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gwen
 Posted:
Wed Jun 04, 2008 8:26 am |
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Ed McMahon,85,Fights Foreclosure on Multimillion-Dollar Home
LOS ANGELES — Ed McMahon, who for decades appeared as Johnny Carson's sidekick on "The Tonight Show," is fighting to avoid foreclosure on his multimillion-dollar Beverly Hills home, according to published reports.
He was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial Corp. filed a default notice Feb. 28 with the Los Angeles County Recorder's Office, The Wall Street Journal first reported late Tuesday.
McMahon, 85, has been unable to work as a pitchman for various products since he broke his neck 18 months ago, said his spokesman, Howard Bragman.
"There are plenty of people affected by the weak economy, bad housing market or bad health," Bragman said.
McMahon has been in "very fruitful discussions" with the lender to resolve the situation, Bragman said. But it's unclear whether McMahon and his wife, Pamela, will remain in the home.
A spokesman for Countrywide declined comment to the Los Angeles Times.
The six-bedroom, five-bath house is in a hilltop gated community overlooking Mulholland Drive called The Summit and is listed for sale at $6.25 million. It has been on the market two years, according to real estate agent Alex Davis, who has the listing.
The house is near that of pop star Britney Spears, which doesn't always work in its favor.
"When we were trying to sell the house one time, there were about 100 paparazzi there," Davis said.
http://www.foxnews.com/story/0,2933,362814,00.html
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AKA Gagal_05
Joined: 24 Feb 2007
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Posted:
Wed Jun 04, 2008 3:48 pm |
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Didn't realize Ed was 85. That house payment must be a bear. He is kind of caught between a rock and a hard place. 85 year old people should not have to worry about working. I hope when I am that age I get to hang out by a pool or on a beach and have people bring me tropical drinks while I wait on dinner to be prepared. (Heck I can dream)
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Joined: 24 Mar 2006
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Location: Deep in the heart of Texas
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| SavannahStar
Posted:
Wed Jun 04, 2008 3:50 pm |
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That's a pretty darn expensive home!
Well he's 85...and made a VERY good salary for many, many years....didn't he invest wisely?
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**SuperStar**
Joined: 24 Mar 2006
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Location: Midnight in the Garden of Good and Evil
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| Schmerty
Posted:
Wed Jun 04, 2008 7:02 pm |
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I think the Realty Co.should never let it get to that! In 2 years they should have lowered the price. This way the foreclosure co. can sell it for very little & make a ton of $$$. With Mcmahon getting nothing.
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Skipping along my own path.
Joined: 24 Mar 2006
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Posted:
Wed Jun 04, 2008 8:30 pm |
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What in the hell did he do with all his money? 
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Click your heels together...
Joined: 14 Aug 2006
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| SavannahStar
Posted:
Thu Jun 05, 2008 4:45 am |
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| resigned wrote: | | What in the hell did he do with all his money? |
Yes! That was EXACTLY my thought!
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**SuperStar**
Joined: 24 Mar 2006
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Location: Midnight in the Garden of Good and Evil
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| woebedamned
Posted:
Thu Jun 05, 2008 8:49 am |
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| SavannahStar wrote: | That's a pretty darn expensive home!
Well he's 85...and made a VERY good salary for many, many years....didn't he invest wisely?
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Perhaps he will have to make do with a $500,000 home instead of the $4.5 million dollar home. Poor fellow.
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Damn it All!!!!
Joined: 15 Aug 2006
Posts: 6287
Location: pathetic joke of an American, bitter, gun clinging, God loving, racist cracker
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| CherokeeKid
Posted:
Thu Jun 05, 2008 10:41 pm |
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Ed McMahon's home in danger of foreclosure
LOS ANGELES (AP) -- For years, Ed McMahon promised wealth, comfort and happiness as a pitchman for the American Family Publishers' sweepstakes. Now, he could use some of that cash himself.
