Manhattan Developer Shvo Accused of $1 Million Tax Evasion

Shvo allegedly evaded taxes on art, jewelry and Ferrari Spider
Developer pleads not guilty and is released on $500,000 bail

Michael Shvo
Photographer: Jared Siskin/Patrick McMullan via Getty Images

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By Patricia Hurtado and Chris Dolmetsch

September 8, 2016 at 7:36 PM UTC

Updated on

September 8, 2016 at 9:11 PM UTC

For the last six years or so, real estate developer Michael Shvo allegedly went shopping for luxury goods that would make an oligarch swoon: fine art, jewelry, furniture, even a Ferrari.

On Thursday, Manhattan District Attorney Cyrus Vance cut the spree short, accusing Shvo of evading more than $1 million in state and local taxes while making his high-end purchases.