Ed McMahon, the former mainstay on the Johnny Carson show is in trouble with his home in Beverly Hills, as he is behind by at least $644,000 on his payments. The existing loan is listed at $4.8 million, with McMahon's home being collateral for it.
McMahon spokesman Howard Bragman said this about the situation: "As a result of McMahon breaking his neck about 18 months ago, he hasn't been able to work." That, and the economic and housing problems have attributed to McMahon's problems, says Bragman.
Of course that is hard to understand because of the steady stream of significant income McMahon has generated for decades. To think that he has to work at the age of 85 or lose his home is a little hard to believe.
He has had the home on the market over the last couple years, now listed at $5.75 million. Part of the problem in selling it seems to be the nearby home of Britney Spears, which is always flooded with paparrazi, making it a problem for potential buyers who in that area of the country demand their privacy.
The loan is through a unit of Countrywide Financial Corp.
Talk about irony! Mr McMahon is famous for awarding big ass cardboard checks to working stiffs and now he's looking at going from Beverly Hills to Skid Row. Luckily about three mass transit buses travel that route daily.
Wow, even rich SOBER folk have money woes.
You can read it in my article at:
http://scholarspartan.blogspot.com/2008/06/even-rich-sober-people-have-money.html
Posted by: Scholar Spartan | June 23, 2008 7:29 PM | Permalink to Comment