Ed McMahon May Lose His Home After Falling Behind In Payments
Posted June 4, 2008 12:00 pm.
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He was one of the most famous men in North America and he’s been seen on everything from commercials, telethons and talent shows to the seat beside Johnny Carson for three decades. So how can Ed McMahon be in danger of losing his house?
The veteran announcer-pitchman has become a victim of a failing U.S. economy that has plagued many down south – albeit on a much larger scale. He’s also run into some bad luck that’s left him in this precarious predicament.
McMahon owns a Beverly Hills mansion worth an estimated US$6.25 million. But the 85-year-old broke his neck 18 months ago, and hasn’t been able to work as a commercial spokesman since then. It’s hard to believe he wouldn’t have put away some cash all those years, but reports indicate he’s fallen some $644,000 behind in payments on $4.8 million mortgage loans and the bank is ready to foreclose on the property.
“There are plenty of people affected by the weak economy, bad housing market or bad health,” explains McMahon spokesman Howard Bragman. He claims the aging star is in “fruitful discussions” to try and resolve the situation.
But there’s no guarantee the former Tonight Show sidekick and his wife won’t be evicted.
The house is the kind of place that Hollywood dreams are made of. It has six bedrooms, five bathrooms, is located on a hilltop and is part of a gated community called The Summit that keeps intruders out. Except, of course, for creditors and photographers.
It’s been on the market for two years, with no takers.
McMahon’s home does have one thing going against it that may keep prospective buyers from snapping it up. It’s located very close to another mansion owned by troubled pop diva Britney Spears, meaning there’s always a crowd around the place.
“When we were trying to sell the house one time, there were about 100 paparazzi there,” recalls real estate agent Alex Davis.
McMahon was the late Carson’s straight man and seatmate on the Tonight Show from 1962-1992 – a 30-year record most believe will never be broken.
Photo credit: Matthew Simmons/Getty Images