Ed McMahon fighting foreclosure

[Fritzo]

http://ap.google.com/article/A...ISL2-0fOVA8pQD9138ENO2

Ed McMahon fighting foreclosure on his Beverly Hills home
47 minutes ago

LOS ANGELES (AP) ? 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 late Tuesday.

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.

A spokesman for Countrywide declined comment to the Los Angeles Times.

The six-bedroom, five-bath house is in a hilltop gated community overlooking Mulholland Drive called The Summit and is listed for sale at $6.25 million. It has been on the market two years, according to real estate agent Alex Davis, who has the listing.

The house is near that of pop star Britney Spears, which doesn't always work in its favor.

"When we were trying to sell the house one time, there were about 100 paparazzi there," Davis said.

The guy is injured, can't take in anymore money, and has given of himself in many situations over the years (he's a fixture on the MDA Telethons in fact). You know what would be a real class act? If Dave and Jay both chipped in and helped him out.

 

[isekii]

what happened to all the money that he has made.

 

[HardcoreRobot]

you earn so much money for so long and can't pay off a mortgage by the time you are 85?

 

[mrCide]

Sad? meh, I have no pity.

 

[rivan]

I know he's been a doer of good works over the years, but I can't seem to feel any sympathy for him in this.

At 85 - hell, at 75 - you have to be totally aware that at some point your income is going to dry up, you're not going to be able to work any more. You have to plan for that and I don't consider a $4.8 million mortgage solid planning.

 

[iamwiz82]

The guy is injured, can't take in anymore money, and has given of himself in many situations over the years (he's a fixture on the MDA Telethons in fact). You know what would be a real class act? If Dave and Jay both chipped in and helped him out.

Maybe I am an ass, but $6.25 million could pay off the mortgages on a lot of houses of people who didn't make millions and millions in their lives.

 

[waggy]

Originally posted by: mrCide
Sad? meh, I have no pity.

nope not at all.

 

[PricklyPete]

Originally posted by: isekii
what happened to all the money that he has made.

That was my first thought. This guy was as staple on TV for years...how can he not have his 6million dollar house paid off.

 

[MisterJackson]

Maybe he should play the Publishers Clearinghouse Sweepstakes.

 

[amdskip]

I wonder if he had some firm managing his money or not. Either way it failed.

 

[alkemyst]

Is this like the neverland ranch stories where going to default was intended?

 

[PricklyPete]

Originally posted by: MisterJackson
Maybe he should play the Publishers Clearinghouse Sweepstakes.

How it took that many posts (including my own) before this was played is an amazing feat in ATOT history. Bravo.

 

[Homerboy]

The guy is injured, can't take in anymore money, and has given of himself in many situations over the years (he's a fixture on the MDA Telethons in fact). You know what would be a real class act? If Dave and Jay both chipped in and helped him out.

Millionaires bailing out (former) millionaires? Yeah thats just heart warming. Maybe Jay or Dave could take that money and help bail out a hundred or so middle/lower class families who have been laid off and now can't afford their $80K mortgages? Seems like a better use of their money.

While I agree McMahon has always been a class act, obviously he was no financial genius. How long has he lived in this house anyways? I can not believe it hasn't been paid off.

 

[0roo0roo]

meh, other people have much worse problems in this economy.
having trouble selling your 6 million dollar house...
boo freakin hoo

 

[feralkid]

Originally posted by: Fritzo
http://ap.google.com/article/A...ISL2-0fOVA8pQD9138ENO2

Ed McMahon fighting foreclosure on his Beverly Hills home
47 minutes ago

LOS ANGELES (AP) ? 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 late Tuesday.

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.

A spokesman for Countrywide declined comment to the Los Angeles Times.

The six-bedroom, five-bath house is in a hilltop gated community overlooking Mulholland Drive called The Summit and is listed for sale at $6.25 million. It has been on the market two years, according to real estate agent Alex Davis, who has the listing.

The house is near that of pop star Britney Spears, which doesn't always work in its favor.

"When we were trying to sell the house one time, there were about 100 paparazzi there," Davis said.

