Bill Cosby has successfully sold his Upper East Side townhouse, despite ongoing financial challenges. The seven-story home located at 18 East 71st Street sold for $28 million, as reported by the New York Post. This sale occurred less than two months after the property was listed, and it was only $1 million below the original asking price of $29 million.
Details of the Sale
The transaction translates to a price of $2,154 per square foot. The identity of the buyer remains undisclosed. This sale comes as Cosby faces foreclosure proceedings on the property. He had put the house on the market in September, approximately nine months after First Foundation Bank initiated a lawsuit over a $17.5 million loan default related to the townhouse.
Financial Troubles
- Cosby reportedly stopped making payments on the mortgage.
- He owes more than $300,000 in property taxes.
The sale of this property helps Cosby avoid foreclosure for now. Cosby and his wife, Camille, purchased the limestone mansion in 1990 for $6.3 million. The residence, known as the Luyster Mansion, was constructed in 1899 and features distinctive architectural elements such as mahogany floors and an original elevator.
Property Features
- Six bedrooms
- Dining room seating for 30
- Multiple suites
- Roof garden
- Parlor level for entertaining
Adam Schneider of Corcoran managed the listing, marking the first time the property has been on the market in over 35 years.
Additional Properties and Legal Issues
Cosby also listed another townhouse at 243 East 61st Street, previously occupied by his late son Ennis, for $7 million in April. This price was subsequently reduced to $6.75 million in July. CitiMortgage has also accused Cosby of defaulting on a $4.2 million loan for this property and is pursuing foreclosure proceedings.
In 2021, Cosby’s sexual assault conviction was overturned; however, he continues to face legal challenges, including a recent allegation accusing him of drugging and sexually assaulting a 15-year-old in Las Vegas during the 1980s.
Cosby and Camille largely maintain a low profile, residing primarily outside of Philadelphia. They acquired a suburban estate in the 1980s for $225,000, prior to the rise in Cosby’s fame from “The Cosby Show.”
