Bill Cosby, struggling to pay his sex trial legal bills, has attempted to take out a $30 million loan against his New York City townhouse to pay lawyers as he faces a retrial on assault charges, the New York Post's Page Six reported, citing sources.
Cosby bought the 12,000-square-foot mansion in 1987 for $6.2 million and made $1.2 million in renovations, Page Six said.
"Cosby is looking for a $30 million hard money loan against the house," Page Six quoted a source. "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 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," the source said, per the Post.
Cosby will face retrial between March 15 and April 1 on three counts of aggravated indecent assault in Pennsylvania against former University of Temple employee Andrea Constand, CNN reported. His first trial this past June ended in a mistrial after the jury deadlocked on all counts, the network stated.
Constand accused Cosby of drugging and assaulting her in January 2004 while the disgraced entertainer charged that the sexual contact was consensual, CNN said.
Since the trial, Cosby has built a new legal team including Tom Mesereau – who successfully defended late pop star Michael Jackson against child molestation charges in 2005 – along with Kathleen Bliss and Sam Silver, CNN said.
Page Six said Mesereau did not return calls and emails, or did Silver and Bliss. A Cosby representative told the tabloid, "Consider the source," before ending the conversation.
The Associated Press reported that the comedian is still facing civil lawsuits from 10 women across the country in connection with alleged sexual contact and assaults, noting that seven women have defamation suits pending in Massachusetts, while three more have defamation or sexual battery suits pending in California.
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