The former sidekick to Johnny Carson on the "Tonight" show is in danger of losing his multimillion-dollar Beverly Hills home to foreclosure. Documents show that McMahon is nearly $644,000 behind in payments on a $4.8 million mortgage loan he got in 2005. Countrywide Home Loans Inc. filed the notice of default on Feb. 28, with the amount owed to "increase until your account becomes current," according to documents obtained by Celebtv.com.
As of Wednesday afternoon, McMahon's Mediterranean-styled house was still in the process of foreclosure; the bank hasn't taken it over yet and no trustee sale date has been set. McMahon and his wife, Pamela, are having "very fruitful discussions" with the lender to resolve the problem, spokesman Howard Bragman said Wednesday.
Bragman declined to give specifics about McMahon's finances, but said the 85-year-old television personality has been unable to work since he broke his neck 18 months ago. He did say that the current problems are unrelated to a toxic mold that spread through the structure, sickened McMahon and his wife, and led to the death of their dog in 2001. He received a $7.2 million settlement from that case.
The former "Star Search" host has found himself in the same situation so many homeowners have recently, said Daren Blomquist, spokesman for RealtyTrac, which follows foreclosure filings. He found that McMahon has taken out several loans on the house over the past few years, including a $300,000 home equity line of credit the same day he took out the $4.8 million loan in November 2005.
"You're using your house as a piggy bank because there's so much equity -- at least back in 2005 -- so you're able to take money out of it and use that for just spending in any way you see fit," Blomquist said. "But the problem with that in the long term is that with the housing in this market, you don't see it continue to go up in property value. Now, you see it going down in many areas ... and you still have to pay your mortgage payments. You don't have the option to take more cash out of the house."
Bragman said there was "a certain irony" in the fact that McMahon has always tried to connect with average Americans, and now he's experiencing some of their same problems.
"The part that really is touching, as Ed has said to me, is that, `I know I'm not alone in this. There's a lot of working-class Americans who are getting caught up in this situation, and my heart goes out to them."'
He first bought the six-bedroom, five-bathroom, 7,000-square-foot house in January 1990; the purchase price wasn't mentioned in court documents. It's been on the market for the past two years and is listed at $6.25 million. The mansion is in a gated hilltop section off Mulholland Drive called The Summit, the same exclusive area where Britney Spears lives.
Photos of the estate, posted on the Hilton & Hyland realty Web site, show an imposing stone facade with a large driveway, a sweeping staircase and a large pool in the back. The listing boasts, "The master suite, with his and hers baths and closets, overlooks the yard and sweeping canyon."
McMahon is the latest celebrity to be hit by Southern California's foreclosure crisis. In May, former baseball star and "Juiced" author Jose Canseco had his property foreclosed in the San Fernando Valley. Canseco said then that he walked away from his $2.5 million, 7,300-square-foot home in suburban Encino because it didn't make sense to continue making payments.
Bragman said McMahon and his wife still live in their home and plan to remain there as long as possible: "He's a pretty proud man. I don't see him calling people and saying, 'Send money.' We're not going to do a telethon for Ed."
http://www.siouxcityjournal.com/articles/2008/06/05/entertainment/local//a4ed08ebc11cb3bc8625745f00153850.txt
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| CherokeeKid
Posted:
Thu Jun 05, 2008 10:43 pm |
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Celebrity guest voice on the television series "The Simpsons" Ed McMahon and his wife Pamela attend the premiere of "The Simpsons Movie" in Los Angeles, California in this July 24, 2007 file photograph. McMahon is fighting to save is multi-million dollar Beverly Hills home from foreclosure, according to McMahon's publicist June 4, 2008.
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| Schmerty
Posted:
Thu Jun 05, 2008 11:31 pm |
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Maybe too many wives with too many needs!!
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Skipping along my own path.
Joined: 24 Mar 2006
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Posted:
Fri Jun 06, 2008 12:32 am |
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| CherokeeKid wrote: |
Celebrity guest voice on the television series "The Simpsons" Ed McMahon and his wife Pamela attend the premiere of "The Simpsons Movie" in Los Angeles, California in this July 24, 2007 file photograph. McMahon is fighting to save is multi-million dollar Beverly Hills home from foreclosure, according to McMahon's publicist June 4, 2008. |
I'm glad that he looks well there....but what happened to the "broken neck" 18 months ago story?