The guy is injured, can't take in anymore money, and has given of himself in many situations over the years (he's a fixture on the MDA Telethons in fact). You know what would be a real class act? If Dave and Jay both chipped in and helped him out.

Perhaps someone should start a telethon to raise money to help former Hollywood celebrities pay off their multi-million dollar mortgages?

:roll:

 

[dud]

Sure, I feel sad for him but what really makes me mad is that some of these "artists" make more in one day then many of us make in a year. Some actors make more for one lousy picture then most of us will make in out lifetime!

He seems like a nice guy but come on, his house is being foreclosed on, a house that most all of us could only dream of owning. Some people simply live beyond their means ...

 

[ghostman]

Originally posted by: MisterJackson
Maybe he should play the Publishers Clearinghouse Sweepstakes.

Just so you know, Ed McMahon and Dick Clark were spokesmen for American Family Publishers, a competitor of Publishers Clearinghouse. I think most people were clueless there were two different companies and Publishers Clearinghouse probably gained more popularity from McMahon and Clark than American Family Publishers did.

http://en.wikipedia.org/wiki/American_Family_Publishing

 

[waggy]

Originally posted by: dud
Sure, I feel sad for him but what really makes me mad is that some of these "artists" make more in one day then many of us make in a year. Some actors make more for one lousy picture then most of us will make in out lifetime!

He seems like a nice guy but come on, his house is being foreclosed on, a house that most all of us could only dream of owning. Some people simply live beyond their means ...

sad part is it was not beyond his means. what happened to all the money? you can't tell me over all those years and diffrent things he did he didnt make tons of money.

i have more sympathy for the guy living in a house who got laid off wh onow can't make payments.

not some rich guy who wasted his money

 

[isekii]

Originally posted by: waggy

Originally posted by: dud
Sure, I feel sad for him but what really makes me mad is that some of these "artists" make more in one day then many of us make in a year. Some actors make more for one lousy picture then most of us will make in out lifetime!

He seems like a nice guy but come on, his house is being foreclosed on, a house that most all of us could only dream of owning. Some people simply live beyond their means ...

sad part is it was not beyond his means. what happened to all the money? you can't tell me over all those years and diffrent things he did he didnt make tons of money.

i have more sympathy for the guy living in a house who got laid off wh onow can't make payments.

not some rich guy who wasted his money

maybe his wife spent it all.
What is she ? in her 30's ?

That or maybe the Dog Whisperer overcharged him for his services.

 

[AlienCraft]

Originally posted by: dud
Sure, I feel sad for him but what really makes me mad is that some of these "artists" make more in one day then many of us make in a year. Some actors make more for one lousy picture then most of us will make in out lifetime!

He seems like a nice guy but come on, his house is being foreclosed on, a house that most all of us could only dream of owning. Some people simply live beyond their means ...

It's "The American Way". Atleast since they changed the rules regarding unsecured credit, and who could offer it.

Anyone else notice his mortgage was with Countrywide, one of the most troubled lending institutions out there. I'll bet he re-fi'd, cashed out, and then got injured.

It's called gambling, when you do that stuff.

404... Sympathy Not Found

 

[Gibsons]

Besides Publishers Clearing House, he used to endorse Alpo and Budweiser, so he should've been raking in the dough... guess he'll have to move into a 2 million dollar house now?

As a side note, he was on The Dog Whispererrecently. Cesar fixed things up, of course.

 

[Capt Caveman]

For someone who has help raised millions of dollars for charity, I hope he is able to get things rectified.

 

[Pabster]

Originally posted by: Capt Caveman
For someone who has help raised millions of dollars for charity, I hope he is able to get things rectified.

That's his saving grace, at least for me. The guy has raised (many) millions of dollars for charities in his lifetime.

 

[xochi]

From Wiki: In the 1990s, McMahon was reputed to be worth in excess of US$200 million in real estate holdings (particularly in Malibu) and real estate partnerships, although his net worth declined somewhat, due to several divorce settlements and a nationwide drop in real estate.

I think the divorce settlements hurt him more than real estate.

 

[Genx87]

Hard to feel sympathy for somebody who made the money he has and cant afford a mortgage payment. Worse comes to worse he can always get on SS.