Convicted Italian cosmetics executive could lose 15 CPW aprtment

May 14, 2017 11:30AM

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.

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