Bill Cosby successfully sells Upper East Side townhouse for $28 million amid foreclosure threat
Bill Cosby has completed a significant real estate transaction, selling his Upper East Side townhouse for $28 million. This sale occurred within two months of the property being listed and came in just under the initial asking price of $29 million.
Details of the Sale
The townhouse, located at 18 East 71st Street, spans an impressive 13,000 square feet. It was put on the market in September following financial issues that included allegations of default on a $17.5 million loan from First Foundation Bank. Reports indicated that Cosby had failed to make payments on the loan and owed over $300,000 in property taxes.
Historical Significance
Known as the Luyster Mansion, this seven-story limestone residence has been in the Cosby family since 1990, when they purchased it for $6.3 million. The sale proceeds will help avert foreclosure proceedings linked to the property.
Luxury Amenities
- Mahogany floors
- An original elevator serving multiple levels
- A dining room suitable for 30 guests
- Multiple suites and a roof garden
- An entertaining-friendly parlor level
The sale price of $28 million equates to approximately $2,154 per square foot. Adam Schneider from Corcoran managed the listing, making this the first time the mansion has been on the market in over 30 years.
Additional Properties
In addition to the Upper East Side townhouse, Cosby is looking to sell another property located at 243 East 61st Street. Initially listed for $7 million, its price was later reduced to $6.75 million due to allegations of default on a $4.2 million loan linked to it.
Despite his sexual assault conviction being overturned in 2021, Cosby continues to face legal challenges, including recent allegations involving a minor from the 1980s. Mainly residing outside of Philadelphia, he and his wife, Camille, keep a low profile in their suburban estate purchased for $225,000 in the 1980s.
