A year ago Floyd Mayweather, Jr. stood onstage defending his former investment manager and confidante, Jona Rechnitz.
“I trust Jona — not just 10 percent, 20 percent — 100 percent,” Mayweather told a crowd at The Real Deal’s 2025 New York City forum.
Now Mayweather has launched a lawsuit against Rechnitz accusing him of fraud and diversion of $175 million.
Mayweather’s partnership with Rechnitz, a convicted felon turned informant, raised eyebrows in the industry since Mayweather began his foray into New York City real estate in 2024.
Rechnitz, who pleaded guilty to a corruption charge for bribing New York Police Department officers in 2016, and Mayweather, a boxer with a 50-0 record, were an odd pair.
With Rechnitz in Mayweather’s corner, the boxer went on a headline-grabbing acquisition spree in New York City, Chicago and Miami. This included a purported $402 million acquisition of a 1,000-unit affordable rental portfolio in New York City and a $100 million investment in Meyer Orbach and Josh Gotlib’s luxury Manhattan rentals.
But those deals never materialized. Mayweather only acquired a small percentage of interest in the 1,000-unit portfolio with an option to acquire more over time, Business Insider reported. In the luxury rental portfolio, Mayweather made only a small equity investment, which has since been liquidated, according to sources familiar with the matter.
In Miami Beach, Mayweather went under contract in late 2024 to buy a stake in the former Versace Mansion from Eli Gindi. But Mayweather failed to close on the deal and his deposit was returned, sources familiar with the matter recently told TRD.
Now, in a lawsuit filed this month, Mayweather blames his real estate troubles on his former partner.
The boxer alleges in his lawsuit that Rechnitz presented a false picture of the deals he was supposedly investing in. For instance, Mayweather alleges Rechnetz told him he would be acquiring the entire 1,000-unit portfolio, not a minority interest, according to the lawsuit.
Mayweather further alleges Rechnitz gained access to his jewelry and private jets. Mayweather alleges Rechnitz caused Mayweather to sell his Gulfstream jet to an unknown buyer for an unknown amount. He also claims Rechnitz diverted $15 million in funds related to an investment in SL Green.
Mayweather named Rechnitz’s alleged associate Ayal Frist and Alexander Seligson, a New York City attorney, as defendants.
Rechnitz’s attorney Morris Missry denied Mayweather’s allegations, claiming that the boxer had “gambling issues, prolific spending habits, monies owed to third party creditors and IRS tax liens.”
Here’s a timeline of how we got here:
October 2024:
Mayweather enters the real estate limelight. TRD reported at the time that Mayweather went under contract to acquire a 1,000-unit affordable housing portfolio of more than 60 affordable housing buildings for $402 million, citing sources familiar with the deal. It was among the largest residential deals of the year.
“This purchase holds deep emotional significance for me and my family,” Mayweather said in a statement at the time. Mayweather has previously said he lived “seven deep” in a one-bedroom in New Brunswick, New Jersey, as a child.
November 2024:
News of Mayweather real estate investments begins to ramp up.
First, Mayweather’s Vada Properties agreed to invest in 601W Companies’ $10 billion office portfolio. The properties included: Amazon-anchored 410 10th Avenue in Hudson Yards; the Aon Center and Old Post Office Building in Chicago; and Jersey City’s Harborside office complex, TRD previously reported. At the time, Mayweather’s investment was intended to go toward repositioning assets and new acquisitions, 601W Companies Mark Karasick said.
Then, Mayweather unveils plans to invest $100 million into a $3 billion venture with Meyer Orbach and Josh Gotlib’s Go Partners, according to TRD. Go Partners portfolio included high-end rentals like The Copper, twin residential towers in Murray Hill that were purchased for $850 million in 2021.
The deal was expected to close by the first quarter of 2025. Mayweather, however, only invested a small amount, but never sent over additional funds. His equity position was ultimately liquidated, according to sources familiar with the matter.
Finally, Mayweather told TRD that he went under contract to acquire a large stake in the former Versace Mansion in Miami Beach from co-owner Eli Gindi. The Miami Beach mansion was the former home of Italian fashion designer Gianni Versace and was converted into a luxury boutique hotel with a restaurant, spa, pool, lounge and event space.
It turns out Mayweather only put up a deposit and failed to pay the remaining balance. The deal never closed and his deposit was returned, according to a source familiar with the matter.
December 2024
Mayweather rented an apartment at the Baccarat Hotel and Residences for $100,000 a month, the New York Post reported. The 4,178-square-foot unit spanned the 18th and 19th floors of the Midtown building.
March 2025
Business Insider runs the first in a series of stories about Mayweather’s investments. The story revealed that Mayweather’s 1,000-unit deal never hit property records and there was no evidence of it happening. Mayweather subsequently sues Business Insider for defamation.
May 2025
The Atavist Magazine published a feature on Rechnitz’s run-in with the law. The story highlighted Rechnitz’s numerous lawsuits in the 2020s, when he moved to L.A. and ran a jewelry business. Of the 13 suits filed against Rechnitz or his firms, many have been settled, Atavist reported. In two suits, the court ruled against him, the publication reported.
Mayweather and Vada Properties CEO Ayal Frist spoke at TRD’s annual New York City forum. Much of the conversation focused on Rechnitz. Mayweather defended Rechnitz over his past and referred to Rechnitz as “one of the key pieces to the puzzle.”
Mayweather said his connections in real estate extended beyond Rechnitz.
“I make certain connections because I’m not like any other athlete,” he said.
He formed relationships with SL Green’s Andrew Mathias and Marc Holliday and Wharton Properties’ Jeff Sutton, without Rechnitz’s help, Mayweather said.
Mayweather also shot back at claims on social media that he was bankrupt.
“If we call having two private jets, owning 100 buildings, being able to do what you want to do — if that’s bankrupt, then I’m pretty sure everybody wants to live like that,” he said.
Mayweather briefly spoke about his defamation lawsuit against Business Insider.
“I’m not a liar,” Mayweather said. “I work hard to build my name and build my reputation.”
February 2026
Lawsuits start piling up against Mayweather over unpaid bills. One lawsuit alleged he owed over $330,000 in rent at the Baccarat Hotel and Residences. A Miami jeweler alleged Mayweather owed $1.38 million for watches and gold chains he purchased.
May 2026
Mayweather hires New York City-based bankruptcy and commercial litigator Leo Jacobs to file a lawsuit against Rechnitz, Frist and Seligson, seeking an accounting of the $175 million. Rechnitz had not filed a response yet.
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Floyd Mayweather hits Jona Rechnitz with fraud lawsuit, alleges diversion of $175M
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