Countrywide Is About To Foreclose On Ed McMahon
Ed McMahon, former sweepstakes pitchman and Johnny Carson sidekick, has defaulted on his multimillion-dollar Beverly Hills home, says the AP. Mr. McMahon's house has been on the market for two years, but is located so close to Britney Spears' house that he's having trouble selling it.
"When we were trying to sell the house one time, there were about 100 paparazzi there," Davis, the real estate agent who holds the listing, told the AP.
McMahon's spokesperson says that Ed's been unable to work since breaking his neck 18 months ago.
"There are plenty of people affected by the weak economy, bad housing market or bad health," Bragman told the AP.
He also said that McMahon and his wife are negotiating with Countrywide, but it's unclear whether or not they will be able to stay in the home.
Countrywide declined to comment. Um, does anyone want to show up at Ed McMahon's door with a giant check? Save Ed!
Ed McMahon fighting foreclosure on his Beverly Hills home [AP]
(AP Photo/Matt Sayles, FILE)
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Comments:
He needs to make an appointment for his embalming. Soon.
But seriously, how do you make the kind of coin that he has raked in over the years (hell, he has shilled everything but a signature edition first basemen's mitt) and end up essentially broke ? Damn, he should be set for life.
I really want to know.
That sucks, he's going to end up staying in West Hollywood with a heroin addict.
Very ironic, considering I've seen him pitching reverse mortgages on TV recently.
Trophy wives who look like Angie Harmon's mom in a wind tunnel don't come cheap.
He was on the the Tonight Show back when TV salaries weren't in the obscene/astronomic Simpson's 400k per episode range. PCH probably pays less than we think, couple that with some bad investments and living beyond one's means and you have a problem.
"Just walk away."
Seriously, though, he had the funds to qualify for the home some time ago, I'm sure. Back when you had to verify income and assets. What happened, Ed?
I doubt he made that much money. Being a sidekick on a talk show doesn't pay much, nor does hosting Bloopers specials and Star Search, nor does the occasional TV ad. Like most Americans, he probably lived a little beyond his means, and if he's like a lot of celebrities, well beyond his means.
A multimillion $ mansion for a C grade celebrity is probably not feasible.
Why is living next to spears making his house value go down? I understand she is a nut job, but she has a little more money then your typical next door trailer trash.
That picture of Ed McMahon is awesome if only for the fact that he has a pin on with his caricature from The Simpsons on it.
@Bladefist: Constant papparazzi, constant distractions. When people drop coin for a Beverly Hills estate, they don't want the TMZ Chopper overhead 24/7.
Ed's been unable to work for 18 months? That's weird, I just saw him in a relatively new ad for the New York Lotto with the announcer from Jeopardy and Don LaFontaine, the deep-voice trailer guy.
@Bladefist:
If I get the jist of what the listing agent was saying, it's because of all the paparazzi around Sears' house, potential buyers don't want to A) come see the house and/or B) live near that circus.
No pity for the uber-rich. None. If you made that much, save some, buy your house outright, and don't complain if you spent it all on useless things that don't hold their value.
Well, as soon as Jamie Lynn Spears spits out her little bundle of joy, maybe the paparazzi will give Britney a break.
@Hauler: File photo from the Simpsons movie premiere last year... which was less than 18 months ago. Bragman (his agent) is a LIAR!
Ya know... you'd think all these respectable & low-key celebrities would get together & form their own gigantic gated community to keep the wackjob or insanely popular celebs out of the neighborhood.
Shouldn't he be renting the house out to the Papparazi?
If only there were some troupe of check-wielding fanatics who could present him a once-in-a-lifetime opportunity to win millions of dollars and rescue his situation.
(OK, I realize this isn't fark. *snicker*)
Wasn't this the house wiht the mold problems?
This really is sad. How could those heartless b- do that to a living legend?!
While I feel bad for the old man, his wife's spotty, wrinkled neck makes me want to throw up my lunch.
Anyways, isn't the point of a gated community... um... to have gates... to not let random paparazzi in?
I don't live in one, never will, but maybe someone else can explain to me how that works.
@savvy9999: The dirty little secret people don't want you to know is that the celebs tip the paparazzi off about this and also let them in. TMZ really tiptoed around this BIGTIME when Britney went to the looney bin the second time.
(And not all paparazzi get tipped by celebs - but there's a lot who seek attention. Britney. Christina. Anyone who's been on the Hills. John Mayer. Did anyone tell you this was John Mayer calling?)
Isn't this a case where lowering your asking price would definitely be a good idea? If its been on the market two years he probably bought it a while ago. Wouldn't it be better to lower the price to exactly what you owe and have it gone instead of being forclosed on? What do I know know? Logical, reasonable thinking isn't what got us into this housing crisis.
Actually, I don't know the details. Poor Ed.
