MW Bank alleges Bill Cosby 'failed to repay' loans; he could face foreclosure on two NYC homes

By Charlie Lankston

The foreclosure cases mark the latest in a long line of legal woes for Cosby

Disgraced actor Bill Cosby and his wife are reportedly facing foreclosure on two New York City townhouses, after allegedly failing to keep up with repayments on multiple multimillion-dollar loans.

According to court documents, Cosby, 87, and his spouse, Camille, stand accused of defaulting on a $17.5 million loan that they took out on their six-story townhouse on East 71st Street in Manhattan-as well as a $4.2 million loan on a separate townhouse on East 61st Street.

In a lawsuit filed with the Manhattan Supreme Court on Dec. 31, Cosby's lender on the first property, First Foundation Bank, is seeking to force the sale of the lavish abode to recoup at least some of the money that its lawyers say the actor has failed to repay.

As earlier reported by Our Town, the $17.5 million figure cited in those documents comes from two loans taken out on the home: a $12.25 million loan in 2010 and a $5.25 million loan in 2014.

Cosby purchased the sprawling home for $6.2 million in 1987, and it has since served as his primary residence. Realtor.com estimates show that the property could be worth up to $14 million today.

First Foundation alleges that the Cosbys stopped repayments on their loan on June 1 and that the couple were served with a default notice on Nov. 18. That notice stated that they had "failed" to keep up with the monthly repayments on the loan, while also failing to pay property taxes. First Foundation says that more than $300,000 in property taxes are now owed on the dwelling.

Cosby and his wife-who are represented by an LLC-were given until Dec. 12 to repay the money owed. However, First Foundation claims that no payment was made.

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Meanwhile, the former "Cosby Show" star is also facing foreclosure on his second New York abode, which he bought for $1.2 million in 1980, with a second lender, CitiMortgage, accusing him of defaulting on a $4.2 million loan that is tied to the four-story dwelling.

CitiMortgage claims that Cosby and his wife owe $3.7 million in principal on the loan, as well as interest and fees.

Previous reports indicate that this property, which is now estimated to be worth around $6.8 million, was primarily used by Cosby's son, Ennis, who was murdered in Los Angeles in 1997.

The foreclosure cases mark the latest in a long line of legal woes for Cosby, who has been accused of sexual assault, rape, and sexual harassment by more than 60 women in recent years.

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In 2018, he was found guilty of three counts of sexual assault and sentenced to three to 10 years in prison. He served three years before his conviction was sensationally overturned by the Pennsylvania Supreme Court in 2021.

Since then, it's understood that Cosby and his wife-who remained with him throughout his sexual assault scandal-have been living primarily at their home in a suburb of Philadelphia.

The couple purchased that property for just $225,000 in 1983, shortly before "The Cosby Show" began airing. Set on a sprawling 3-acre lot, the dwelling boasts seven bedrooms and 6.5 bathrooms.

Google Maps imagery shows the property's driveway barricaded with gates and traffic cones, with a large sign reading: "Private property. No trespassing."

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While Cosby's 2018 conviction was overturned, he has since faced several other allegations and lawsuits.

In June 2023, nine women filed a sexual assault lawsuit against the actor in a Nevada court, including former supermodel Janice Dickinson, accusing him of using his "enormous power, fame and prestige" to isolate and abuse them.

Then, in January, he was accused by another woman of drugging and sexually assaulting her in Las Vegas in 1986, when she was just 15.

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Cosby attempted to have the lawsuits dismissed. However, his argument was thrown out by a judge in September.

This story originally ran on Realtor.com.

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January 06, 2025 05:05 ET (10:05 GMT)

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