When Miss Hong Kong 1995 took out a loan three years ago she probably didn’t imagine that she could lose her pageant crown!
Winnie Yeung and her husband, Wong Shaui Fun, took out a loan of approximately $306,000 to fund their Little Einstein Academy business. As part of the collateral, the couple offered up her 1995 crown.
The couple also added in their U.S. property to serve as part of the collateral too.
Within the three years the loan has gone unpaid, provoking the loaning company to file a civil suit against the couple in the hopes that they will surrender the beauty crown and property as payment for the loan.
As the case stands now, the plaintiff has claimed that the couple had originally asked for a loan of $255,000. After a few months, the couple asked for an additional $51,000 to fund their academy but continually postponed their repayment dates and failed to keep up with their installments.
Currently the amount owed stands at over $479,000 including interest!
While it may seem crazy that her crown could even put a dent in that large loan amount, it may actually prove to be big asset. Lukfook Jewellery, the official sponsor of the Miss Hong Kong pageant, appraised the crown at $446,000 in 2011. Now the crown as worth even more. In 2016, the crown was worth a reported $586,000.
The amazing price tag is all thanks to the crown’s real gold and diamond decorations.
Although the crown could potentially pay off the entire debt, Winnie Yeung may not be completely out of hot water. Earlier this year she became the target of a different lawsuit filed by a kindergarten where she was a director. The kindergarten accused her of transferring and stealing fees amounting to $18,800.
If she loses both of these cases she’ll definitely have to surrender her crown to pay off her debt.