Cohan, who was Taylor's longtime confidante and spiritual guide, went public with the news of the baby born out of wedlock last year (11) shortly after the actress' death, revealing his client had asked him to reveal all about the child she never knew after she had passed.
Cohan told the New York Post's gossip columnist Cindy Adams that Taylor called her daughter Norah, adding, "Money was exchanged. Living in Ireland, the child, resenting the mother who gave her up, wanted nothing to do with Elizabeth."
He told Adams Taylor was not sure who the father was, as she had been with three men at the time the baby was conceived.
But now he tells WENN the actress' husband Mike Todd tracked the child down in Ireland and, in describing her to his wife, Taylor determined that the father was a carpenter she had once romanced.
Cohan says, "Mike Todd tracked down the child many years later. There was the hope of a reunion but the child and her family wanted nothing to do with Elizabeth and she never met the daughter she gave away. She was devastated.
"But at least she discovered who the father was - she was convinced he was a carpenter she had briefly romanced. As my client, I never pressed her for a name or any other details. She just told me to get this out when she was gone."
Cohan claims his late friend never got over the guilt she felt about giving up her baby daughter - and this led to her adopting a child, called Maria, from Germany while she was married to singer Eddie Fisher, her fourth husband.
The psychic adds, "She thought having her daughter Liza with Mike Todd would erase the guilt but it didn't; that's why she adopted Maria."
Taylor also had two sons with her second husband, British actor Michael Wilding.
Cohan will reveal all about his famous client's confessions in biographer Darwin Potter's new book Elizabeth Taylor, which is set for release this autumn (12).