Bill Cosby threatened with foreclosure on two NYC townhouses after he ‘failed to pay’ loans worth $21 MILLION
As a dedicated follower of the twists and turns of public figures’ lives, I can’t help but feel a sense of deja vu when it comes to the latest news about Bill Cosby. The man who once brought laughter into countless homes now seems to be grappling with financial troubles, facing foreclosure on not one, but two New York City townhouses.
It’s ironic isn’t it? The house of cards that was his fortune crumbling down, while the man himself stands accused of building a house of lies. But hey, who am I to judge? After all, I’m just a humble observer, watching the rise and fall of a star from the comfort of my armchair.
On a lighter note, it seems Bill Cosby has found a new way to entertain us – by giving us a real-life lesson on how not to manage your finances! So, if you’re ever in doubt about how to lose millions while maintaining a spotless reputation, just follow the Cosby method! I guess they do say comedy is all about timing… or something like that.
It’s said that Bill Cosby could potentially lose two luxurious townhouses in New York City, each valued at millions of dollars, due to foreclosure proceedings.
In legal proceedings, it’s alleged that at 87 years old, Cosby and his wife Camille, aged 80, have failed to repay a loan of $17.5 million for a six-story townhouse on East 71st Street in Manhattan, as indicated by court records.
It was previously reported by Crain’s in December that Cosby may lose his townhouse situated on East 61st Street in Manhattan due to missed payments on a $4.2 million loan.
It seems that there isn’t an attorney mentioned for either of Cosby’s properties, and the foreclosure suit isn’t aimed at Cosby individually, but rather a limited liability company established by him and his wife, Camille, for managing those properties.
Approximately three years following Cosby’s release from prison, which was granted due to a successful appeal at the Pennsylvania Supreme Court, a financial obstacle has arisen.
In 2018, the actor, who has faced allegations from more than 60 women involving offenses such as rape, sexual assault, child molestation, and harassment, was convicted for three counts of aggravated indecent assault against Andrea Constand.
The $17.5 million amount that the discredited comedian is alleged to have fallen behind on repayments involves funds borrowed from two separate loans taken against his property on East 71st Street, as suggested by Our Town.
In 2010, I found myself securing a substantial loan of $12.25 million, and five years later, in 2014, I also obtained a secondary loan for $5.25 million to help manage my financial obligations.
Or more casually:
Back in 2010, I took out a hefty loan of $12.25 million. Fast forward to 2014, and I had to take another smaller one for $5.25 million to keep things moving smoothly financially.
On December 31, 2024, First Foundation Bank initiated a lawsuit against Cosby’s LLC. The aim of this lawsuit is to force the sale of the townhouse in question so that the bank can recover some of the money that the Cosbys are said to have failed to repay on their loans.
It is said that the renowned stand-up comedian purchased a townhouse back in 1987 for approximately $6.2 million, and since then, it served as his main home.
According to Realtor.com, the townhouse may be worth up to $14 million on today’s market.
According to the bank’s statement, Cosby and his wife failed to make a loan payment due on June 1, 2024, preceding the issuance of a default notice on November 18.
Additionally, it alleges that the actor from The Cosby Show has neglected to pay more than $300,000 in property taxes. This unpaid amount is intended to be recouped if the property is sold.
According to reports, the couple were apparently told they must repay all the money they owe by December 12, but The First Foundation asserts that no payments have been received up until now.
It appears that another one of Cosby’s properties might be subject to foreclosure, following a dispute with his mortgage lender, CitiMortgage.
The $4.2 million loan was reportedly not fully repaid by Cosby and his wife, amounting to an outstanding balance of $3.7 million, including accrued interest and charges.
In 1980, a well-known figure from the I Spy series reportedly bought a four-story townhouse for approximately $1.2 million. Today, estimates suggest its value has increased significantly, possibly reaching around $6.8 million.
In more recent times, it appears that the townhouse wasn’t extensively utilized, as it was said to be mainly inhabited by Cosby’s son, Ennis, who tragically lost his life in 1997. I find myself pondering about its current status.
As per Realtor.com, it is known that Bill and Camille have been living in a house located in the outskirts of Philadelphia since 1983. They purchased this home for $225,000 before the launch of The Cosby Show.
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2025-01-03 23:22