Cosby’s Financial Struggles Exposed

Bill Cosby, once America’s beloved TV dad, now faces financial ruin as he defaults on a $17.5 million loan for his Manhattan townhouse.

At a Glance

  • Bill and Camille Cosby owe $17.5 million on an Upper East Side townhouse
  • This is their second foreclosure in Manhattan within a month
  • The couple has not made payments since June and owes over $300,000 in taxes
  • Cosby’s legal troubles and tarnished reputation contribute to his financial woes

Cosby’s Manhattan Property Woes

Bill Cosby and his wife Camille are facing a severe financial crisis as they default on a $17.5 million loan tied to their Upper East Side townhouse. This marks the second foreclosure the couple has encountered in Manhattan within a month, signaling a rapid decline in their financial stability. The property in question, located at 18 East 71st Street, is a six-story, 12,060-square-foot home built in 1899 and situated near Central Park.

Cosby purchased the townhouse in 1987 for $6.2 million as a gift for Camille. However, the couple’s financial troubles have led to a failure to make payments on the loan since June, accumulating over $300,000 in unpaid taxes. CitiMortgage sued the Cosbys for the default in December, escalating the legal pressure on the beleaguered former entertainment icon.

A Pattern of Financial Distress

The current foreclosure is not an isolated incident for the Cosbys. They recently defaulted on a $4.2 million loan for another property at 243 E. 61st St., demonstrating a pattern of financial mismanagement. These developments paint a stark picture of the couple’s financial troubles, which stand in sharp contrast to Cosby’s once-lucrative career in entertainment.

Adding to the complexity of their financial situation, the Cosbys have accused their lawyer, Mary Waller, of embezzling millions. In an apparent attempt to protect their assets, they transferred the property to Camille’s mother by 1990. This move raises questions about the couple’s financial strategies and the extent of their alleged mismanagement.

Legal Troubles and Tarnished Legacy

Cosby’s financial woes are inextricably linked to his legal troubles and the dramatic fall of his public image. Once revered as “America’s Dad,” Cosby’s reputation was severely damaged after being accused by 60 women of sexual assault. In 2018, he was convicted of drugging and assaulting Andrea Constand, a verdict that seemed to confirm the allegations that had long swirled around him.

However, in a controversial turn of events, Cosby’s conviction was overturned in 2021, leading to his release from prison. Despite this legal victory, the damage to his reputation and career appears irreparable, likely contributing to his current financial straits.

As the foreclosure proceedings move forward, a spokesman for Cosby has declined to comment on the situation.