Convicted Mogul Relists Central Park West Condo for $19M

An Italian cosmetics mogul accused of using stolen funds to buy his pricey Lincoln Square pad is once again trying to sell the apartment after 11 years and $9 million in price cuts.

Piofrancesco Borghetti, who was convicted in 2014 of embezzling millions of euros from his Milan-based perfume company, Limoni, has relisted his condo at 15 Central Park West for $19 million, or about $6,900 per square foot.

Borghetti first listed the 2,800-square-foot pied-à-terre for $27.8 million in 2012 while fighting embezzlement and fraud charges in Italian court. After seven months, Borghetti pulled the listing and offered the unit as a $45,000 a month rental in 2013, but still found no takers.

It was back on the market for $21 million in late 2021, months after Borghetti said he had reached an agreement with Limoni, now known as Douglas Italia, to settle litigation in New York following his conviction in Italy. Along with another company allegedly affected by Borghetti’s scheme, Douglas Italia was reportedly seeking $6.6 million in judgments against the mogul. Details of the settlement were not disclosed.

The reduced asking price for Borghetti’s Central Park West apartment is still nearly double the $9.9 million he paid for it in 2008. The three-bedroom home features a library, floor-to-ceiling windows and panoramic views of Central Park, according to the listing with Engel & Volkers’ Paul Gavriani.

Designed by Robert A.M. Stern, 15 Central Park West includes amenities such as a private restaurant with in-home dining services, 75-foot-long lap pool, fitness center and outdoor terrace.

The building is no stranger to controversial foreign buyers. In 2011, billionaire Russian oligarch Dmitry Rybolovlev paid a then-record $88 million for a 10-bedroom penthouse in the building, purportedly for his daughter.