Comedian Bill Cosby is looking to take out a $30 million loan against his New York home to pay for his ever-increasing legal bills as he faces retrial for sexual assault.
The disgraced stand-up was originally tried in June of this year, with the judge declaring a mistrial after jurors remained deadlocked after six days of deliberations.
The 80-year-old actor is now attempting to take out a hard money loan on his 12,000-square-foot mansion, much of which will go towards a new legal team, according to a source at 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,” the source explained.
They continued, “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 sit-com veteran bought the six-story townhouse on the Upper East Side of Manhattan in 1987 for $6.2 million and reportedly spent another $1.2 million renovating the space.
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Born and raised in Compton, California, Jessica Bennett began her career as an intern at The Oakland Post, and later, The Source Magazine. She went on to write for respected hip hop publications such as DJ Booth and Hip Hop DX before becoming the Urban Editor of pop culture website, Wetpaint.com. She joined Ebony as the Entertainment Editor August 2017. Bennett has interviewed such names as Vanessa Williams, Spike Lee, Tyra Banks, Forest Whitaker, Magic & Cookie Johnson and several others.