Bill Cosby Trying Get $30 Million Loan Against Home To Pay Legal Fees

With legal bills mounting and a retrial for sexual assault on the horizon, Bill Cosby is reportedly looking to take a $30 million loan against his Upper East Side townhouse to pay for it all.

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The 80-year-old comedian is trying to take the hard money loan on his 12,000 square foot mansion, “Page Six TV” revealed Wednesday.

He purchased the six-story townhouse in 1987 for $6.2 million and reportedly spent another $1.2 million in renovations. Neighbors include Princess Marie-Chantal of Greece, Cantor Fitzgerald CEO, and chairman Howard Lutnick, and billionaire Jeffrey Epstein, who spent 13 months in jail after pleading guilty to soliciting prostitution from an underage girl in 2008.

A source told Page Six, “Cosby is looking for a 30 million hard money loan against the house. Which means Cosby must be desperate because the banks won’t give him money. Hard money loans have high interest rates and are usually repaid in a short time, such as a year.

“But the lenders aren’t keen to give Cosby the money because they don’t think he has enough equity. Also, the lenders believe if they foreclose on the house, that they may not sell it. Provenance and the history of a house are very important, and buyers would certainly be put off by the thought of what could have taken place in the house over the years, and that they’ll be sleeping in Cosby’s bedroom.”

Cosby has hired famed Michael Jackson defense lawyer Tom Mesereau to head a new defense team that includes ex-federal prosecutor Kathleen Bliss and Philadelphia’s Samuel W. Silver.

Cosby has been accused of sexual assault by more than 50 women. His first trial ended with a hung jury, and he now faces a retrial next spring.

Bill Cosby Trying Get $30 Million Loan Against Home To Pay Legal Bills  was originally published on blackamericaweb.com