Auto maker John Z. De Lorean spent his eighth day behind bars yesterday while a team of high-powered defense attorneys negotiated with prosecutors to have the flamboyant entrepreneur released on $5 million bond.
Criminal attorney Joseph Ball had predicted that his client would post bail yesterday or today, but De Lorean, a former General Motors whiz kid charged with trying to save his failing sports car company with a $24 million cocaine deal, remained incarcerated at Terminal Island federal prison.
To win his release from prison, De Lorean must put up $250,000 cash and the remainder in collateral from his 48-acre residence in San Diego's Pauma Valley, which has been for sale for nearly a year.
The Spanish-style house is on the selling block for $5.25 million, and defense attorneys were asking prosecutors to accept the price tag as the certified value of the property.
If the entrepreneur makes bail, his passport will be revoked and his travel restricted to New York, where he lives with his family, and a large area of southern California, including Los Angeles, Orange, San Bernardino, Riverside, Ventura, Santa Barbara and San Luis Obispo counties.
The silver-haired De Lorean, arrested last week by FBI agents, also will be under "intense" supervision by the Pretrial Services Agency, requiring him to check in personally with a probation officer twice a week, spokesman Mike Meline said.