Cosby Parting with Real Estate in Wake of Legal Challenges

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cosbyfinancesStaring down years of legal woes, disgraced comedian Bill Cosby has been quietly selling off his Los Angeles real estate portfolio including a number of top-tier commercial properties in downtown Santa Monica. The 80-year-old Cosby, who was found guilty last week of aggravated indecent assault, currently has two Santa Monica properties along Main Street listed for a combined $26 million, according to online property records.

One of the properties is a two-storey, 8,668-square-foot brick building at the corner of Main and Hill that is zoned for retail and office space and that is currently listed at $20 million. Its main tenant is a Starbucks on the ground floor. Cosby also owns a separate parcel of land up the street at 3016 Main St. That property is currently a parking lot at the corner of Marine Street and is on the market for $5.7 million. The lot is 6,024 square feet and has the potential for a 4,018-square-foot building.

In September of 2015, when a cascade of sexual assault accusations poured forth from dozens of women against the comedian, and the Los Angeles Police Department was conducting a criminal investigation into Cosby, he sold a 9,500-square-foot building at 3008 Main St. for $11.8 million.

All three of the Main Street properties are tied to C.O.C. Real Estate LLC, which lists Cosby’s wife, Camilla, as its principal. It is unclear why Cosby is selling his portfolio. Eric Kessler, the listing agent for the properties, hung up on The Hollywood Reporter when asked to comment. Calls to Cosby’s spokesperson were not returned.

Cosby faces up to 10 years for each of the three felonies he was convicted of. Sentencing is expected in the next two months, and until then Cosby remains free on $1 million bail. The judge in the trial confined Cosby to his Pennsylvania home until he is sentenced.

Cosby’s legal team has vowed to appeal Thursday’s conviction, a process that could take years. At least 10 women have pending civil suits against Cosby accusing him of sexual assault or defamation.

Story Credit: Hollywood Reporter



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