A $2.6 million apartment in Trump Tower turned out to be a “particularly poor investment decision” for one foreign buyer, who says the one-bed, two-bath property has shed nearly half its value over the past 10 years – and is now suing the real estate advisor who recommended it.
Monaco resident Riccardo Grande Stevens bought the 47th-floor unit in November 2015, exactly six months after Donald Trump rode down his eponymous building’s “golden escalator” to announce his candidacy for the White House, according to a multimillion-dollar lawsuit obtained by The Independent.
Of roughly 40 investment properties Stevens, 65, acquired under the guidance of Richard Tayar, a Florence, Italy native whose New York City-based brokerage firm promises to “transform ownership into an unparalleled experience,” Stevens’s complaint, filed on Monday in state court, flags the purchase of the Trump Tower apartment as especially ill-advised.
“At the time, Mr. Stevens, relying on Mr. Tayar, believed he was investing in properties that were being sold below market value, which would appreciate over time and also generate rental income,” the complaint contends. “Sadly, it has since come to light that this was not the case.”
It says Tayar steered Stevens into the 1,000-square-foot Midtown Manhattan pied-à-terre, and other money-losing purchases around the city, even though “he personally knew that they were fundamentally unsound deals and highly unfavorable investments.”
Prices in Trump-branded buildings dropped in value by nearly 25 percent between 2013 and 2023, according to a study published the following year by The New York Times. Apartments in Trump Tower did the worst of all, with the average price per square foot collapsing by nearly 50 percent during that same period, according to CityRealty. Removing the Trump name from a building “removes the loss associated” with it, real estate economist Stijn Van Nieuwerburgh told the Times. (At the time, Eric Trump denied the report and questioned the figures presented.)
Stevens, an Italian national, is the son of the late Franzo Grande Stevens, who was for decades the personal attorney to legendary industrialist and Fiat head Gianni Agnelli. A financier and avid footwear collector, Stevens owns more than 700 pairs of shoes, according to his website.
“In New York, during a visit to the MoMA… Stevens was captivated by a pair of loafers that Gianni Agnelli had purchased in a shop near the museum,” his bio says. “As soon as he finished his tour of paintings by Pablo Picasso and Georges Braque, he rushed to the boutique Agnelli had recommended to him to find the same pair. Agnelli’s style certainly influenced Riccardo Grande Stevens’s own approach to clothing, which remains deeply rooted in the good taste and typical style of the Turinese.”
Tayar did not respond on Tuesday to requests for comment.
When Stevens first met Tayar, the 45-year-old licensed real estate agent “suggested that Mr. Stevens establish a real estate portfolio in the United States, mainly in New York, which Mr. Tayar would manage thereafter,” according to the complaint, which is now pending in Manhattan County Supreme Court.
Tayar’s brokerage team, Columbus International, boasts of maintaining an “elite property management division,” and claims to offer “white-glove” service and “precision, discretion and tailor-made attention,” the complaint states.
“Based upon Mr. Tayar’s purported experience and knowledge, Mr. Stevens decided to pursue a real estate portfolio with Mr. Tayar and Columbus as the property manager,” it continues.
Tayar identified dozens of investment opportunities for Stevens, who bought some 40 properties in the New York area, the complaint goes on. However, it claims, Tayar received a commission on each sale, and therefore “had a financial incentive to convince Mr. Stevens to purchase properties,” even those that were not likely to pay off in the long run.
“One particularly poor investment decision involved a unit purchased at Trump Tower, located at 721 Fifth Avenue, New York, New York 10022,” the complaint states. “On or about November 23, 2015, Mr. Stevens purchased apartment 47H in the Trump Towers [sic] for the sum of $2,650,000.00.”
But, the complaint maintains, “Due to the unit’s high common charges, it was not well suited for generating rental income. Nevertheless, Mr. Tayar convinced Mr. Stevens to proceed with the purchase.”
Today, according to the complaint, apartment 47H is worth about $1.6 million, a loss of some 40 percent.
On top of the sales commissions Tayar was receiving, as well as rental commissions for securing tenants, Stevens was paying him $104,000 a year in property management fees to oversee his portfolio, the complaint says. Yet, it alleges, Tayar made matters worse by failing to find an occupant for the Trump Tower apartment and instead moved in himself, while neglecting to pay Stevens any rent at all.
The bank account used for the portfolio was held in Stevens’s name, but Tayar had power of attorney and exercised full control over it, according to the complaint. Last October, Stevens received a 90-day notice related to unpaid common charges for one of his units, and was threatened with foreclosure.
“In light of this troubling notice, Mr. Stevens directed counsel to review the portfolio, and the results were shocking,” the complaint states. “The investigation revealed that Mr. Tayar and Columbus committed fraud because the reports were completely fabricated and did not accurately reflect the true financial condition of the portfolio.”
All the while, Tayar had been providing Stevens with “inaccurate and fraudulent reports showing that the portfolio was profitable when, in fact, required expenses were not even being paid,” according to the complaint.
“In fact, approximately twenty-eight (28) of the units had liens filed against them for unpaid common charges, with some delinquencies dating back to 2022,” the complaint states. “Even worse, two of the units were in active foreclosure proceedings.”
Had Tayar properly managed the properties, Stevens would have realized $1,322,507.44 in profits, the complaint says. Instead, it alleges, as of October 2025, the account balance was just $608,334.96.
“Moreover, this amount did not represent actual profit, as Mr. Stevens was required to pay $455,189.31 in outstanding property taxes – which Mr. Tayar had represented were already paid – and has already spent thousands of dollars on common charges, including significant interest charges, for obligations that Mr. Tayar had likewise represented were already paid,” the complaint states.
While the full extent of the damage is yet to be determined, the amount of the unpaid common charges, taxes, and loss of rental income stands at $2 million, “at minimum,” according to the complaint. Stevens estimates his total losses at “no less than” $3 million, which he is now seeking from Tayar, plus pre-judgment and post-judgment interest, as well as attorneys’ fees and court costs.
Stevens’s attorneys, Adam Leitman Bailey and Danny Ramrattan, declined to comment.
Source: independent.co.uk