Confirm Action

Are you sure you wish to do this?

Confirm Cancel
Member Login

Site Notices
12/6/2019 7:27:02 PM
Posted: 6/3/2008 10:24:45 PM EST
Or as SNL would say... "hahaha... YES!"

Ed McMahon May Lose Beverly Hills Home

Ed McMahon, the longtime sidekick to television star Johnny Carson, faces the possible loss of his Beverly Hills home to a foreclosure action initiated by a unit of Countrywide Financial Corp.

Howard Bragman, a spokesman for Mr. McMahon, said late Tuesday that his client is having "very fruitful discussions" with the lender and hopes to find a resolution. It isn't clear whether that would allow the 85-year-old Mr. McMahon and his wife, Pamela, to remain in the six-bedroom home.
Mr. McMahon broke his neck in a fall about 18 months ago and hasn't been able to work, Mr. Bragman said. That health problem, along with the weak housing market and economy, has forced Mr. McMahon into foreclosure proceedings, Mr. Bragman said.

Was Ed McMahon doing anything eighteen months ago, outside of hawking Robot insurance?
Link Posted: 6/3/2008 10:33:50 PM EST
[Last Edit: 6/3/2008 10:34:20 PM EST by Merrell]

(too late - make up your own caption)
Link Posted: 6/3/2008 10:34:49 PM EST
you still have to work at 85 to pull the mortgage payment???
Link Posted: 6/3/2008 10:50:57 PM EST
Thats what I was thinking. It must be a bitch to have to have the latest greatest, Beverly Hills address at 85 and have to go to work to make the note. I mean, shit.
Wouldnt something about half the cost be acceptable?
Link Posted: 6/3/2008 10:57:13 PM EST
Military service
During World War II, McMahon was trained as a United States Marines fighter pilot and also served as a flight instructor and test pilot. He was discharged in 1946, remaining in the reserves.[1]

After college, McMahon was re-activated into active Marine duty. He was sent to Korea in February 1953. He flew unarmed O-1E Bird Dogs on 85 tactical air control and artillery spotting missions. He remained in the Marine reserves, retiring with the rank of Colonel in 1966 and was then commissioned as a Brigadier General in the California Air National Guard.

Several of his ancestors, including the Marquis d'Equilly, also had long and distinguished military careers. Patrice MacMahon, duc de Magenta was a Marshall of armies in France, serving under Napoleon III, and later President. McMahon once asserted to Johnny Carson that mayonnaise was originally named Macmahonnaise in honor of this ancestor, referring to him as the Comte de MacMahon.[2] In his autobiography, McMahon said that it was his father who told him of this relationship and he went on to suggest that he was not certain of the truth of the story.[3]



I'm more concerned that a USMC veteran of 2 wars is having that kind of trouble.

Link Posted: 6/4/2008 10:01:18 PM EST
wait a minute...

Ed McMahon, right, and Pamela McMahon arrive at the premiere of "The Simpsons Movie" in Los Angeles on Tuesday, July 24, 2007. 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. 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. 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 June 3, 2008. (AP Photo/Matt Sayles, FILE)

Ed McMahon's home in danger of foreclosure
By CHRISTY LEMIRE – 6 hours ago

LOS ANGELES (AP) — For years, Ed McMahon promised wealth, comfort and happiness as a pitchman for the American Family Publishers' sweepstakes. Now, he could use some of that cash himself.

The former sidekick to Johnny Carson on the "Tonight" show is in danger of losing his multimillion-dollar Beverly Hills home to foreclosure. Documents show that McMahon is nearly $644,000 behind in payments on a $4.8 million mortgage loan he got in 2005. Countrywide Home Loans Inc. filed the notice of default on Feb. 28, with the amount owed to "increase until your account becomes current," according to documents obtained by Celebtv.com.

As of Wednesday afternoon, McMahon's Mediterranean-styled house was still in the process of foreclosure; the bank hasn't taken it over yet and no trustee sale date has been set. McMahon and his wife, Pamela, are having "very fruitful discussions" with the lender to resolve the problem, spokesman Howard Bragman said Wednesday.

Bragman declined to give specifics about McMahon's finances, but said the 85-year-old television personality has been unable to work since he broke his neck 18 months ago. He did say that the current problems are unrelated to a toxic mold that spread through the structure, sickened McMahon and his wife, and led to the death of their dog in 2001. He received a $7.2 million settlement from that case.

The former "Star Search" host has found himself in the same situation so many homeowners have recently, said Daren Blomquist, spokesman for RealtyTrac, which follows foreclosure filings. He found that McMahon has taken out several loans on the house over the past few years, including a $300,000 home equity line of credit the same day he took out the $4.8 million loan in November 2005.

"You're using your house as a piggy bank because there's so much equity — at least back in 2005 — so you're able to take money out of it and use that for just spending in any way you see fit," Blomquist said. "But the problem with that in the long term is that with the housing in this market, you don't see it continue to go up in property value. Now, you see it going down in many areas ... and you still have to pay your mortgage payments. You don't have the option to take more cash out of the house."

Bragman said there was "a certain irony" in the fact that McMahon has always tried to connect with average Americans, and now he's experiencing some of their same problems.

"The part that really is touching, as Ed has said to me, is that, `I know I'm not alone in this. There's a lot of working-class Americans who are getting caught up in this situation, and my heart goes out to them.'"

He first bought the six-bedroom, five-bathroom, 7,000-square-foot house in January 1990; the purchase price wasn't mentioned in court documents. It's been on the market for the past two years and is listed at $6.25 million. The mansion is in a gated hilltop section off Mulholland Drive called The Summit, the same exclusive area where Britney Spears lives.

Photos of the estate, posted on the Hilton & Hyland realty Web site, show an imposing stone facade with a large driveway, a sweeping staircase and a large pool in the back. The listing boasts, "The master suite, with his and hers baths and closets, overlooks the yard and sweeping canyon."

McMahon is the latest celebrity to be hit by Southern California's foreclosure crisis. In May, former baseball star and "Juiced" author Jose Canseco had his property foreclosed in the San Fernando Valley. Canseco said then that he walked away from his $2.5 million, 7,300-square-foot home in suburban Encino because it didn't make sense to continue making payments.

Bragman said McMahon and his wife still live in their home and plan to remain there as long as possible: "He's a pretty proud man. I don't see him calling people and saying, 'Send money.' We're not going to do a telethon for Ed."

AP Entertainment Writer Derrik J. Lang contributed to this report.

WTF? He got $7 MILLION+ for 'mold' and didn't pay off his mortgage?

Link Posted: 6/4/2008 10:07:26 PM EST
Something just doesn't add up here. Does he have an ex-wife or two?
Link Posted: 6/4/2008 10:30:45 PM EST

Originally Posted By Merrell:
wait a minute...

WTF? He got $7 MILLION+ for 'mold' and didn't pay off his mortgage?

I would suspect that this is another reason to employ trust structures when you are young and healthy and thinking clearly.

What a pity.
Link Posted: 6/4/2008 10:33:20 PM EST
Poor guy
Link Posted: 6/4/2008 10:41:11 PM EST
You are correct sir! Hi-oh!
Link Posted: 6/4/2008 10:43:01 PM EST
Somebody made some bad decisions.
Top Top