Once celebrated as “America’s Dad,” Bill Cosby is now reportedly grappling with foreclosure proceedings on two Manhattan properties, a development that underscores the financial and legal turmoil that has followed the actor in recent years.
Loan Problems
Court documents filed in Manhattan Supreme Court reveal that Cosby, 87, and his wife, Camille, have defaulted on multimillion-dollar loans for two townhouses. First Foundation Bank is seeking foreclosure on a six-story townhouse on East 71st Street, citing a $17.5 million debt. Meanwhile, CitiMortgage is pursuing foreclosure on a townhouse on East 61st Street tied to a $4.2 million loan.
The East 71st Street property, purchased by Cosby in 1987 for $6.2 million, has served as his primary residence. The loan in question combines $12.25 million borrowed in 2010 and an additional $5.25 million in 2014. The bank alleges that repayments ceased in June 2024, and Cosby owes over $300,000 in property taxes on the home, which is now estimated to be worth $14 million.
The second property, bought in 1980 for $1.2 million, was primarily used by Cosby’s son, Ennis, who was tragically murdered in 1997. CitiMortgage claims Cosby owes $3.7 million in principal, along with accumulated interest and penalties. The townhouse’s current value is estimated at $6.8 million.
Mounting Financial Troubles
While Cosby’s estimated net worth was once reported to exceed $400 million, recent legal battles and financial mismanagement have taken a toll. In addition to 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 former publicist who claimed she was never paid for her work during his sexual assault trials.
Further complicating his finances, Cosby has reportedly struggled to maintain revenue streams since his public downfall. Reruns of “The Cosby Show” were pulled from syndication in 2014 amid growing allegations of sexual misconduct, cutting off a significant source of income. Additionally, lawsuits filed by several of Cosby’s accusers have led to multimillion-dollar settlements.
In 2018, Cosby was convicted of drugging and sexually assaulting Andrea Constand and sentenced to three to 10 years in prison. Although his conviction was overturned by the Pennsylvania Supreme Court in 2021, the legal costs and subsequent lawsuits have persisted.
Cosby and his wife have retreated to their Pennsylvania estate, purchased in 1983 for $225,000. The heavily guarded property, featuring seven bedrooms and sprawling grounds, has become their main residence amid these challenges.
