Bill Cosby Faces Second NYC Foreclosure Over $17.5 Million Loan Default
Bill Cosby, 87, faces foreclosure on two Manhattan townhouses after defaulting on multimillion-dollar loans. His East 71st Street home carries a $17.5 million debt, while his East 61st Street property owes $4.2 million.
Court documents in Manhattan Supreme Court state that Cosby and his wife, Camille, defaulted on the loans. First Foundation Bank is foreclosing on the six-story townhouse on East 71st Street due to the $17.5 million debt. CitiMortgage is also foreclosing on the East 61st Street property, linked to a $4.2 million loan.
A Legacy of Financial Troubles
Cosby purchased the East 71st Street property in 1987 for $6.2 million, using it as his primary residence. He borrowed $12.25 million in 2010 and added $5.25 million in 2014. The bank claims he stopped making payments in June 2024. Additionally, he owes over $300,000 in property taxes. The property, now worth an estimated $14 million, is part of the foreclosure case.
The East 61st Street townhouse was bought in 1980 for $1.2 million. Cosby’s late son, Ennis, mainly used the house until his tragic death in 1997. CitiMortgage says Cosby owes $3.7 million in principal, along with interest and penalties. The townhouse is currently valued at $6.8 million.
Cosby’s financial troubles stem from ongoing legal battles, settlements, and lost income. His 2018 sexual assault conviction, overturned in 2021, worsened his financial situation. Once worth over $400 million, his wealth has diminished due to mismanagement and mounting debts.
Legal Battles and a Fall from Grace
Beyond the foreclosures, Cosby has faced arbitration disputes with former business partners and creditors. In 2022, an arbitrator ruled that Cosby owed $8 million to a publicist. She alleged he failed to pay her during his sexual assault trials.
Now living with his wife at their Pennsylvania estate, Cosby faces a significant fall from grace. The financial struggles and legal woes continue to cast a shadow over his once-iconic career.
