The Real Deal New York

Michael Shvo’s next day in court is March 29

Developer is charged with tax evasion related to art purchases
By Katherine Clarke | December 07, 2016 12:34PM

NYC courtroom and Michael Shvo

NYC courtroom and Michael Shvo

UPDATED, 2:05 p.m., Dec. 7 (See correction appended): Michael Shvo, who was indicted on charges of tax evasion related to his art collection in September, won’t go before a judge again until the end of March.

Shvo made a court appearance Wednesday. The control date, which was simply for the prosecutor and defense counsel to report on the status of Shvo’s pending case, revolved primarily around issues of discovery and the difficulties of understanding the specific tax structures involved in Shvo’s case.

Shvo is charged with scheming to evade the payment of more than $1 million in tax related to the purchase of fine art, furniture, jewelry and a Ferrari. The official charges are criminal tax fraud in the second, third and fourth degrees, repeated failure to file taxes and offering a false instrument for filing in the first degree, among other charges.

Both parties agreed that discovery was taking longer than expected, and the judge moved Shvo’s next court date back to March 29 to accommodate the process.

Shvo’s TRData LogoTINY wife, Seren Shvo, was in the courtroom observing the proceedings. The couple declined to comment following the appearance.

On the real estate front, Shvo is moving forward with the conversion of the office portion of the Crown Building on Fifth Avenue into luxury condominiums. His partner on the project is Russian billionaire Vladislav Doronin.

Correction: A previous version of this story incorrectly attributed to Shvo’s attorney a request made about returning hardware . In fact, an attorney for a shipping company named in the case made the request.