June 2008 minus July 2007 = Huh?
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Click your heels together...
Joined: 14 Aug 2006
Posts: 27115
Location: "Onboard" pathenry's desk
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| CherokeeKid
Posted:
Fri Jun 06, 2008 1:49 am |
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| resigned wrote: |
I'm glad that he looks well there....but what happened to the "broken neck" 18 months ago story?
June 2008 minus July 2007 = Huh? |
In that photo the "broken neck" was approx. half a year ago.
Here is an excerpt. It sounds somehow strange to me that someone with a broken neck can more or less function a whole day instead of being in a hospital and receiving medical care. IF someone even survives a broken neck! It sounds quite scary to me. JMO.
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| CherokeeKid
Posted:
Fri Jun 06, 2008 1:51 am |
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Inside Ed McMahon's Money Mess
Posted June 5, 2008 | 07:00 PM (EST)
Ed McMahon helped Johnny Carson on "The Tonight Show." Ed McMahon helped people realize their dreams on "Star Search." Ed McMahon helped individuals win millions, thanks to the American Family Publishers' sweepstakes. Ed McMahon helped fight two wars. And Ed McMahon helped generations laugh and smile. But now, who is going to help Ed McMahon?
That remains to be answered.
Ed McMahon, who has given to so many, may now lose his Beverly Hills home to foreclosure because he owes approximately $644,000 in payments on a nearly $5 million mortgage loan. Added to that fiscal fiasco is that American Express obtained a judgment against McMahon for just about $750,000 in unpaid bills, and a Washington-based company named Hix Inc. claimed he failed to repay a loan of $135,000. (In February, McMahon settled with Hix Inc., and now owes $51,000.) All tallied, McMahon, who earned millions over his 50-year career, is in debt for nearly $1.5 million.
How is it possible that this TV legend could fall so far into financial disarray?
Heeeeeere's what happened. Part of the comedic sidekick's tragic flaw has been his big heart. McMahon "is an extremely generous human being to his own detriment," said David Fisher, who collaborated with McMahon on his autobiography, "For Laughing Out Loud" and his latest book, "When Television Was Young."
"Ed is someone who loves to make people happy," revealed Fisher, who added that the munificent McMahon would drop dough everywhere. "Being Ed McMahon was an expensive proposition," he said. A lot of cash "went to tips," noted Fisher, who recalled walking through hotel lobbies with McMahon as he would hand out money to anyone who helped him. The TV fixture also spent a fortune helping to launch his third wife Pam's clothing company. By most accounts, even though the designs, which were sold at Saks Fifth Avenue and Neiman Marcus and reportedly worn by Paula Abdul and Sharon Stone, were well received, the high-priced fashion line fizzled.
And while money was going out, little was coming in. Incredibly, Carson's second banana of 30 years has said he doesn't receive residuals from the successful DVD box sets of "The Tonight Show." The 85-year-old also hasn't been able to work since he broke his neck in a fall a year-and-a half ago. Fisher recounted how a day or two after McMahon was injured, the TV fixture instead stuck to his commitment to review the manuscript for "When Television Was Young," rather than going to the hospital.
"He was in terrible pain," said his coauthor, "but he spent the entire day working, and when he went to the hospital the next day, he was told he broke his neck and was in possible danger of dying."
His rep, Howard Bragman, further felt McMahon's money mess was a result of a confluence of "bad health, bad economy, bad housing market." Bragman told me that even though McMahon is going through his own financial woes, he's still empathetic, and that his "heart goes out to [all those] who worked their whole lives" and are similarly caught in the housing crisis.
Compounding the problem for the big-hearted McMahon is that he's had a hard time unloading his magnificent six-bedroom, five-bathroom, 7,000-square-foot home, complete with sweeping views and a large pool. (For a look into McMahon's mansion, originally listed for $6.25 million and now priced at $5.75 million, check out http://video.accesshollywood.com/player/?id=259537.) Some potential buyers have been scared off by the area, which boasts such celebrity neighbors as George Clooney and Britney Spears, who ironically gained fame on McMahon's "Star Search." Alex Davis, McMahon's real estate agent, told the Associated Press, "When we were trying to sell the house one time, there were about 100 paparazzi there."
