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Bill Cosby Reportedly Seeking $30 Million Loan To Pay Legal Defense Bills In Sexual Assault Case

By Patricia Ramirez
Published on: 12:57 PST, Oct 25, 2017

It appears that formerly-beloved comedian Bill Cosby is struggling to pay his ever-increasing legal bills. The financial situation, which has come about as Cosby’s sexual assault retrial nears, has reportedly forced the actor to seek out a $30 million “hard money” loan against his Upper East Side townhome as he struggles to pay his newly-hired legal defense team. As Page Six reports, a source alleges that Bill Cosby is likely seeking a hard money loan out of financial desperation, possibly because he has had no luck getting a lower-interest, longer-term loan from the bank.

“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.”

Cosby has owned his massive Upper East Side mansion since he purchased the behemoth townhome back in the late 1980s, well before his current sexual assault scandal exploded. It has been reported that Cosby paid $6.2 million for the property, and more than $1 million more to renovate the 12,000-square-foot home. While the property’s value has undoubtedly increased substantially since Bill Cosby’s career heyday, the source claims that he likely lacks the necessary equity to qualify for a standard $30 million loan against the townhouse.

The Page Six source attributes some of Bill Cosby’s struggle to get his hands on the $30 million he’s seeking for the property to the disgraced Cosby Show star’s current legal drama. In recent years, Cosby has been accused of sexual assault by dozens of women, with many claiming that the disgraced comedian drugged them before attacking them. According to Cosby’s alleged victims, his pattern of sexually assaulting women stretches back decades.

Earlier this year, Bill Cosby stood trial for allegedly drugging and sexually molesting Temple University employee Andrea Constand at his Philadelphia home in 2004. The then-79-year-old stand-up comedian faced up to 30 years in prison for three counts of aggravated sexual assault in the case. As Page Six reports, a mistrial was declared in the case on June 17, following days of deliberations and a hung jury. According to County Judge Steven O’Neill, the jury’s deadlock was “hopeless.”

“This jury is hopelessly deadlocked. This is not a victory for anyone.”

Prosecutors immediately vowed to retry Bill Cosby for the alleged sexual assault of Andrea Constand, a woman whom Cosby had reached an out-of-court settlement pertaining to the assault years before criminal charges were filed in the case. Since the hung jury, the comedian has been rebuilding his legal defense team to include such power-hitters as former Michael Jackson defense attorney Tom Mesereau and former federal prosecutor Kathleen Bliss.

However, according to the Page Six source, the controversy surrounding Bill Cosby’s reputation and speculation regarding what may have gone on within the walls of his Upper East Side mansion could be hurting Cosby’s chances at securing a high-dollar loan against the property.

“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 Bill Cosby sexual assault retrial was initially scheduled to take place in November of 2017. However, because of the restructuring of his defense team, the presiding judge has pushed the trial date back to Spring of 2018, reports The New York Times. Cosby has vehemently denied all sexual assault allegations that have been levied against him. The decades-married star claims that his sexual encounters (including those with Andrea Constand) were consensual.

Cosby’s legal team has declined to comment regarding reports that their client is seeking a $30 million loan to cover his mounting legal defense bills. According to Page Six, when they reached out to Bill Cosby’s representative, they were told to “consider the source,” and then hung up.

[Featured Image by Matt Rourke/AP Images]

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