Bill Cosby Faces Foreclosure on Two New York Townhouses Over $20M Loan Debt.

Disgraced comedy icon Bill Cosby is currently confronting significant financial and legal challenges concerning two properties he owns in New York City. Cosby and his wife, Camille Cosby, are being sued by two lenders who allege that they have defaulted on substantial loans related to two luxurious Manhattan residences, with the total amount exceeding $20 million.

Last month, First Foundation Bank initiated legal action against Cosby, seeking to compel the sale of the Manhattan townhouse that has served as his primary residence since 1987, a period marked by more favorable circumstances for the entertainer. In their lawsuit, First Foundation Bank asserts that they extended loans to Cosby against the townhouse on two separate occasions: the first in 2010 for $12.25 million and the second in 2014 for $5.25 million.

They allege that payments on these loans ceased in June of the previous year, leading to a default notice issued in November. The bank is now pursuing recovery of their funds through a foreclosure sale of the property, which is estimated to be valued at approximately $14 million. Additionally, the lawsuit highlights that the townhouse has accrued over $300,000 in unpaid property taxes.

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Cosby is currently confronting the possibility of foreclosure on another townhouse located approximately ten blocks away, which was previously inhabited by his late son Ennis prior to his tragic death in 1997. An LLC linked to the Cosby family is being accused by CitiMortgage of defaulting on a loan amounting to approximately $4.2 million, of which it is claimed that Cosby still owes $3.7 million, in addition to interest and fees. The estimated value of that property is just under $6.8 million.

The financial difficulties leading to potential foreclosure on two townhomes owned by Cosby for many years are a direct result of his significant decline in public standing due to multiple allegations of sexual assault. In 2018, he received a lengthy prison sentence for three counts of sexual assault; however, this sentence was later overturned.

Following his release from prison, Cosby and his wife have primarily remained in a suburban residence outside Philadelphia, which they acquired in 1983 for $225,000. Nevertheless, they have retained ownership of their New York properties, despite apparent challenges in maintaining the financial obligations associated with them.

Additionally, Cosby is facing several pending lawsuits related to allegations of sexual misconduct.

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Bill Cosby's financial and legal troubles have taken a severe toll on his once-prominent career and wealth. The foreclosure of two Manhattan townhouses, totaling over $20 million in unpaid loans, highlights the significant consequences of his tarnished public image and legal battles. Once a beloved figure in comedy, Cosby now faces the harsh reality of financial instability, compounded by unpaid taxes and ongoing lawsuits.

These challenges, stemming from his past actions, paint a grim picture of a once-celebrated icon now grappling with the fallout of his criminal convictions and damaged reputation. His future remains uncertain.