Due to Bill Cosby’s accumulating expenses and persistent health issues, his wife Camille, reportedly remains the acting power of attorney for his estate.
“When it comes to assets, everything is under Camille,” a source told RadarOnline.
Most recently, Cosby, who was once known as “America’s Dad,” was hit with tax liens by the State of California Franchise Tax Board. The tax liens were filed as a result of Cosby owing a total of $650,000 in property taxes for the years of 2019 and 2020.
As Cosby’s power of attorney, Camille Cosby will have to settle these liens. Camille Cosby was first appointed as power of attorney when Cosby was sentenced to prison in 2018 for the 2004 sexual assault of Andrea Constand, a Temple University administrator. When he was released in 2021 after his conviction was overturned, it was expected that Camille Cosby would be removed. However, that never happened as mounting lawsuits, health challenges and other financial woes have become a reality in their lives. As power of attorney, Camille Cosby has the responsibility to act on Cosby’s behalf — managing any financial transactions, business deals and claims and hiring professional help.
Inside Cosby’s Diminishing Wealth: Lawsuits and Canceled Partnerships
And with Cosby’s mounting financial challenges, which include a new set of tax liens as well as more civil lawsuits related to sexual assault, Camille Cosby needs to make sound decisions for their family.
In June, Cosby was hit with another lawsuit. This time, women who previously worked with him on “The Cosby Show” are accusing him of drugging and sexually assaulting them.
Cosby, who is reportedly worth $400 million, was a staple in popular culture. He began his career as a standup comic before branching off into film and television, with shows such as “I Spy,” “Fat Albert” and later, “The Cosby Show.” Endorsement deals with brands such as Coca-Cola, Jell-O, Kodak and Ford solidified Cosby’s wealth. According to Celebrity Net Worth, Cosby’s real estate portfolio is worth more than $100 million, with properties in Pennsylvania, Beverly Hills, New York City, Santa Monica and Massachusetts. In addition, Cosby’s art collection, which he began building in the 1960s, is estimated to be worth $150 million. The collection was once described as “the most significant art collection in the hands of an African-American family” and includes work by artists such as Rembrandt, Renoir, Matisse and Picasso.
Yet as lawsuits against Cosby continue to persist, he began selling real estate. According to RadarOnline, in 2018, Cosby sold off real estate throughout Los Angeles and listed two commercial properties in Santa Monica for $26 million.
Sources agree that Cosby is in “financial turmoil” and that the couple has been liquidating assets, selling their artwork and taking out another mortgage on several properties.
In addition to the current liens against Cosby, he was also hit with a huge bill in 2018 for $1.8 million for back taxes from 2015. Camille Cosby paid off the lien while Cosby was imprisoned.
Mounting Health Problems
Cosby has ongoing high blood pressure, which is closely monitored. While he was in prison, Cosby underwent two surgeries to clear blockage in his left and right carotid arteries.
Rumors of Marital Challenges
According to RadarOnline, sources have shared that Cosby’s financial woes have caused issues in his marriage to Camille Cosby. The couple has been married since 1964 and have five children.
The couple has disagreed on how to manage a lifestyle they were once used to, but can no longer afford. In particular, the couple reportedly has been having problems paying household staff. According to reports, while Cosby wants to fire employees, Camille Cosby, who is in charge of their finances, refuses.