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Bill Cosby’s sprawling New York townhouse is under contract less than a month after being listed for $29 million.
While the sale price is undisclosed, the deal closes a turbulent financial chapter for the disgraced entertainer and his wife, Camille, according to the New York Post. Earlier this year, the couple were accused in court of defaulting on $17.5 million in loans on the residence, according to the Post.
Cosby purchased the 13,000-square-foot residence, known as the Luyster Mansion, on New York’s Upper East Side for $6.2 million in 1987.
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The home’s quick departure from the market proves that its prime location has not lost its luster despite the controversy surrounding its former owner.
The home is just a few doors down from Jeffrey Epstein’s former townhouse, which sold for $51 million in 2021.
The sale comes amid a severe financial entanglement. The Cosbys allegedly stopped making mortgage payments June 2024 and owe over $300,000 in property taxes, the Post reports, citing a Manhattan Supreme Court filing.
Foreclosure proceedings were initiated last year by lender First Foundation Bank, which the Cosbys have denied in court.
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The townhouse’s ownership history is complicated. Cosby initially purchased the residence through an attorney before it was transferred to Camille Cosby’s mother and finally placed in the couple’s name, the Post reported, citing public records.
Financial disputes surfaced in the 1990s when the Cosbys accused their former lawyer of embezzling funds from the initial transaction.
The property isn’t the only one tied to the Cosby’s rising debt.
In December, CitiMortgage filed a lawsuit alleging the couple defaulted on a $4.2 million loan connected to another New York townhouse that they purchased in 1980, the Post reported. The four-story residence was listed for $7 million in April, but its price was cut by about $250,000 over the summer as their legal and financial battles have heated up.
A spokesperson for the Cosbys declined to comment to the Post.
When financial troubles hit someone, celebrity or not, luxury homes become targets for lenders and the IRS because of their high value and high associated taxes.
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Many celebrities have faced foreclosure after defaulting on loans or failing to pay substantial tax bills, including Nocolas Cage, who experienced multiple foreclosures after struggling with a massive tax debt to the IRS.
Intense public scrutiny, celebrity real estate transactions are often handled with extreme discretion, using non-disclosure agreements in off-market deals to help protect their privacy, security and personal affairs during a divorce, lawsuit or financial crisis, according to Realtor.com.
A quick contract on the Luyster Mansion brings a potential resolution to one of the Cosbys’ most pressing financial burdens, stemming from millions in defaulted loans and unpaid property taxes.
Yet, for the 88-year-old former icon, the sale only closes a financial chapter.
Despite his 2018 sexual assault conviction being overturned, Bill Cosby remains defined by the accusations of over 60 women, ensuring the grand New York residence will be tied to his high-profile fall from grace.
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This article Bill Cosby’s NYC Townhouse Snatched Up In A Flash — Foreclosure Listing Finds Buyer In Under A Month originally appeared on Benzinga.com