The Real Deal New York

Indicted Italian cosmetics executive relists 15 CPW home as rental

Piofrancesco Borghetti retains Kyle Blackmon, rather than Paula del Nunzio, as broker

February 06, 2013 01:30PM
By Katherine Clarke

Kyle Blackmon, Piofrancesco Borghetti and the apartment

Recently indicted Italian cosmetics mogul Piofrancesco Borghetti, the former head of perfume company Limoni, has taken his three-bedroom condominium at 15 Central Park West off the sale market and re-listed it as a rental.

Borghetti, who was accused last June of embezzling 19 million euros from the company and making fraudulent bankruptcy claims, had been asking $27.75 million for the 2,761-square-foot spread before taking it off the market late last week. The unit is now asking $45,000 per month as a rental, according to Streeteasy.com.

The apartment had been listed for sale by Paula Del Nunzio of Brown Harris Stevens. It is now listed as a rental by Kyle Blackmon of the same firm. Neither broker immediately responded to a request for comment.

Borghetti had been sought out by Italy’s Financial Guard, the division of the national army tasked with dealing with financial crimes, as previously reported. He has since been indicted and is scheduled to stand trial later this year, according to an Italian news website.

While it was not immediately clear whether Borghetti remains in the U.S., it appears his furniture had been removed from the Central Park-facing apartment. Previously pictures of the property attached to the for-sale listing show the apartment furnished, while the rental listing shows the property vacant. Borghetti bought the apartment for $9.88 million in 2008, public records show.

The apartment has a library and a living room with 11-foot ceilings.

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