March 26, 1930
Duchess Olga of Leuchtenberg has filed for bankruptcy, as her debts have totaled $3,500,000, and her assets, including a 36,000 forest, are worth only $2,700,000, according to the New York Times.
The duchess is married to Duke Georg of Leuchtenberg, a descendant of Eugene Beauharnais, the son of Napoleon's first wife, Josephine. Georg is related to the Russian Imperial family. Although he owns property in Seeon, Bavaria, he fought for Russia during the great war.
The Duchess' financial problems began when she purchased 36,000 acres of forest land in Carinthia. She paid $2,500,000 for the land, and expected "compensation through the sale of timber," but the dumping of Russian timber by the Soviet government has left the Duchess with severe losses.