Bill Cosby, once hailed as “America’s Dad,” is now reportedly facing foreclosure proceedings on two Manhattan properties. This unfortunate turn of events highlights the financial and legal challenges that have plagued the actor in recent times.
According to court documents filed in Manhattan Supreme Court, it has been revealed that Cosby, who is 87 years old, and his wife, Camille, have failed to make payments on their loans for two townhouses. First Foundation Bank is now seeking foreclosure on a six-story townhouse located on East 71st Street due to a debt of $17.5 million. Additionally, CitiMortgage is pursuing foreclosure on another townhouse situated on East 61st Street, which is tied to a $4.2 million loan.
In 1987, Cosby acquired the East 71st Street property for $6.2 million, making it his main residence. The loan in question consists of $12.25 million borrowed in 2010 and an additional $5.25 million in 2014. According to the bank, repayments halted in June 2024, and Cosby is now facing over $300,000 in property taxes on the house. Currently, the property is estimated to be valued at $14 million.
In 1980, Cosby purchased a second property for $1.2 million, mainly for his son, Ennis, who was sadly killed in 1997. CitiMortgage asserts that Cosby has an outstanding balance of $3.7 million, including accrued interest and penalties. The current estimated value of the townhouse is $6.8 million.
Mounting Financial Troubles
Cosby’s net worth, which was previously estimated to be over $400 million, has suffered due to ongoing legal battles and financial mismanagement. Alongside the foreclosure issues, Cosby has also been involved in arbitration disputes with former business partners and creditors. It was in 2022 when an arbitrator made a ruling that Cosby owed $8 million to a former publicist who alleged that she was never compensated for her contributions during his sexual assault trials.
Adding to his financial troubles, Cosby has faced challenges in generating income since his reputation took a hit. In 2014, reruns of “The Cosby Show” were removed from syndication due to mounting accusations of sexual misconduct, resulting in a loss of a substantial revenue stream. Furthermore, lawsuits filed by multiple accusers have resulted in costly settlements, further impacting Cosby’s financial situation.
In 2018, Cosby faced a conviction for drugging and sexually assaulting Andrea Constand, resulting in a prison sentence of three to 10 years. While the Pennsylvania Supreme Court overturned his conviction in 2021, the aftermath of legal expenses and ongoing lawsuits continues to linger.
Cosby and his wife have sought solace in their Pennsylvania estate, which they acquired in 1983 for $225,000. The heavily protected property, boasting seven bedrooms and expansive grounds, has now become their primary abode during these trying times.