How many millions has this guy made in his lifetime? How are you going into foreclosure after only 18 months of not working? Doesn't make sense.
Where's the Publisher's Clearinghouse people when you need them?
I know, bad taste.
@BuddyGuyMontag: That all depends on what your definition of "work" is. Or "is" is. :-)
While recoving from a broken neck he was probably able to do simple endorsement- type appearances in commercials or voiceovers where he could mostly sit while he did it and take occasional breaks. But no way could he do a regular series anymore with something like that if the nerves got damaged.
And yes, the stuff he did over the years was probably not as well-paying as the rest of us like to fantasize. Living next door to the Britney zoo is not good for your property values no matter who you are.
There are worse problems with this house than being near Britney Spears. The following is from Wikipedia:"In April 2002, McMahon sued his insurance company, insurance adjusters, and several environmental cleanup contractors over breach of contract related to negligence in cleaning up water damage after a broken water pipe was repaired in his Beverly Hills, California house. The lawsuit alleged that moisture from the pipe break caused toxic mold to spread, sickened his wife, Pamela, and members of the household staff, killed the family dog, Muffin, and ruined his priceless memorabilia collection. The case was reported to have been settled out of court for US$7.2 million."
Good luck negotiating with Countrywide Ed. Is anyone still answering the phones over there?
@scoosdad: At this point in his life, all Ed McMahon will do for "work" is either endorsements or voiceovers. He's not an in-demand actor, he shows up for punchline cameos (See: Scrubs) or does random endorsements like the NY Lotto ad. (In which, ironically, he was sitting)
Ed McMahon, at his age, will not get regular series work. Besides, Ed's career is based on sitting... and talking.
My point was this: Ed's been working. Even when he does stuff like commercials, he gets a paycheck.
Somehow I suspect that treating a broken neck might be a bit pricey. Depending on how much insurance he has that sort of problem could certainly put a drain on whatever resources he had (that's assuming he hasn't had any other medical issues to deal with).
Plus give the guy some credit he hasn't worked in 18 months and he's only now in danger of losing his house? How many people here have enough money squirreled away to maintain their homes etc... for 6 months let alone 18?
I wonder if George Clooney could give him a few bucks to help him out. Clooney was lamenting on what a skeezy neighborhood theirs has become since all things Britney have been going on. I think it would be worth it to give him a cool mil to help out a QUIET and law abiding injured, elderly, living legend. If Clooney can help out the all the sick, famine stricken, victims of violence of Darfur, surely he could spare some change for a neighbor.
@linus:
Someone suggested that he spent a third on hookers,a third on booze and partying and the other third was just pissed away.
@Snarkysnake:
It probably has something to do with his lifestyle..."multimillion-dollar Beverly Hills home" and not planning for the time when he wouldn't work. It doesn't matter how much one makes, if they are stupid with their money they'll end up broke. Happens to dumb sports people all the time who never should have graduated high school, but were actually pushed all the way through college b/c they could play ball of some sort.
from another article i read, it said he owed $600k+ on a $4.8 million home. don't cry for the guy. if he got his asking price for the house, he could pay off the mortgage and pocket almost $4 million after commission
@Snarkysnake: Hahahah, YYESSSS! You are correct, Sir!
Seriously, though, the demise of the Match Game/Hollywood Squares Hour has really taken its toll on the ability of Hollywood's most washed up to keep up appearances.
Medicare would take care of the neck..I suspect he probabley owes a bunch on the heloc and has no equity.Walk away,Ed,live on social security like the rest of the old guys.
The article doesn't directly say that McMahon is being foreclosed upon because he's broke. People make generic comments about times being tough and McMahon not working, but nobody says "Ed can't pay the mortgage." Perhaps like many others, Ed decided his upside-down mortgage isn't worth paying, and nobody is interested in the inflated selling price, the neighbors notwithstanding.
The fact he has money for attorneys to fight the foreclosure says that he's not broke. He's probably trying to force Countrywide to refinance. Kicking an 85-year old celebrity out of his home is bad PR, and McMahon and his cadre know it.
Not to be unsympathetic here, but a bit of gerontology for y'all: Elderly people get osteoporosis, and this can cause degeneration in the vertebrae of the neck that manifest as cracks or a "broken neck."
@ericole: You said it perfectly. Congratulations.
@gjaluvka: I loved Match Game. Gene Rayburn shows up at the Pearly Gates. St. Peter looks at him and says, "We where expecting _________."
Why doesn't he just rent it out to the paparazzi so they can setup base camp?
if only he could win some of that Publishers Clearinghouse money...
Booze ain't cheap...
@mexifelio: Someone in McMahon's camp needs to get in touch with TMZ. With gas at $4+ a gallon they can't afford not to!
Poor old guy. Like many of us, he lived beyond his means and he has outlived his money.
Is he wearing a Simpsons button?