(Patriot.Buzz) – Once hailed as “America’s Dad,” Bill Cosby now faces financial ruin as two of his New York City properties are in danger of foreclosure.
The disgraced comedian’s fall from grace continues as he struggles with over $20 million in loan debt, highlighting the steep price of his scandalous past.
Cosby’s financial woes have come to a head with the potential loss of two prestigious Manhattan townhouses.
The first, a 12,060-square-foot mansion on East 71st Street near Central Park, was purchased in 1987 for $6.2 million as a gift for his wife, Camille. Now the property is saddled with a staggering $17.5 million loan debt.
The second property facing foreclosure is a 5,000-square-foot townhouse at 243 E. 61st St., which the Cosbys bought in 1980. This residence, once used by their late son Ennis, is now in default on a $4.2 million loan.
The financial strain is evident, as the couple has failed to make mortgage payments since June and owes over $300,000 in taxes on the East 71st Street home alone.
Cosby’s legal troubles have taken a significant toll on his finances. His conviction in 2018 for sexual assault, though later overturned in 2021, led to massive legal fees and a tarnished reputation.
The 86-year-old comedian, once a beloved figure in American households, now faces the harsh reality of his actions as 60 women have accused him of sexual misconduct.
According to court records and reports, “It’s the second Manhattan foreclosure in less than a month for the disgraced “America’s Dad,” whose reputation went up in flames after 60 women accused him of sexual assault.”
The foreclosure proceedings reveal the extent of Cosby’s financial distress. The bank is demanding $15.3 million left on the mortgage for the East 71st Street property, plus an additional $800,000 in interest and late charges.
The current monthly payment for this townhouse exceeds $125,000, which is beyond Cosby’s current means.
Yet, this is not the first time the Cosbys have faced legal issues over mortgage defaults. In 2017, CitiMortgage sued them for defaulting on a $4.5 million mortgage on another property.0
As Cosby’s earning power has diminished and legal fees have mounted, his once-vast fortune appears to be dwindling rapidly.
The Cosbys’ primary residence remains their suburban Philadelphia home, purchased in 1983.
As they face the potential loss of their New York properties, it is clear that the consequences of Cosby’s actions continue to reverberate through every aspect of his life, including his once-secure financial status.
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