According to the New York Post's Page Six, the comedian is struggling financially, largely because of the lawyer fees from his first trial. The 80-year-old is now trying to take the $30 million hard money loan on his 12,000 square foot mansion so that he can pay for new legal representation.
"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," a source told the newspaper.
In 1987, Bill purchased a townhouse in New York's Upper East Side for $6.2 million. He spent over $1 million renovating the home.
"The lenders aren't keen to give Cosby the money because they don't think he has enough equity.
Bill is accused of sexual assaulting more than 50 women. His first trial ended in June with a hung jury. He now faces a retrial in spring 2018.
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