Bill Cosby faces foreclosure on two New York townhouses with more than $20 million in loan debt.
Disgraced comedy icon Bill Cosby is currently facing significant financial and legal challenges regarding two properties he owns in New York. Cosby and his wife, Camille Cosby, are being sued by two lenders who allege they defaulted on large loans related to two luxury Manhattan homes, which totaled more than $20 million.
Last month, First Foundation Bank filed a lawsuit against Cosby, seeking the sale of the Manhattan home that has served as his primary residence since 1987, a period marked by more favorable circumstances for the artist. In its lawsuit, First Foundation Bank claims it made loans to Cosby against the house on two occasions: first in 2010 for $12.25 million and second in 2014 for $5.25 million.
They claim that repayments on these loans stopped in June of the previous year, leading to a formal notice being issued in November. The bank is currently seeking to recoup its funds through a foreclosure sale of the property, which is estimated to be worth approximately $14 million. Additionally, the lawsuit points out that the townhouse has accrued more than $300,000 in unpaid property taxes.
Cosby is currently facing the possibility of foreclosure on another townhouse about ten blocks away, which was previously inhabited by his late son Ennis before his tragic death in 1997. An LLC linked to the Cosby family is being charged by CitiMortgage defaulted on a loan amounting to approximately $4.2 million, of which Cosby would owe another $3.7 million, plus interest and fees. The estimated value of this property is just under $6.8 million.
The financial difficulties leading to the potential foreclosure of two townhouses owned by Cosby for many years are a direct result of his significant decline in his public reputation due to multiple sexual assault allegations. In 2018, he was sentenced to a lengthy prison term for three counts of sexual assault; however, this sentence was later overturned.
After his release from prison, Cosby and his wife remained primarily in a suburban residence outside Philadelphia, which they acquired in 1983 for $225,000. Nevertheless, they remained owners of their New York properties, despite the apparent difficulties in meeting the financial obligations associated with them.
Additionally, Cosby faces several pending lawsuits related to allegations of sexual misconduct.
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Bill Cosby’s financial and legal problems have taken a serious toll on his once-significant career and wealth. The foreclosure of two Manhattan homes, totaling more than $20 million in unpaid loans, highlights the far-reaching consequences of his tarnished public image and legal battles. Once a beloved comedy figure, Cosby now faces the harsh reality of financial instability, compounded by unpaid taxes and ongoing lawsuits.
These challenges, stemming from his past actions, paint a grim picture of a once-famous icon now struggling with the consequences of his criminal convictions and damaged reputation. Its future remains uncertain.