Ed McMahon finds home buyer and avoids foreclosure

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Source: Reuters

LOS ANGELES (Reuters) - Television celebrity Ed McMahon has finally found a buyer for his multimillion-dollar Beverly Hills mansion, avoiding a foreclosure that would have made him among the most high-profile victims of the U.S. housing slump.

The buyer of the six-bedroom, five-bathroom was not disclosed but McMahon spokesman Howard Bragman said on Friday it was not billionaire Donald Trump. The New York developer had said last week he was in discussions to buy the house and lease it back to McMahon after widespread publicity about celebrity's default on his $4.8 million mortgage.

"It's a confidential deal and the buyer wants anonymity but I can tell you it is not Mr. Trump -- and it's not John McCain," Bragman said, joking about the Republican presidential hopeful's admission this week that he did not know how many houses he and his wife own.

McMahon, 85, famous for his "Heeeeeeere's Johnny" introduction to "Tonight Show" star Johnny Carson for 30 years and for hosting TV talent show "Star Search," has been trying to sell the house, valued at $5.75 million in June, for about two years.

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Read more: http://news.yahoo.com/s/nm/20080822/people_nm/housing_mcmahon_dc

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posting this because it's prook that the mccain houses thing's got legs.

note the joke about how the buyer is not mccain!!!!

[hisownpetard]

1. If McCain ha any decency at all, he'd give McCain one or two.

[Naturyl]

2. Love the McCain crack. Legs, indeed. (n/t)

[LiberalFighter]

13. They said John McCain didn't buy it... nothing about Cindy McCain.

Hmmm

[Kutjara]

3. It was reported on the local L. A. news last week that Donald Trump was buying it.

He was supposed to have agreed to let McMahon lease the house back from him.

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4. apparently that was still preliminary talks, this sounds like a better deal

the very fact that the donald was talking about buying it was probably what helped spur the actual deal.

perhaps this was the intent all along and the earlier story was deliberately leaked for this effect.

[Kutjara]

5. I see. Either way, it's good that Ed gets to keep a roof over his head.

Now for the other millions of folks in a similar situation. Donald? Donald? Hmmm, he was here a minute ago.

[phusion]

6. How did Ed McMahon end up in this situation?

Seriously, I think if I made millions of dollars I wouldn't have this problem...

:shrug:

[unblock]

7. apparently he hurt his neck a while back and couldn't work

granted he had a ton of money, but it's all a matter of what you get used to. when he was working, they could afford a lavish lifestyle. when he couldn't work, they obviously didn't cut back enough. giving up the habitual things you're used to is hard.

i'm not defending his foolish lack of planning and/or waking up to the reality of the situation earlier, just explaining it.

[No Elephants]

9. If you need to work to keep your home after you're 85, something is very wrong.

He said people mismanaged his money, but conceded that was not an excuse, either. Then, too, he had to spend a fortune on his home because of mold and I think he lost a lawsuit about it. Then, he could not sell it. But, he probably should have lowered the price.

[SoCalDem]

10. 2 or 3 ex-wives, and "business managers" can wreck one's finances

and I think Ed probably did not expect to live quite so long :)

When your "worth" is tied up in the home/property where you live, and you have to settle up with an ex, you eithe rhave to sell it, move and split the money, or you take out a mortgage on the place and give them the cash..

My guess is that once-upon-a-time that house was paid off, but over the years, those pay-off mortgages added up, just as his "sidekick" career ended..

[Ex Lurker]

11. another possibility

at 85, he's not fully capable of managing his own affairs, and the person who is isn't working in his best interest.

[SoCalDem]

12. Probably part of it too..

It's sad when someone 85 has to work :(

I hope his problems are behind him now, and he finds a smaller comfy place to spend the rest of his days at:)

[hfojvt]

14. What work? He does "bath-fitter" commercials et. al.

He probably still gets residuals from those, since I am still seeing them, but hey $20,000 a year in residuals is not enough for a $4 million home even if it is more money than I make. Of course, I pulled $20,000 out of the air too. Maybe he got a lump sum. Maybe it's only $5,000 a year. Maybe it's $50,000. Still, earning several years salary for a day or two of shooting commercials does not fit my definition of work.

But I like Ed, even if he drinks too much and laughs too loud.

[rusty_parts2001]

8. Another Trump PR stunt horning in on Big Ed's misfortune