Nevertheless, despite his current cash calamities, McMahon's rep said his client has "always been optimistic, and he remains optimistic that something good will happen."
Hopefully, this TV veteran, who's also a World War II and Korean War marine vet, will quickly win this battle with the help of his friends and fans.
http://www.huffingtonpost.com/michael-lewittes/insdie-ed-mcmahons-money_b_105552.html
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Joined: 11 May 2006
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| tulsad
Posted:
Fri Jun 06, 2008 5:18 am |
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Bragman declined to give specifics about McMahon's finances, but said the 85-year-old television personality has been unable to work since he broke his neck 18 months ago. He did say that the current problems are unrelated to a toxic mold that spread through the structure, sickened McMahon and his wife, and led to the death of their dog in 2001. He received a $7.2 million settlement from that case.
Handing out tips didn't go through this much money. His wife's company likely cost a bundle, but he went through many fortunes - and is tremendously in debt? Wow.
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Sparkly Tree
Joined: 19 Aug 2006
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| tulsad
Posted:
Fri Jun 06, 2008 5:32 am |
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| CherokeeKid wrote: | Inside Ed McMahon's Money Mess
Posted June 5, 2008 | 07:00 PM (EST)
Ed McMahon .....
Some potential buyers have been scared off by the area, which boasts such celebrity neighbors as George Clooney and Britney Spears, who ironically gained fame on McMahon's "Star Search." Alex Davis, McMahon's real estate agent, told the Associated Press, "When we were trying to sell the house one time, there were about 100 paparazzi there."
http://www.huffingtonpost.com/michael-lewittes/insdie-ed-mcmahons-money_b_105552.html |
This was in an LA Times article -
FOR THE RECORD:
An article in Business on Wednesday about the possible foreclosure of television personality Ed McMahon's house quoted real estate agent Alex Davis as saying 100 paparazzi had gathered outside the nearby home of Britney Spears. In fact, Davis said the paparazzi had been outside the gate of the community, not an individual house, and he did not estimate their number.
http://www.latimes.com/business/la-fi-mcmahon4-2008jun04,0,7909098.story
ETA:
I guess this guy Davis is having a rough time, he was also misquoted when he spoke to The Times:
"In the midst of trying to sell this property, there were a lot of distractions," Davis told the Times. "When we were trying to sell the house one time, there were about 100 paparazzi there."
http://www.eonline.com/uberblog/b140970_hey-ooo_ed_mcmahons_housing_crisis.html
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Sparkly Tree
Joined: 19 Aug 2006
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| tulsad
Posted:
Fri Jun 06, 2008 5:56 am |
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Interesting. McMahon's broken neck doesn't seem to have been reported to the public until March of this year.
Ed McMahon suffered a broken neck last year
March 13th, 2008
Ed McMahon, 85 suffered a broken neck last March in a fall at his house according to KTLA. Since the fall he had two operations and is going through rehab. His publicist issued this statement:
"It's been a tough year, but I'm working hard in rehab and doing the best I can to get through it."
He looks he is has been getting through it because that picture was taken from March 9th. Let's hope his recovery is a speedy one.
http://seriouslyomg.com/?p=7672
ED MCMAHON - MCMAHON BREAKS NECK IN MYSTERY FALL
(this headline was used in several publications)
American comedian ED MCMAHON is recovering from a broken neck. The former Tonight Show presenter has undergone two operations to repair his neck following a fall in March last year (07). The 85-year-old says, "It's been a tough year, but I'm working hard in rehab and doing the best I can to get through it," MCMahon was recently photographed walking around at a public event in a neck brace.
14/03/2008
http://tinyurl.com/657yop
===========
The Globe had this 
Ed McMahon Breaks His Neck!
