Bill Cosby Faces Foreclosure on $17.5 Million NYC Townhouse

Disgraced comedian Bill Cosby, 87, is facing foreclosure on his $17.5 million New York City townhouse after allegedly defaulting on mortgage payments since June 2024. The six-story property, located on East 71st Street on the Upper East Side, was purchased by Cosby and his wife, Camille, in 1987 and was once their primary residence. According to court documents, the couple owes $15.3 million in remaining principal, plus nearly $800,000 in interest and late charges.

First Foundation Bank, which holds the mortgage, filed a foreclosure complaint in New York County Supreme Court, alleging that the Cosbys failed to make payments despite being given multiple opportunities to rectify the situation. The bank claims the couple missed payments in 2023 but managed to pay over $500,000 in October to cover back payments. However, they defaulted again in June 2024 and failed to meet a December deadline to pay $800,000 in overdue fees.

Jay Hack, the attorney representing First Foundation Bank, wrote in a letter to the Cosbys, “Much to the Lender’s chagrin, you managed to keep the loan current for only a few months, but once again there was a failure to pay.” Hack declined to comment further on the case.

The townhouse, which spans 12,000 square feet, has not been occupied by the Cosbys for years. Their son, Ennis Cosby, primarily used the residence until his murder in 1997. The current monthly payment on the property exceeds $125,000.

This is not the first time the Cosbys have faced financial troubles related to their real estate holdings. In December 2023, CitiMortgage filed a lawsuit against the couple for defaulting on a $4.5 million mortgage for another Upper East Side property. They reportedly still owe $3.68 million plus interest on that loan.

Cosby’s financial woes come amid ongoing legal and personal challenges. In 2018, he was convicted of sexual assault and sentenced to prison, though the conviction was later overturned in 2021 due to a procedural error. The comedian has faced numerous allegations of sexual misconduct from dozens of women, which he has consistently denied.

Andrew Wyatt, a longtime spokesperson for Cosby, declined to comment on the foreclosure case. The Cosbys have not publicly addressed the financial issues surrounding their properties.