A few weeks ago it was widely reported that a Congresswoman from California was having mortgage trouble. Today we find out that Ed McMahon is talking about foreclosing on his house. This from Yahoo! News:
Ed McMahon talks about possible home foreclosure
Ed McMahon on home foreclosure: `If you spend more money than you make, you know what happens’
LOS ANGELES (AP) — Ed McMahon blames the possible foreclosure of his multimillion-dollar Beverly Hills house on a set of problems all too familiar to many Americans: a foundering economy, health problems and poor planning.
“If you spend more money than you make, you know what happens,” McMahon said Thursday night on CNN’s “Larry King Live.” “You know, a couple of divorces thrown in, a few things like that. And, you know, things happen.”
McMahon, 85, appeared with his wife, Pamela. The couple said they are $644,000 behind on their mortgage payments and are in negotiations with lender Countrywide Home Loans Inc. to set a foreclosure date.
McMahon, in a neck brace, said he had stopped working since he broke his neck in a fall 18 months ago. He didn’t elaborate.
McMahon, who was Johnny Carson’s sidekick on the “Tonight” show, said the house had been on the market for two years and that although 50 organizations or individuals had looked at it, no one had made an offer. Documents show McMahon has a $4.8 million mortgage on the home.
“It’s like a perfect storm,” he said. “Economy problems. Selling the house right now is a tremendous operation.”
If you know of any other famous folks on the brink of foreclosing on their home I’d like to hear.
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on Jun 6th, 2008 at 2:08 pm
Just in, watching Pardon The Interruption on ESPN and it looks like Evander Holyfield’s house just went into foreclosure as well. His monster house (54000 sq ft) has 109 rooms and is even located on a highway that is name after him.
on Jun 9th, 2008 at 8:47 pm
You gotta respect a guy who is still working in his 80s. I feel bad for him and for everyone going through foreclosure. Almost no one saw this coming.