Bill Cosby was once one of the highest-paid entertainers in the world. However, in a sign of his plummeting financial fortunes, the 86-year-old disgraced former comedian is being sued for defaulting on a $17.5 million mortgage for his New York City town house.
The coveted Upper East Side home – on which the patriarch of the much-loved Cosby Show was unable to maintain mortgage payments – is part of Cosby’s downward financial spiral. At the height of his powers, Cosby was worth $400 million. The town house – at 18 East 71st, a six-story, 12,060-square-foot home built in 1899 (according to Daytonian In Manhattan) – just steps from Central Park, was a surprise gift to his wife, Camille. It was a savvy buy. Cosby purchased the house through a lawyer for $6.2 million in 1987, during the peak years of The Cosby Show, then the number-one show on NBC and in the country.
Don't Miss:
- If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
- Unlock the hidden potential of commercial real estate — This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!
A Troubled History
However, the home had a troubled history from the start of Cosby’s ownership. According to the L.A. Times, the couple accused their lawyer, Mary Waller – who oversaw the purchase – of stealing millions of dollars from them. Three years after closing on the home, the Cosbys put the property in the name of Camille’s mother, according to the New York Observer.
According to Yahoo, the couple has not made a mortgage payment since June and owes over $300,000 in taxes on the home. This latest default follows another – allegedly on a $4.2 million loan on a four-story Lenox Hill home they have owned since 1980, according to business website Crain's.
See Also: CEO of Integris gathered a team of senior investment managers who have $34.22 billion in combined owned and managed assets in the West Coast — here’s how to invest in their private credit fund that targets 12% annual interest rate.
A Ruined Reputation
Cosby’s beloved reputation was wrecked through multiple high-profile lawsuits, during which time he denied all claims against him.
Cosby once owned homes in Connecticut, California and Philadelphia. However, according to Market Watch, he currently resides in a suburban Philadelphia home purchased for $225,000 in 1983, shortly before “The Cosby Show” began airing. The house – on a 3-acre lot, has seven bedrooms and 6.5 bathrooms.
A Vortex Of Legal Woes
Since the revelations about his personal life first broke, Cosby has been mired in legal and financial woes, resulting in high legal fees of $1 million a month. Whyy.org revealed that one of Cosby's law firms had 28 lawyers working on 10 cases. The lawyers made about $500 to $1,075 per hour. The net result has been a huge drain on Cosby’s finances. Now, in his late eighties, with a destroyed reputation and his earning years long gone, Cosby appears resigned to losing his assets.
Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Interest Rates Are Falling, But These Yields Aren't Going Anywhere
Lower interest rates mean some investments won't yield what they did in months past, but you don't have to lose those gains. Certain private market real estate investments are giving retail investors the opportunity to capitalize on these high-yield opportunities.
Arrived Home's Private Credit Fund’s has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate. The best part? Unlike other private credit funds, this one has a minimum investment of only $100.
Looking for fractional real estate investment opportunities? The Benzinga Real Estate Screener features the latest offerings.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.