Legendary Ed McMahon May Lose LA Home To Foreclosure

June 7, 2008

Ed McMahon Loses Home Ed McMahon, famous sidekick to Johnny Carson, is facing financial turmoil and may lose his house. McMahon has had his Los Angeles mansion for sale for over 2 years but has been unable to find a buyer.

Since suffering a terrible accident in which he has suffered a broken neck 18 months ago he has been unable to work and earn an income. It is amazing that for all the income McMahon has had to have earned in his long career as a pitchman that he is in this distress.

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. via WSJ.com.

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Tags: Los+Angeles, Canyon, Ed+McMahon, Foreclosure, McMahan