The Turin Society of Engineers and Architects recognized the building in 1984 as important both historically and for its artistic value as one of the first buildings of Italian Rationalism, completely preserved in its interior and finish. Gualino's speculations with the French banker Albert Oustric ran into financial difficulties, and severe problems emerged with his bank during the financial crisis of 1929. In 1930 Gualino was forced sell his share in SNIA Viscosa and many other investments to try to reduce his debt. His collections of art were dispersed. The Italian premier Benito Mussolini responded to Gualino's failure by saying he had caused "serious harm to the national economy". Gualino was arrested in Turin in January 1931 and sentenced to five years "confino". This was a form of internal exile. After Gualino was disgraced, the Palazzo Gualino was purchased by Fiat. The Agnellis moved their personal offices to the building, which became one of the Fiat headquarters. In 1988 it became the property of the City of Turin, and housed the city's tax offices. In 2012 the city decided to sell the palace for €14.2 million to help resolve its financial difficulties. It was closed and abandoned when it was purchased by Klg Torino, a subsidiary of Gesco Impresit of Rome. The new owner proposed to transform the building into high-end residential units using a design prepared by Baietto Battiato Bianco of Turin. The plans to convert the Palazzo Gualino were presented in June 2012. There would be four offices on the first floor, three floors of underground garages to accommodate 80 cars, and 35 luxury apartments of on the second to sixth floors. The seventh and highest floor would be a penthouse of . The project required major changes to the interior structure, including excavation for the new underground parking lots. The plan was controversial. The Superintendent of Architectural Heritage insisted on the exterior remaining unchanged apart from the glass "lantern" on the roof of the palace. However, the carefully designed interior would be completely gutted. The project began with much publicity on 21 June 2012. The work was expected to last for 24 to 30 months. Work on internal demolition continued for a year, then was halted. In July 2015 it was reported that the builder was insolvent and the project had been abandoned, with two more years of work still required. The title was under dispute, but the city of Turin was trying to regain possession.