Convicted Italian cosmetics executive could lose 15 CPW aprtment

Piofrancesco Borghetti and 15 CPW (Credit: Getty)
Piofrancesco Borghetti and 15 CPW (Credit: Getty)

Italian cosmetics mogul Piofrancesco Borghetti, the former head of perfume company Limoni, was convicted for embezzling from his Milan-based company. It is now believed that he used those embezzled funds to allegedly buy his three-bedroom condo at 15 Central Park West, according to the New York Post

In early 2012, shortly after he was indicted, Borghetti slapped his apartment on the market asking $27.7 million. It failed to sell and he began renting the apartment for $45,000 a month. By 2014, Borghetti was convicted and he has been in custody in Italy since December.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Now, authorities are going after his 2,761-square-foot apartment. Limoni and another company hurt in the scheme, Castinghome GMBH, want a combined $6.6 million in judgments against Borghetti in New York, according to the Post. That could mean a forced sale of the apartment is eminent.[NYP]Christopher Cameron