JOHNNY Carson's legendary sidekick miraculously cheated death after breaking his neck in a horrifying plunge down a flight of stairs. A leading doctor tells GLOBE readers why the beloved 84-year-old is lucky to be alive as the TV legend bares his own stunning story in this week's must-read issue.
March 19, 2008
http://www.globemagazine.com/story/155
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Sparkly Tree
Joined: 19 Aug 2006
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| tulsad
Posted:
Fri Jun 06, 2008 5:59 am |
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I feel kind of badly for old Ed, but something doesn't seem quite right.
"He was $644,000 behind on payments on $4.8 million in mortgage loans when a unit of Countrywide Financial Corp. filed a default notice Feb. 28 (2008) with the Los Angeles County Recorder's Office, The Wall Street Journal first reported late Tuesday."
And in March 2008, the serious neck injury he sustained a year earlier was first mentioned?
Very sad situation.
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Sparkly Tree
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| gwen
Posted:
Fri Jun 06, 2008 5:31 pm |
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Ed McMahon talks about possible home foreclosure
Jun 6, 5:42 PM (ET)
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."
McMahon bought the six-bedroom, five-bathroom, 7,000-square-foot house in January 1990. The mansion, which is listed at $6.25 million, is in a gated hilltop section off Mulholland Drive called The Summit. Britney Spears is among his neighbors.
Asked why a millionaire couldn't make house payments, Pamela McMahon said the couple had less money than people may think and suggested they could have done a better job managing their finances.
"We didn't keep our eye on the ball. We made mistakes," she said. "It's embarrassing to say the least, and it's sad, because you know, Ed's worked his whole entire life."
McMahon, a former pitchman for the American Family Publishers' sweepstakes and former "Star Search" host, received a $7.2 million settlement after a toxic mold spread through his house and led to the death of their dog in 2001.
With legal fees and construction costs of fixing the mold problem, the money did not go far, McMahon said.
"We had nine lawyers, they had nine lawyers," McMahon said. "By the time that's all over, and you rebuild the house from the outside in. ... A lot of things went wrong."
Still, McMahon said he was hopeful. He said there has been renewed interest in the house this week.
"I'm optimistic," he said.
http://apnews.myway.com/article/20080606/D914R00O0.html
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AKA Gagal_05
Joined: 24 Feb 2007
Posts: 14329
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| SavannahStar
Posted:
Fri Jun 06, 2008 6:22 pm |
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| Quote: | Asked why a millionaire couldn't make house payments, Pamela McMahon said the couple had less money than people may think and suggested they could have done a better job managing their finances.
"We didn't keep our eye on the ball. We made mistakes," she said. "It's embarrassing to say the least, and it's sad, because you know, Ed's worked his whole entire life." |
Well see, that's just it. I'm having a REAL hard time garnering sympathy for this man. He's been rich all his earlier years and their own poor financial management did him in. He had it ALL, and lost it....but it was his own fault. Geez.
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**SuperStar**
Joined: 24 Mar 2006
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Location: Midnight in the Garden of Good and Evil
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| gwen
Posted:
Fri Jun 06, 2008 6:59 pm |
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| SavannahStar wrote: | | Quote: | Asked why a millionaire couldn't make house payments, Pamela McMahon said the couple had less money than people may think and suggested they could have done a better job managing their finances.
"We didn't keep our eye on the ball. We made mistakes," she said. "It's embarrassing to say the least, and it's sad, because you know, Ed's worked his whole entire life." |
Well see, that's just it. I'm having a REAL hard time garnering sympathy for this man. He's been rich all his earlier years and their own poor financial management did him in. He had it ALL, and lost it....but it was his own fault. Geez. |
My conclusion too. He got $7.2 million in 2001 and now he has nothing. Something way wrong. I have no sympathy for him compared to all the people struggling to make it payday to payday...
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AKA Gagal_05
Joined: 24 Feb 2007
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| SavannahStar
Posted:
Fri Jun 06, 2008 7:51 pm |
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| gwen wrote: |
My conclusion too. He got $7.2 million in 2001 and now he has nothing. Something way wrong. I have no sympathy for him compared to all the people struggling to make it payday to payday... |
Yep. Exactly!
