Ed McMahon May Lose Beverly Hills Home

[douglas9]

Source: Wall Street Journal

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.

A Countrywide spokeswoman said the lender couldn't comment in such cases "due to privacy issues."

Mr. McMahon, a jovial fixture of American television for decades, is one of the most prominent people caught up in a wave of mortgage defaults that has devastated low-income areas, suburbia and even a few posh gated communities, such as the one where the McMahons live. U.S. Rep. Laura Richardson, a California Democrat, recently lost a home in Sacramento to a foreclosure. Rep. Richardson didn't respond to requests for comme

Read more: http://online.wsj.com/public/article_print/SB121254369208443705.html

[trumad]

1. Maybe he'll win a million dollar sweepstakes?

[liberal N proud]

3. That is ironic

[dysfunctional press]

21. maybe he could forge the winner's signature on the back of the BIG check...

followed by: pay to the order of edward mcmahon.

it's worth a shot...:shrug:

[aquart]

25. What part of this is funny to you?

An old man out on the street is humorous?

[bitchkitty]

26. No, it's not funny.

But it's not the tragedy that it would be if he were a poor old man. His mansion is being foreclosed upon - he's not heading for the shelters.

[dysfunctional press]

30. maybe they'll let him live in the prize patrol van...down by the river?

:shrug:

at the very least, i'm sure that publisher's clearing house has a cot in a backroom or something that they could give him...and maybe enough money to buy some of them french-fried taters, uh-huh...


don't cry for ed mcmahon- hell be fine. maybe not mansion fine, but much better off than many men his age who worked harder, longer, and for much much less.

[superconnected]

34. Excuse ME? The old man has been in on a multi-milllion dollar scam of the poorest in america

playing on their deams of getting rich by lying to them in dishonestly worded and often illegal(they've been sued for their wording) letters, telling people "they've already won" but buy some cheap useless merchandise to get in a better winner circle, for decades.

Disabled, elderly and poor are the typical victims in his fraudulent postal scheme.

[JeanGrey]

38. Oh come on! He lives in MILLION DOLLAR HOME.

He is behind six hundred THOUSAND on his mortgage which is more home for a late payment we could ever afford! You've got to joking! Out on the street?? PFFFT.

[Yupster]

43. I don't get why he would have a mortgage at all

MY theory is if you are not rich enough to pay cash for a mansion, then you can't afford it.

How can he owe money?

That doesn't make any sense to me.

I paid off my house, but Ed McMahon didn't pay off his?

[Glenda]

36. LOLOL!!!

:spray:

I know I'm a little slow tonight

[SpiralHawk]

2. The Republicon recession is causing record evictions

And it is hitting people at all economic levels -- excepting of course the republicon cronies who are raking in Massive oil, munitions & mercenary profits. Ptooey on republiconomics...

rom today's NYT, another sad tale about the fruit of 'conservative' republiconomics:


In South Florida, Eviction Spares Few

By DAMIEN CAVE
Published: June 4, 2008

MIAMI — In a decade handling evictions for the Miami-Dade County Police Department, Albert Fernandez has run across a middle-class father bankrupted by his daughter’s cancer treatment; an old woman scammed by a gambling husband; and countless families perpetually on the edge of poverty.

Albert Fernandez of the Miami-Dade police serving eviction papers last month in Miami. “People of all walks of life are getting evicted,” Officer Fernandez said.

But he has never turned out as many people as he does now.

It used to take a day or two for officers to get to an address after tenants received a notice to leave. Now, with evictions up by roughly a third over last year, Miami-Dade’s backlog is around two weeks, sometimes longer...

(snip)

http://www.nytimes.com/2008/06/04/us/04evict.html?th&em...

[Dreamer Tatum]

24. Yeah, it's Bush's fault that an 85 yo can't work

Please.

Ed McMahon worked for Carson for HOW long, and he shilled for HOW MANY products? He can't pay his mortgage because he can't work?

That's stupid on his part. Most 85-year-olds who are not DEAD yet and who have earned what that guy had to have earned throughout
his career should have (a) socked a few bucks away, and/or (b) paid off a mortgage on a very nice home LONG ago.

He's a moron.

[JeanGrey]

39. No kidding. It's called "living within your means".

He's had more money than the average person would see in ten lifetimes.

[DUlover2909]

4. But I thought all those tax breaks for the wealthiest Americans

was supposed to spur investment and create jobs and boost the economy. But 7 years later it seems like it hasn't happened. I guess time will tell. Or maybe the economy would be in even WORSE shape if the Bush tax cuts hadn't come at just the right moment. I suppose we'll never know. Better to just trust him since he's so reliable and competent on so many other things like all those other things too numerous to bother mentioning.

[rasputin1952]

5. OK...I have to ask...

Who gave an 80+ yo a mortgage?

Doesn't McMahon have enough to pay off the mortgage?

Something sounds rotten here.

[FlaGranny]

6. From the article.

"Mr. McMahon's home has been on the market for about two years, his real-estate agent Alex Davis said." Who knows how long Mr. McMahon lived in that house, maybe years.

And

"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." - No income.

------------

[rasputin1952]

9. I hadn't heard he had broken his neck...

adds a new dimension to the situation...:(

[JeanGrey]

40. Plus he lives like down the block or next door to Britney

Spears!! It hasn't helped his selling prospects, her and her constant antics.

