C
harles Cohen's empire is teetering on the brink of collapse. The billionaire theater mogul and real estate developer faces a looming foreclosure auction next month, with Fortress Investment Group seeking to seize his assets, including 50 movie theaters, a design center and hotel in South Florida, and a development site in Westchester County. Cohen has already lost control of an office tower on 57th Street and is struggling to keep other properties afloat.

    Fortress estimates that Cohen has defaulted on over $1.1 billion in loans, with the company alleging that he has been attempting to shield his personal assets from the lender. In recent filings, Fortress claims that Cohen transferred $70 million worth of assets to new owners, including his $20 million Greenwich mansion and four luxury boats valued at $50 million.

    The transfers allegedly took place just days after Cohen gave a deposition in the case, sparking concerns that he may be trying to hinder Fortress's ability to collect on any judgment. The lender is now seeking an order from the court to allow for immediate discovery of Cohen's assets and prevent him from selling or transferring interest in his properties.

    Cohen has previously downplayed the severity of his financial woes, with his company's COO stating that they were not concerned about losing any assets. However, the latest allegations suggest that Cohen may be realizing the gravity of his situation. The foreclosure auction is set to take place next month, and it remains to be seen how this will play out for the embattled billionaire.