In the history of rapid wealth loss, Patricia Kluge stands apart. Once married to one of America's richest men, she won a divorce settlement in 1990 worth more than $100 million and proceeded to spend it on her lifestyle and business ventures. She was forced to sell off her Cartier diamonds, Givenchy gowns and silk drapes before declaring personal bankruptcy in June.

Yet the Fall of the House of Kluge has been a windfall for one man: Donald Trump.

As...