Bill Cosby, once one of the world’s highest-paid entertainers, is now staring down the possibility of losing two of his New York City properties—a stark symbol of the disgraced comedian’s dramatic financial decline.
The 86-year-old Cosby, whose legacy as a beloved TV icon was shattered by allegations of sexual assault, is being sued for defaulting on a $17.5 million mortgage for his Upper East Side townhouse. The six-story, 12,060-square-foot mansion, located at 18 East 71st Street just steps from Central Park, was once a symbol of Cosby’s wealth and influence. Purchased in 1987 for $6.2 million during the peak of The Cosby Show’s success, the property was a generous gift to his wife, Camille. At the time, Cosby was riding high on the success of his groundbreaking show, which was the number-one show in America.
But the grand home’s history has been troubled. According to reports, the Cosbys accused their lawyer, Mary Waller, of embezzling millions of dollars from them. Three years after the purchase, they transferred the property into the name of Camille’s mother, further complicating their ownership. Now, despite its prime location and storied past, the property is at risk of foreclosure, with the Cosbys reportedly failing to make mortgage payments since June and owing over $300,000 in unpaid taxes.
This default follows another financial setback involving a $4.2 million loan on a four-story Lenox Hill home they’ve owned since 1980, highlighting the financial woes that have plagued the former TV star.
Once worth an estimated $400 million, Cosby’s fortune has evaporated, along with his reputation. His downfall began with a series of high-profile legal battles, during which he denied all allegations of sexual misconduct. Cosby, who once owned homes in Connecticut, California, and Philadelphia, now resides in a modest suburban Philadelphia home that he purchased in 1983 for $225,000—a far cry from the lavish properties he once owned.
Cosby’s financial struggles have been further exacerbated by astronomical legal fees, which have reportedly cost him $1 million a month. According to WHYY, one of Cosby’s law firms employed 28 lawyers to handle his ongoing legal cases, with hourly rates ranging from $500 to $1,075. These mounting costs, combined with the loss of his public career and the absence of lucrative entertainment deals, have left Cosby with few assets and little recourse.
As Cosby enters his late 80s, his once-celebrated career and vast wealth have been reduced to a series of legal battles and financial missteps. The looming foreclosure on his New York properties seems to mark the final chapter in a spectacular fall from grace for the man once known as “America’s Dad.” With his reputation in tatters and his wealth long gone, Cosby appears resigned to losing his once-prized assets.
