Disgraced comedian Bill Cosby is feeling the financial strain of his long and costly fall from grace. Months after reports emerged that he and his wife Camille were battling dual foreclosure actions involving two Upper East Side townhouses, one of the properties has now quietly hit the market. Cosby has listed the smaller of the two homes with an asking price of $6.99 million.

The move comes roughly four months after CitiMortgage filed a lawsuit, alleging Cosby defaulted on a $4.2 million loan taken out in 2010 against the property. The lender claims Cosby still owes approximately $3.7 million on the loan’s principal, in addition to accrued interest and legal fees.

If the property sells near its asking price, it could potentially cover the outstanding debt on this loan. However, Cosby still faces a far more serious issue involving the second, larger townhouse — a property purchased during the height of his career in the 1980s. That home, reportedly once used by Cosby’s late son Ennis before his 1997 murder, is encumbered by two massive loans: one for $12.25 million in 2010 and another for $5.25 million in 2014. In the wake of Cosby’s legal scandals and loss of income, First Foundation Bank filed its own foreclosure suit, seeking to force a sale. So far, however, that property has not been listed publicly or ordered sold by the court.

The townhouse currently on the market is a four-story, six-bedroom, four-and-a-half-bath residence located in Manhattan’s prestigious Treadwell Farm Historic District. The listing makes no mention of its famous or infamous ownership, instead describing it as a “distinguished 19th-century townhouse” offering approximately 5,000 square feet of interior space, a private backyard, and what it calls “architectural grace.” Amenities include one of the oldest residential elevators in New York City, a basement with laundry facilities, and a level of privacy rare in Manhattan.

Whether Cosby will ultimately be forced to list the second property remains to be seen, but these real estate woes come as the comedian continues to battle the long legal tail of his sexual assault scandal. Though his 2018 criminal conviction was overturned in 2021, Cosby has faced numerous civil lawsuits in the years since. Most recently, in September 2023, a judge rejected Cosby’s attempt to dismiss several remaining suits, ensuring that his financial and legal troubles are far from over.

(Photo by Gilbert Carrasquillo/Getty Images)

Still Rich — But Possibly Cash Poor

Despite these foreclosure proceedings, Bill Cosby is still likely a very wealthy man on paper. At the peak of his career, Cosby’s net worth was estimated to be between $300 and $400 million, driven largely by syndication royalties from The Cosby Show, which earned him hundreds of millions over multiple decades. He also owns a sprawling real estate portfolio and one of the most valuable private art collections in the country, with pieces by Picasso, Rembrandt, Matisse, and leading Black American artists. That art collection alone has been valued at over $150 million, and his real estate holdings — including homes in Beverly Hills, Massachusetts, and Pennsylvania — could be worth well north of $50 million.

So why the foreclosure?

The answer likely comes down to liquidity, or lack thereof. While Cosby may still be worth nine figures on paper, much of that wealth is tied up in illiquid assets like property and artwork. Following the collapse of his public image in the wake of sexual assault allegations, Cosby’s income streams evaporated. The Cosby Show was pulled from syndication. Endorsements dried up. Live performances ended. He stopped earning, but he didn’t stop spending.

In 2010 and again in 2014, when his career was still generating substantial income, Cosby took out large loans totaling $17.5 million against his two Manhattan townhouses — likely to fund lifestyle costs, family trusts, legal defense planning, or other undisclosed investments. These types of asset-backed loans are common among wealthy individuals looking to free up cash without liquidating valuable properties.

But once his legal troubles intensified and income dried up, debt servicing likely became a major issue. Reports indicate Cosby has spent tens of millions on legal fees and settlements in recent years. And even with valuable properties in hand, it’s not always easy — or quick — to sell when you need cash fast. His situation is a textbook case of being asset-rich but cash-poor.

The foreclosure filings don’t necessarily mean Cosby is broke — but they do suggest he’s no longer able or willing to make multimillion-dollar debt payments, and he may be in a slow process of unwinding parts of his real estate portfolio to stay afloat.