It seems as if Bill Cosby’s legal issues are finally catching up to him, as a report surfaced saying that the comedian is attempting to take a $30 million loan against his townhouse on the Upper East Side of New York to pay his lawyer fees. Page Six reported that the $30 million he is looking to get would be a hard money loan against his 12,000-square foot home. The loan would be going towards a new legal counsel as he gears up for a retrial in a sexual assault case that ended up with a hung jury.
The team that Cosby is looking to pick up features Tom Mesereau, the lawyer who previously defended Michael Jackson. Along with Mesereau, ex-federal prosecutor Kathleen Bliss and Philly lawyer Samuel W. Silver are joining as well. A source revealed to Page Six that Cosby taking out a hard money loan “means Cosby must be desperate because the banks won’t give him money.” The source went on to say, “But the lenders aren’t keen to give Cosby the money because they don’t think he has enough equity…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 previously purchased the townhouse in 1987 for $6.2 million. From there, he dumped $1.2 million more into renovations for the six-story home.