Ed McMahon fighting foreclosure on home

[BankruptPinoy]

Ed McMahon, who for decades appeared as Johnny Carson's sidekick on "The Tonight Show," is fighting to avoid foreclosure on his multimillion-dollar Beverly Hills home, according to published reports.

He was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial Corp. filed a default notice Feb. 28 with the Los Angeles County Recorder's Office, The Wall Street Journal first reported.

McMahon, 85, has been unable to work as a pitchman for various products since he broke his neck 18 months ago, said his spokesman, Howard Bragman.

"There are plenty of people affected by the weak economy, bad housing market or bad health," Bragman said.

McMahon has been in "very fruitful discussions" with the lender to resolve the situation, Bragman said. But it's unclear whether McMahon and his wife, Pamela, will remain in the home.

Associated Press

http://onlineathens.com/stories/060508/living_20080605002.shtml

[Cali]

I saw that this morning. I didn't know he broke his neck, how sad.

Economy will have a lot more losing houses, filing BK's, etc.

[HRx]

Why on earth does this man need to live in a house that expensive for? He should have sold the house years ago, made a nice profit and banked it to earn some interest, and lived within his means.

[yoyoma51]

It is nice to see that people who have made millions upon millions can make the same mistakes as us ordinary folks.

Ed McMahon and his wife were on TV last night and basically said they were broke and embarrassed.

[Cali]

I agree if he knew he couldn't afford that house anymore, he should have downsized when the getting was good.

I haven't seen a house foreclosed here yet. They are still building those McMansions and people are still living in their 5 mil and up homes.

[HRx]

I agree if he knew he couldn't afford that house anymore, he should have downsized when the getting was good.

I haven't seen a house foreclosed here yet. They are still building those McMansions and people are still living in their 5 mil and up homes.

As the old saying goes...the rich keep getting rich and the poor keep getting poorer. lol The real estate market in my area is tanking fast, but prices are still to high for many folks even with a combined six-figure income. I personally believe the worse has yet to come.

[jerzey]

his mortgage payment is like 30k a month

[BKOnce]

Wonder if the brother of him , Mr. Vincent McMahon... will also go down the same path later... when his TV ratings going down with with fewer TV wrestling fans than before...

[BankruptPinoy]

Is Britney Spears To Blame? Ed McMahon, 84 Facing Foreclosure of His Home!

Unable to work for the past 18 months, TV Pitchman, and former Johnny Carson Sidekick is facking foreclosure on his Multi-Million dollar Beverly Hills Home, The Wall Street Journal reports. McMahon was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial. McMahon had been the host of "Star Search", a Spokesman for Publisher's Clearinghouse, and is an integral part of the Jerry Lewis MDA Telethon. The home has been for sale for 2 years, and is located near the home of Britney Spears. A Realtor said "When we were trying to sell the house one time, there were about 100 paparazzi there.

One would think that some friends of McMahon, or Carson, would come to the rescue of McMahon in this predicament. He won't be left on the streets, but then again, Altovese Davis, widow of Sammy Davis Jr. was abandoned by their friends once Sammy passed. Going public with a story like this poses a lot of questions?

For those of you who may wonder, Ed McMahon is NOT related to WWE owner Vince McMahon.

from No-Name247 blog

[BankruptPinoy]

Ed McMahon, the jocular sidekick to Johnny Carson on "The Tonight Show," returned to television Thursday to discuss a somber personal matter -- the looming foreclosure of his Beverly Hills house.

Appearing on CNN's "Larry King Live," McMahon, 85, began his interview with the throaty chuckle that had been his trademark on Carson's show. Asked what happened, he quipped, "How much time do you have?"

McMahon, in a neck brace, said he had been unable to work since he broke his neck 18 months ago, but he declined to say how the injury occurred.

"If you spend more money than you make, you know what happens," he said. "A couple of divorces thrown in, a few things like that."

McMahon's lender, Calabasas-based Countrywide Financial Corp., filed a notice of default in March on $4.8 million in mortgage loans, public records show. If McMahon does not make some arrangement, the six-bedroom, five-bath house in a gated hilltop community will be sold at auction.

McMahon said his house had been on the market for two years with no offers, but since news of the foreclosure broke Tuesday, "now there's tons of interest." His real estate agent has said the estate is listed at $6.25 million.

Asked why a multimillionaire could not make his house payments, McMahon's wife, Pamela, said, "Over the years, it's a combination of maybe Ed working so hard and not looking at proper management. We didn't keep our eye on the ball. We made mistakes."

She added: "It's scary. I never owned a home before in my life before I met Ed."

King replied: "I don't think you'll own one again."

McMahon isn't the only celebrity to default on loans in the plunging real estate market. On Thursday, a legal notice disclosed that former boxing champ Evander Holyfield's Fairburn, Ga., estate will be auctioned July 1 to pay off the mortgage.

By Peter Y. Hong
Los Angeles Times Staff Writer

http://www.latimes.com/business/la-fi-mcmahon6-2008jun06,0,2052489,print.story

[BankruptPinoy]

Former “Tonight Show” sidekick Ed McMahon broke his neck in a fall last year and was recovering after two surgeries, his publicist said Thursday.

Susan DuBow said the fall happened last March. She said she did not believe McMahon was at his Beverly Hills home when it happened.

“It’s been a tough year, but I’m working hard in rehab and doing the best I can to get through it,” the 85-year-old McMahon said in a statement.

DuBow said she was not allowed to release any further information for legal reasons. McMahon was recently seen walking around at a public event in a neck brace.

McMahon is perhaps best known as Johnny Carson’s sidekick for decades on “The Tonight Show With Johnny Carson.” He worked with Carson on the game show “Who Do You Trust?” in 1957 and was known for never failing to laugh at Carson’s quips.

McMahon’s trademark opener for each “Tonight” show was: “And now h-e-e-e-e-e-ere’s Johnny!” followed by a small bow toward the star.

In March 2005, McMahon fell at his home in a gated community in Beverly Hills. He suffered mild concussion and received several stitches for a gash in his forehead.

McMahon also was co-host with Dick Clark of the “Bloopers” shows and he has made regular appearances on The Jerry Lewis Labor Day Telethon.

http://www.msnbc.msn.com/id/23621556/

[banca rotta]

As the old saying goes...the rich keep getting rich and the poor keep getting poorer. lol The real estate market in my area is tanking fast, but prices are still to high for many folks even with a combined six-figure income. I personally believe the worse has yet to come.

As Dave Ramsey said "you want to be rich? do what rich people do, you want to stay poor do what the poor keep on doing".

I'm not going to elaborate but if you read the millionare next door that sums it up nicely.

[Cali]

I have a few friends in my area that have homes that cost as much or more than his does.

And I agree I think we haven't seen the worse yet. This is just the beginning.

his mortgage payment is like 30k a month

[Cali]

And do you know how Dave Ramsey got rich?

As Dave Ramsey said "you want to be rich? do what rich people do, you want to stay poor do what the poor keep on doing".

I'm not going to elaborate but if you read the millionare next door that sums it up nicely.

[$$only4ever]

I saw Ed and his wife on Larry King last night and I did feel bad for them. It is kind of funny that big celebrities are also walking down the same path as we did. (Except for the part about the $4.8 million dollar house)

It took alot of guts them to go on national television and tell everyone your financial problems.