Disgraced actor and television star Bill Cosby is facing foreclosure on two townhouses in Manhattan after he defaulted on multi-million dollar loans.
Bill, 87, and his wife, Camille, are accused of defaulting on over $20 million in loans. Specifically, they failed to repay a $17.5 million loan for their six-story townhouse located on East 71st Street and a $4.2 million loan on another townhouse on East 61st Street.
The loans were provided by two firms, namely the First Foundation Bank and CitiMortgage, per Realtor.com, citing court documents.
Details About the Cosby's $17.5 Million Loan
First Foundation Bank filed a lawsuit with the Manhattan Supreme Court on Dec. 31 in an attempt to force the sale of Cosby's property on 18 East 71st Street. The firm argued that forcing the sale would let them recoup some of the money from the loan the actor failed to repay.
Cosby bought the six-story townhouse in 1987 for $6.2 million. He then filed for two loans— $12.25 million in 2010 and $5.25 million in 2014, per Our Town. He currently owes $16 million in remaining principal, interest, and late charges. The actor is currently required to pay $125,000 in monthly loan payments, per The Philadelphia Inquirer.
CitiMortgage has also filed a foreclosure lawsuit against the Cosbys in December 2024. The couple currently owes the firm $3.7 million in principal plus interest for their four-story, 5,000-square-foot townhouse on 61st Street.
The couple purchased the 61st Street property in 1980 for $327,000. That home is now estimated to be worth $6.8 million and had previously been used by Ennis, Bill's son, who was murdered in 1997.
Cosby's Legal Battles
The foreclosure lawsuits mark the latest in a string of legal troubles for Bill. He was convicted of sexual assault in 2018 and served three years in prison before his conviction was overturned in 2021.
In November 2023, multiple women also filed lawsuits against the former actor under New York's Adult Survivors Act. Notable cases include Joan Tarshis, who accused Cosby drugged and sexually assaulted her in 1969 or 1970. A former stand-in on "The Cosby Show" also sued the disgraced actor for allegedly drugging and sexually abusing her in the 1980s.
