updated 2/25/2010 3:39:27 PM ET 2010-02-25T20:39:27

A wealthy Icelandic couple is being sued for installing a cheap IKEA kitchen into an apartment they rented out at a swank hotel in New York City.

The lawsuit filed in Manhattan Wednesday alleges that Jon Asgeir Johannesson and his wife installed an "ugly" kitchen from the low-cost household furnishings store into the 16th-floor apartment at the Gramercy Park Hotel.

The lawsuit filed on behalf of the Paramount Realty Group of America Corp. claims the couple rented the apartment out for about $300,000, then failed to make promised renovations on time.

When they did, the lawsuit claims the kitchen was unsuitable for such a luxurious home.

Johannesson helped turn investment company Baugur Group into a powerhouse of retailing in Europe.

There was no phone listing for Johannesson at his home.

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