[customerserviceguy]

11. I think the better question is

after all of his successful career on television, including endorsement deals, why does he NOT have a paid-for house at this point in his life? Millions of octegenarians in this country do, and from modest incomes as factory workers, etc.

[rasputin1952]

12. That's kind of where I was going...

but who knows what his finacial circumstances are...:shrug:

[Star]

29. Who gave an 80+ yo a mortgage?

The bank that didn't want to get sued for age discrimination, of course.

edited for spelling

[Yupster]

45. I agree Rasputin

I can't imagaine buying a mansion with a mortgage.

[Phred42]

7. Ed's out of money?

What happened? He must have been a zillioniare at one time

[BayjanDem]

8. What?

I thought this dude was loaded. That's what you need in your 80s, all your stuff on the street and you needing to swing by U-Haul The bank I work for sells loans to Countrywide all the time.

[HomerRamone]

10. He was often loaded on the Carson show.

Hi-O!

[CreekDog]

14. you get lotsa points for that one

:applause: :rofl:

[crim son]

13. I distinctly remember being told to spend, spend, spend

at the beginning of Bush's tenure. It would prop up the economy, we were told.

Looks like it backfired.

[Kierkegaard]

15. It backfired if you aren't a robber baron.

Be ready to hitch up the wagon and head west...

[Dr.Phool]

16. If I hitch up my wagon and head west

I'll drown in the Gulf of Mexico.

[Kierkegaard]

17. Can't swim?

Feel free to choose the vehicle you deem appropriate for the occasion.

[PassingFair]

31. The beginning?

Now, at the end, they are having to
"GIVE" us money to spend.

Propping COSTS!!!

:hi:

[corporatemedia]

18. I guess he'll be involved in a different kind of "clearing house" ?

(mandatory rimshot)

[MattNC]

22. zing! n/t

[kskiska]

19. He'd been married numerous times

In the 1990s, McMahon was reputed to be worth in excess of US$200 million in real estate holdings (particularly in Malibu) and real estate partnerships, although his net worth declined somewhat, due to several divorce settlements and a nationwide drop in real estate.

(snip)

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.


http://en.wikipedia.org/wiki/Ed_McMahon

[Blue_Tires]

27. i thought there were a few divorces in there...

[Lautremont]

20. HEYYY... oh.

[Wilms]

23. After all the crap he peddled to people on a fixed income? n/t

[Swede]

28. He was making a million a year back in the seventies.

He must've made some bad investments.

[pitohui]

32. he married too frequently and he broke his neck

it is no mystery where the money went, skim the thread -- one of the most important things a man must do to preserve his fortune is to maintain a good relationship with his wife, if you look at statistics, the man who goes from wife to wife pays for it (and probably should, since women have so much reduced earning ability so they need SOMETHING if they're dumped)

[Generator]

33. Must forward that to the husband

I bet he values his neck too!

[nebula]

42. A prenup might be a good idea

for a wealthy man who marries so often.

[superconnected]

35. Quick send him a letter that he's a millionaire and he's already won!

But of course, include that that is what the letter would have said if he had won, and try to sell him a book he can't use on, hey how about old has been stars like him!

No wait, that might be considered fraud...

[JeanGrey]

37. Somehow, when I think of how many homes that home's worth

could buy for poor people, It ain't breaking my heart.

[customerserviceguy]

41. Ultimately, that's it

Back when I used to do people's taxes (in the 1980's) I never saw an income that couldn't be outspent. I did see quite a few thrifty families living OK on fairly modest incomes, they just didn't have to be the first or second people on the block with the new tech toy. I can understand someone who is a celebrity who would want some privacy living in a gated community, however I'm sure there were ones that were more affordable than this one.

[RebelOne]

44. Evander Holyfield's Fayette County,Georgia Mansion Under Foreclosure

www.wsbtv.com/news/16507028/detail.html

[skoalyman]

46. dang 104-rooms heck imagine loosing your wallet and having to look for it lol

why would anyone want that many rooms glad I don't have to vacuum that house lol

[KamaAina]

47. Oh, this one's looking threadworthy

The mother of one of Holyfield's nine children says he has missed two child-support payments. Toi Irvin, who lives in Clayton County, filed a petition for contempt in Fayette County Superior Court on behalf of her 10-year-old son.

But wait, there's more...

http://en.wikipedia.org/wiki/Evander_Holyfield#Life_outside_the_ring

In 1998 Holyfield was forced to announce that he believed to have as many as nine children out of wedlock, and his marriage was affected by that announcement.

What's so unusual about that? You might well ask...

He started professing his Christianity everywhere, reminding the public before and after his fights that he is a born-again Christian, and wearing t-shirts with the word Pray in public.

:rofl: :rofl: :rofl:

[douglas9]

48. Appearance on Larry King 6.06.08

http://www.latimes.com/business/la-fi-mcmahon6-2008jun06,0,2052489,print.story

[dysfunctional press]

49. jose canseco lost his home to foreclosure this year as well...

http://www.tmz.com/2008/05/02/bank-strikes-out-jose-cansecos-house/

"Retired baseball star Jose Canseco's 7,300 square foot $2.5 million Encino, California mansion has been foreclosed on...In an interview this week, Canseco blamed his financial woes on a couple of divorces and the fact that after taxes, he was really only living on $17 or $18 million."

[goldcanyonaz]

50. wtf did he do with all the money he earned?

To quote bill clinton *Give me a break!*