People might have forgotten about Bill Cosby in the wake of all the news surrounding Harvey Weinstein, but Cosby is still facing a legal battle regarding dozens of allegations of sexual assault.
In fact, the disgraced comedian’s legal bills are beginning to run him dry to the point that Cosby is reportedly looking to take out a $30 million loan, Page Six reported exclusively on Wednesday.
REUTERS/Charles Mostoller
The 80-year-old comedian plans to take a hard money loan on his 12,000 square foot mansion in New York City’s Upper East Side in order to cover fees for a new legal team before his upcoming retrial next spring.
“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,” the Page Six source explained of Cosby’s situation.
“Hard money loans have high interest rates and are usually repaid in a short time, such as a year,” the source continued. “But the lenders aren’t keen to give Cosby the money because they don’t think he has enough equity.”
The source also believes that the nature of Cosby’s allegations alone might keep them from granting Cosby the loan.
“The lenders believe if they foreclose on the house, that they may not sell it. Provenance and the history of a house is 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 is facing sexual assault allegations from over 50 women over the course of several decades, much like Weinstein. The comedian recently hired Michael Jackson’s famous defense lawyer, Tom Mesereau, for his approaching retrial.