Ed McMahon May Lose Beverly Hills Home, on market for $5.75M (he defaulted on a $4.8M loan)

[Amerigo Vespucci]

And according to TMZ (http://www.tmz.com/2008/06/04/for-mcmahon-sion-heeeeres-foreclosure/), "The real estate agent who's trying to unload the house says all the papers following Britney Spears (who lives nearby) are wreaking such havoc in the neighborhood it's scaring potential buyers away."

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.

ReconTrust, a unit of mortgage lender Countrywide Financial, on Feb. 28 filed a notice of default on a $4.8 million Countrywide loan backed by Mr. McMahon's home. The notice was filed with the Los Angeles County Recorder's Office but hasn't previously come to light. According to the filing, Mr. McMahon was then about $644,000 in arrears on the loan. It isn't clear whether Countrywide still owns the loan or is acting on behalf of investors who acquired it. Public records also show that Mr. McMahon had a separate home-equity line of credit from Countrywide of up to $300,000 secured by the same house.

Mr. McMahon's home has been on the market for about two years, his real-estate agent Alex Davis said. Mr. Davis said the price had been reduced, but he couldn't immediately provide details. The Christie's Great Estates Web site, which includes homes listed by Mr. Davis, lists the asking price at $5.75 million and says it has a canyon view and a master-bedroom suite with his and her bathrooms.

http://online.wsj.com/article/SB121254369208443705.html?mod=hpp_us_whats_news

[Orsino]

1. I wondered why I just saw him in a new commercial.

I guess ex-stars need cash, too.

[Ptah]

2. .

"Mr. McMahon broke his neck in a fall about 18 months ago and
hasn't been able to work, Mr. Bragman said."

[Connonym]

3. Normally I'd feel compassionate for someone losing their home

but I have a hard time feeling sorry for Ed McMahon. If he ends up on the street as a result I guess I would feel bad but he's going to land on his feet and, call me a fucking communist, but there is no need for anyone to have a house like that. Nobody. Not until there's a day when every child in the world has a safe bed and a belly full of food 24/7/365. Until that happens my sympathy for rich folks who fuck up is nonexistent.

[arcadian]

6. Amen to that

n/t

[Twillig]

4. I feel like "Bud" in Repo Man.

as he's about to repossess a millionaire's car.
"Fucking rich people--Don't think they have to pay their bills."

I heard that McMahon has a yacht he can go crash on. Unless he lost that too.

[Javaman]

5. I don't know about now, but ed was one of the richest people in hollywood

at one time. It was very well known.

either he pissed it away, invested poorly or more likely, riding the "the poor can do it, why can't I?" not paying the mortgage to dump the land.

[KamaAina]

7. You May Have Just Lost 5.75 Million Dollars

:P

McMahon trivia: He has been among the major donors to Quinnipiac University (which used to be plain old Quinnipiac College until his daughter went there). Yes, that's the Quinnipiac that is often featured in political polling.