It's no secret that the country is in severe financial straits, especially people who are caught in the real estate merry-go-round where they find themselves unable to pay their monthly mortgage. Amazingly, someone as seemingly well-heeled and secure as Ed McMahon is one of those people struggling. Johnny Carson's sidekick on The Tonight Show is on the verge of losing his Beverly Hills home through foreclosure.Published reports claim that Ed McMahon's home on Mulholland Drive, part of the gated hilltop development called The Summit, has been on the market for sale since 2006. Unfortunately, moving real estate in a depressed market is very tough. Complicating matters for McMahon is the neighborhood, in particular, one neighbor: Britney Spears.
In one instance, while trying to show the house, potential buyers were faced with navigating streets teeming with paparazzi and TV crews. Would you want to move into a community where you're facing that every other week?
Currently, he owes $644,000 on $4.8 million mortgage loans. McMahon's spokesman, Howard Bragman, said that Ed and his wife have had "very fruitful discussions" with the bankers to resolve the problems -- and keep them in the six-bedroom, five-bath house.
Ed's finances have apparently suffered in the past year and a half since he suffered a broken neck. The 85-year-old TV mainstay has been unable to work because of his injuries. Back in 2005, he was touring the country doing speeches about working with Johnny for so many years.
It's sad that someone as beloved a TV personality as Ed McMahon is going through such tough times, but then it's just as sad if it's someone you know personally or a member of your family. Here's hoping Ed will be able to work again soon and be back on TV making some coin. NBC should give him a gig on one of their shows; he's certainly as capable as Howie Mandel or Bob Saget as a game show host. Maybe CBS should book him; he'd be a welcomed guest on Million Dollar Password, if you ask me.
The TV Squad Podcast: Linda Purl talks about The Office, we talk spoilers, and more
Ask TV Squad: Ghost Whisperer and more!
The TV Squad Podcast: Bill Scheft of The Late Show, Cake Boss, Mad Men and more
Reader Comments (Page 1 of 1)
6-04-2008 @ 11:36AM
willy the impeached said...
He's living in a house worth over 4 million dollars! Boo Hoo!
Reply
6-04-2008 @ 11:10AM
Elf said...
Something doesn't seem right here. Until his injury McMahon worked harder, more tirelessly than many men half his age, an more lucratively than 98% of men of any age. Just where had all him money gone that he doesn't have $650,000 or so to pay his back mortgage. Was he ever planning on retiring, and if so, what money was he gonig to live on then? Unfortunately based on his injury and other medical issues, it does seem unlikely that he'll be able to land any more well-paying gigs. I get the feeling there's more to this story than meets the eye though.
Reply
6-04-2008 @ 11:52AM
MERVE-THE-PERVE said...
I've got a question. If it's a gated community, then how are the papp's getting in all the time? A gated community means there are gates and security guards to keep people from just driving in there at any time, right? And I have a hard time feeling sorry about somebody who has probably earned more than $10 million during his lifetime when I'm making less than $30,000 a year. I feel bad he broke his neck though. I've had 2 spinal fusions and my back will never be the same and I imagine a broken neck is just as bad if not worse, not sure though. But I damn sure feel no pity towards his financial woes. Here's a money tip for you Ed, lay off the blow and the ho's and maybe you could pay your bills.
Reply
6-04-2008 @ 12:21PM
Peanut said...
"Ed, you've saved your money, right?"
-David Letterman during his last Tonight Show appearance
Reply
6-04-2008 @ 12:45PM
Bash said...
Let's sum this up:
Ed didn't save his money and now we should pity this millionaire for losing his home which he put up for sale 2 years ago (and the reason it won't get sold is supposed to be Brit Brit? Side note: the mortgage-crisis hit last year, not 2006 so he must've had money problems even before that).
And wasn't it possible for him to move to a smaller home when he found out he wouldn't be able to support his lifestyle anymore? Maybe to a home worth only 2 million bucks?
I can't feel sorry for him. He made millions and thought he could live like this forever. Seems he has a basic math problem. Or a meth problem.
Reply
6-04-2008 @ 6:26PM
Lurch Forward said...
you idiot. its ed mcmahon. he's 80freakin'9. its not meth. gin.
6-04-2008 @ 3:24PM
Franklin said...
I grew up watching Johnny and Ed. Loved 'em both dearly and I'm sorry to see Ed having any kind of trouble in his declining years, but for someone of a more average income like myself I'd LOVE to have his problems. He could take a million dollar loss on that home and still come out smelling like a rose compared to most of us.
Ed McMahon doesn't know what REAL financial problems are...never has.
Reply
6-04-2008 @ 3:18PM
Ric Kaysen said...
I recently read that he was awarded a settlement that exceeds the value of the home in question...and he can't afford to pay the mortgage??? What's really going on here?
Reply
6-04-2008 @ 3:26PM
bsgfan2003 said...
Well I certainly feel compassion for McMahon and Merve-the-Perve, any back/neck issue is no joke.
Reply
6-04-2008 @ 3:34PM
Jimmy said...
If it's a gated community, I hope Publisher's Clearinghouse can make it to his front door.
Hey, he *could* be a winner!
Reply
6-04-2008 @ 9:00PM
pumpkinhead said...
The rest of you all said it prefectly, but I do want to get my own $4.8 milion boo frakkin' hoo in here.
Reply
6-04-2008 @ 11:54PM
Denise said...
This is a bunch of bull. I broke my neck 23 months ago and I lost my house, my new SUV and my job all in 2 months. All this due to a lady hitting me on my way to work. I was at a complete stop and she hit me in the rear. She also knocked me into another lane and I got hit in the front as well. I can no longer work but my husband does. Can't his wife go out and get a job? Maybe, Brittany Spears can buy his house instead of buying all those cars that she buys. I have not got a settlement yet, but I tell you what, I won't be buying an expensive house. You never know what is going to happen from day to day.
6-23-2008 @ 12:29AM
Mike said...
Ed,
Need a place to live.
Email me and my home is your home.
Times are tough and people need to care for each other.
Reply