Disgraced comedy legend Bill Cosby is facing some serious financial and legal problems with regard to two homes he owns in New York City. Cosby and wife Camille Cosby are being sued by two lenders accusing them of failing to make payments on hefty loans on two ritzy Manhattan properties, loans that together are worth more than $20 million.
The First Foundation Bank filed suit against Cosby last month, trying to force the sale of the Manhattan townhouse that for a long time served as Cosby’s primary residence since all the way back in 1987, during much sunnier times for the entertainer. First Foundation says in their lawsuit that they have lent Cosby money against the townhouse on two occasions: once in 2010 to the tune of $12.25 million and again with a $5.25 million loan four years later. They claim that payments on the loans stopped back in June of last year, and a default notice was served in November. Now, they’re trying to get some of their money back in a foreclosure sale of the property, which is estimated to be worth about $14 million. Also worth noting is that the lawsuit says the townhouse has over $300,000 in unpaid property taxes associated with it.
Gilbert Carrasquillo/Getty Images
As if that weren’t bad enough, Cosby is also facing foreclosure on another nearby townhouse, about ten blocks away, where his late son Ennis lived before his death back in 1997. An LLC associated with the Cosby family is being accused by CitiMortgage of defaulting on a loan of some $4.2 million, of which they say Cosby still owes $3.7 million, plus interest and fees. That home is estimated to be worth a little under $6.8 million.
The financial issues that would lead to possible foreclosure on two townhomes that Cosby has owned for decades all stem from his fall from grace connected with a number of accusations of sexual assault. In 2018, he was sentenced to a lengthy prison term on three counts of sexual assault, but his sentence ended up getting overturned a few years later.
After getting out of prison, Cosby and his wife have largely stayed put in a suburban home outside Philadelphia which they purchased in 1983 for $225,000. But they have held onto their New York properties, too, even as it seems they aren’t exactly able to keep paying for them.
Cosby is also facing several lawsuits that are now pending, also stemming from allegations of sexual misconduct.
