A comprehensive study of the magnetocaloric effect (MCE) in the molecular magnet with a two-step magnetic sponge behavior is reported. The structural trans- formations provoked by dehydration bring about an increase in the magnetic ordering temperature () from 43 K through to 68 K and up to 98 K. All three phases are soft isotropic ferrimagnets. The change in magnetic entropy in the par- tially and fully dehydrated phases is smaller than that in the “as synthesized” form by a factor of 0.6. The field depen- dence of MCE at is consistent with the values of the critical exponents derived from the magnetization data.