggest a correction