Kathy Ireland reveals 'big red flag' that exposed alleged $100M ‘unconscionable’ betrayal

Kathy Ireland is speaking out after filing a lawsuit against her former business managers, claiming they betrayed her trust "on a staggering and unconscionable scale" and allegedly stole millions from her and her family.

The 63-year-old business owner and former model spoke about the lawsuit in a new interview with ABC News’ "Nightline," in a joint interview with her attorney, Jill Basinger, a portion of which was previewed on "Good Morning America" on Friday.

"My old, long-ago job description was, 'Shut up and pose.' And I reject that," Ireland said. "And I'm not going to idly stand by and allow anyone to lie, to abuse, to hurt my family and to hurt others."

In the lawsuit filed by Ireland in a Santa Barbara court, the model — who Forbes once estimated to be worth $420 million through her self-titled brand — claimed her family was targeted by Jason Winters and Erik Sterling, who were allegedly at the helm of a deceptive management scheme.

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Ireland said the defendants told her "she was extraordinarily wealthy" and that the family would "never need to worry," but claims her former team "failed to create wealth and make investments" as promised for their family, leaving Ireland and husband, Greg Olsen, in extreme debt and forced to sell their family home.

"Our son and his wife purchased a house on their own. They had to move ... and we wanted to help 'em out," she told ABC News about how she found out about her financial situation. "Our son said, 'If you and dad can co-sign, that would be great.' And when we were denied the right to co-sign because our credit had been destroyed, that was a big red flag."

She added that she doesn't "know all of it," noting she and her husband "believed our bills were being paid, and they were not."

The lawsuit states that "the Defendants are liable to Plaintiffs for damages in the tens of millions of dollars, if not exceeding $100 million, subject to proof at trial," adding that the "Defendants continue to withhold the funds they took from and owe to Plaintiffs."

"We suspect they took out a mortgage on the house," Basinger told the outlet regarding how the money was spent. "We suspect that, even though there was a life insurance policy purchased, that they somehow took the equity."

In a statement to ABC News, the defendants rejected Ireland’s claims, saying the dispute stems from an alleged $25 million fraud case filed against her last year. They described her allegations as "false, defamatory and unsupported by any documentation," adding that all loans in question bear Ireland’s signature and that those involved were "partners and equal shareholders from the outset, not business managers."

Ireland first rose to fame in the 1980s and 1990s as a "Sports Illustrated" Swimsuit Issue cover model, later entering the business world in her 20s. She found huge success as a businesswoman, with Forbes once naming her one of the most successful self-made woman with an estimated net worth of $400 million.

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Despite her success, the lawsuit claims she and her husband "now know there are no substantial retirement accounts," any "prudently managed investments securing their future" or any money "securing their retirement and their children’s futures, as they were led to believe."

"At that young age, Kathy was building her career," the lawsuit stated. "She was newly married, planning to start a family. She believed in hard work. She believed in doing business with integrity. And, she believed in them, based on their promises to her. Tragically, that belief was misplaced. They were deceiving her, all along."

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Ireland shared that she was forced to sell her family home due to the amount of debt she and her husband are now in.

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In a previous interview with Fox News Digital, Basinger commented on Ireland's strength throughout the whole ordeal, calling her "a strong person."

"Kathy's a strong person of faith, and her trust in God has really helped her and (her husband) Greg (Olsen) navigate the betrayal and the broken trust, and given her hope for the future," Basinger said.

When it comes to the defendants, Ireland told ABC News she does "hope the best for them."

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"I hope the best for them. I do not and that does not include continuing in this," she said. "You don't get to hide behind me and do things that I would never approve of, that I would never say were OK...Do the right thing, and tomorrow will be better than today."

Fox News Digital's Tracy Wright contributed to this report.