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**SuperStar**
Joined: 24 Mar 2006
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Location: Midnight in the Garden of Good and Evil
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| olympic
Posted:
Fri Jun 06, 2008 7:57 pm |
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yes, but the ordinary poor folk will never make it to the larry king show, there is too many of them and their stories all sound the same......ed is an isolated case amongst his kind and to be pitied.
maybe larry will pitch in and help, they might also review johnny's will, just in case. 
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| gwen
Posted:
Tue Jun 17, 2008 10:45 am |
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Ed's Wife-- Shopping Him Into the Poorhouse
Posted Jun 17th 2008 11:26AM by TMZ Staff
The one word that's turning Ed McMahon's from baller to beggar: Plastic.
Our sources tell us Pamela McMahon, Ed's wife of 16 years, is literally spending him onto the street. We hear she's completely "oblivious" to the late night legend's cash troubles, and shops like their life depended on it. Her AmEx bill is legendary -- the couple reportedly owes nearly $750K.
That's causing an issue for Ed's friends, who are conflicted about bailing him out. They don't want to see their 85-year-old friend foreclosed on and homeless, but they also don't want to encourage Pamela's passion for Prada.
And to add insult to injury, now Donald Trump wants to exploit Ed's sad situation for publicity. The blowhard famewhore has made a public "offer" to help the "Bloopers" star, but that's news to Ed. Trump's only reached out to the public -- not the McMahons -- as you think he might. A source close to Ed tells us the "people who are talking publicly aren't necessarily the ones who are helping." We hear there are others who are "quietly" trying to assist.
Ed's rep denies Pamela's spending is the reason for their troubles -- the rep she's not "extravagant."
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AKA Gagal_05
Joined: 24 Feb 2007
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| olympic
Posted:
Fri Jun 20, 2008 8:00 pm |
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Citibank sues Ed McMahon for outstanding debts
LOS ANGELES - Citibank is suing Ed McMahon, seeking to recoup nearly $200,000 lent to the financially strapped Hollywood icon, court records show. Citibank filed the lawsuit against McMahon in Los Angeles Superior Court on June 9, according to the documents. The bank's suit seeks at least $179,687 in damages as well as attorney's fees on debt incurred within the past four years.
The former "Tonight Show" sidekick and "Star Search" host has faced mounting money problems since it was revealed earlier this month that he was $644,000 behind on payments on his Beverly Hills home. The lender, Countrywide Financial Corp., filed a default notice on the home in late February.
McMahon's publicist Howard Bragman said Friday that the McMahons had not yet been served with the lawsuit and will not comment on their personal finances.
McMahon and his wife, Pamela, went on CNN'S Larry King Live earlier his month and described a litany of financial troubles, including a poor economy and McMahon's inability to work as a pitchman since he broke his neck 18 months ago.
"If you spend more money than you make, you know what happens," McMahon told King.
A phone message left with the San Jose, Calif., law firm representing Citibank was not immediately returned Friday.
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| olympic
Posted:
Tue Jul 08, 2008 3:22 am |
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Ed McMahon's New Prescription Lawsuit
Ed McMahon and his wife Pamela have been slapped with a lawsuit claiming they were delinquent in paying for multiple prescriptions at a Beverly Hills pharmacy over the past two years. See the legal papers HERE.
In papers filed June 27 in L.A. Superior Court, Mickey Fine Pharmacy claims that the former "Tonight Show" sidekick and his spouse orally agreed to pay the purchase price on the prescriptions, but have only paid $500 on a tab they allege to be in the amount of $8, 231.76.
The pharmacy operator alleges that the McMahons refused to pay off monthly bills sent to them, and is seeking compensation for the medication costs and coverage of legal fees and "such other and further relief as this Court may deem just and proper."
The lawsuit is the latest in McMahon's legal woes: The TV icon is being sued by Citibank for nearly $200,000 in debt built up over the last four years. That lawsuit comes in the wake of news that McMahon was $644,000 behind on mortgage payments to Countrywide Financial Corp. on his Los Angeles home.
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