Disgraced Hollywood star Bill Cosby’s New York townhouse faces foreclosure after he defaulted on a $4.2 million loan.
The ritzy 5,000-square-foot, four-story Manhattan townhouse on the Upper East Side, 243 E. 61st St., that the 87-year-old comedian owns may soon be taken away if he does not find a way to pay off his loans, according to Crain’s.
A foreclosure lawsuit was filed on Dec. 2 by CitiMortgage in Manhattan Supreme Court, The Philadelphia Inquirer reported.
Why He Might Lose The House
The issue arises from a $4.2 million loan, of which $3.7 million was the principal amount, with the remainder consisting of interest and fees.
The loan was taken out in 2010 by the Cosbys — the real-life married couple, not to be confused with the television characters.
The timing could not have been worse for Bill, as just four years later, he would face allegations of sexually assaulting and drugging approximately 60 women.
Some media outlets have his current net worth at around $400 million, though this is unconfirmed. What is confirmed at the peak of his 1980s hit TV series “The Cosby Show,” he was the highest-paid television actor in the Hollywood.
The family sitcom, which aired from 1984 to 1992, earned $4 million per episode when sold into syndication. Over the past two decades, reruns have generated more than $1.5 billion, according to Forbes. Cosby, already a household name, became the face of Jell-O Pops and other products that embodied wholesome, family-friendly values. Thanks to his commercials, Jell-O sales soared to nearly $100 million in its first year. He also represented other major brands, including Coca-Cola and Kraft Foods.
Then his reputation took a major hit when he was convicted of sexual assault in 2018. Cosby was released in 2021 after his conviction was overturned.
This is not the first sign that Bill is experiencing financial difficulties, according to RadarOnline, with insiders saying his wife reportedly described the Cosby’s situation as being in “financial turmoil” when they had to liquidate assets and take out second mortgages.
At that time, Cosby owed nearly $650,000 in back taxes for 2019 and 2020, and two tax liens, one for $88,566.88 and the other for $559,573.77, had been filed against him.
In the past, he owed a $1.8 million in back taxes paid for the 2015 filing season, accordiing to The Blast.
Property records in New York indicate that Cosby and his wife, Camille, have owned their townhouse since 1980.
