Bill Cosby's legal fees are getting serious and there are reports that the comedian is struggling. He just hired Michael Jackson's former lawyer Tom Mesereau and he is preparing for another trial in the spring. Re-runs from The Cosby Show ain't gonna pay these bills!
Page Six is reporting that, in order to pay for the hefty legal bills, Cosby is looking to take a $30 million loan against his Upper East Side townhouse, which he bought in 1987.
A source told 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. 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.” Damn, Bill Cosby has no equity?
Well, Cosby's team is not here for these rumors. When Page Six called for a response to the story, they supposedly said "consider the source" and hung up.
The comedian's last trial ended in a mistrial back in June due to a hung jury. Cosby is being charged with allegedly drugging and sexually assaulting Andrea Constand, a former employee of Temple University, back in 2004. They are reportedly heading back to trial in the spring.
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(Phoot: Gilbert Carrasquillo/Getty Images)
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