Beleaguered Hollywood star Bill Cosby has quietly put the second of his two New York City townhouses on the market for $29 million—eight months after he was accused of defaulting on a $17.5 million loan taken out against the property.
Cosby, 88, listed the seven-story, six-bedroom townhouse on East 71st Street on Sept. 14, having already listed a second property on East 61st Street for $7 million back in April. The price on his second New York home was slashed to $6.75 million in July.
The actor and former TV host has allegedly defaulted on loans that were taken out against both properties, per his lenders.
In a lawsuit filed with the Manhattan Supreme Court on Dec. 31, Cosby’s lender on the 71st Street property, First Foundation Bank, sought to force the sale of the lavish abode to recoup at least some of the money that its lawyers say the actor has failed to repay.
As first reported by Our Town, the $17.5 million figure cited in those documents comes from two loans taken out on the home: a $12.25 million loan in 2010 and a $5.25 million loan in 2014.
Cosby purchased the sprawling home for $6.3 million in 1990, according to property records, and it served as his primary residence for many years.
First Foundation alleges that the Cosbys stopped repayments on their loan on June 1 and that the couple were served with a default notice on Nov. 18. That notice stated that they had “failed” to keep up with the monthly repayments on the loan, while also failing to pay property taxes. First Foundation says that more than $300,000 in property taxes are now owed on the dwelling.
Cosby and his wife—who are represented by an LLC—were given until Dec. 12 to repay the money owed. However, First Foundation claims that no payment was made.
Meanwhile, the former “Cosby Show” star is also facing foreclosure on his second New York abode, which he bought for $1.2 million in 1980, with a second lender, CitiMortgage, accusing him of defaulting on a $4.2 million loan that is tied to the four-story dwelling.
CitiMortgage claims that Cosby and his wife owe $3.7 million in principal on the loan, as well as interest and fees.
Previous reports indicate that this property was primarily used by Cosby’s son, Ennis, who was murdered in Los Angeles in 1997.
The 71st Street townhouse—which is known as the Luyster Mansion—has been used by Cosby and his wife as their primary New York City residence for the past 35 years, with the listing, which is held by Corcoran, noting that this is the first time the historic home has been put on the market in more than three decades.
“Inspired by late Gilded Age architecture and completed in 1899 by the celebrated designer John Duncan,” the description says of the property. “Built for durable beauty in hand-carved limestone and crowned with soaring two-story copper mansards, the seven-floor, 13,000-square-foot residence embodies the elegance of the neo-French Classic style.”
The property certainly boasts many elegant design features rarely found in modern-day dwellings, including a Carrara marble vestibule, a primary parlor with inlaid mahogany floor, and 11 fireplaces that are spread throughout the living spaces and bedrooms.
Cosby’s home also comes equipped with an “original mahogany-and-bronze elevator [that] connects nearly every level of the house,” the listing adds.
For those with a fondness for fine dining, the home’s formal dining room will serve as the perfect space for elegant parties—with ample room to “comfortably seat” up to 30 people.
“The adjoining kitchen, designed by Swiss craftsman André Liardet during the home’s conversion from the Lycée School, features terra cotta tile, wainscoting, beveled glass, and more than 30 feet of cabinetry and counter space,” the description goes on.
“A double-sided restaurant-grade stove with rotisserie oven and additional refrigeration makes this a kitchen equally suited for family meals or large-scale entertaining.”
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