Italian mogul’s 15 Central Park West pad may be seized due to embezzlement scandal

Yet another scandal is bubbling at the legendarily ritzy 15 Central Park West, which remains, as ever, a font of gossip about the city’s ultra-elite.

This time, the issue at hand is the shady financial dealings of Italian cosmetics mogul Piofrancesco Borghetti, who, back in 2014, was convicted of “embezzling millions” from Limoni, his Milan-based company and putting some of the cash toward a three-bedroom pied-a-terre in the building, the New York Post reports.

Borghetti, who’s been in Italian custody since December, made a play to sell his ill-gotten digs during the court case, but couldn’t find anyone to cough up $27.75 million for the three-bedroom abode, despite its 11-foot ceilings. Late last year, he re-listed the 2,761-square-foot pad as a rental at $45,000 a month, but a good $45,000-a-month renter is hard to find.

Borghetti might not have to hunt much longer, though. Limoni and Castinghome GMBH—another company mauled by the scheme—are asking for a combined $6.6 million in judgements against Borghetti, which may mean the apartment won’t be his for long.

He’s hardly the first resident of 15 CPW to have some high-profile troubles. There was, of course, the time Russian billionaire Dmitry Rybolovlev was accused of buying his $88 million abode “for his daughter” using an LLC specifically designed to hide assets from his estranged wife. Then there was the time Alex Rodriguez was allegedly banned from the property because he was just bringing home too many prostitutes—allegedly, of course.

• Italian exec used embezzlement funds to pay for city apartment [New York Post]
• All 15 Central Park West coverage [Curbed]