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And herrrrrrrre's Johnny

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Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
WSJ,

Ed McMahon May Lose Beverly Hills Home

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.

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 comment.


Dam m those preditory lenders.
 

Andy Taylor

Member
Joined
Sep 22, 2003
Professional Status
Certified General Appraiser
State
North Carolina
Yep, they rank right up there with those who shill for companies that hawk magazine subscriptions to people who can ill afford them for a chance to "win" $10 million dollars.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Apparently he was living off the money he was making and spending it all....hard to feel sorry for him.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
At 4.8M, not a real fancy home. Just shows why you should not be making payments on a home when your ability to make a living is coming to an end. He could have gotten insurance which would have covered this eventuality.
 

Wayne Tomlinson

Senior Member
Joined
Jan 25, 2005
Professional Status
Certified General Appraiser
State
Illinois
Ed's Foreclosure

I read that the 6 bedroom home has been on the market for a year at $5.75 million, has a $4.8 million mortgage and is $664,000 in arrears.

That looks like a 4.4% equity position less taxes, commission and a few other things.

Countrywide is the lender of record'

Ed needs one of those $100,000 checks that he has been passing out.

What is the phone # of Publisher's Clearing House.

Wayne Tomlinson
 

Greg Parker

Member
Joined
Mar 20, 2005
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I read that the 6 bedroom home has been on the market for a year at $5.75 million, has a $4.8 million mortgage and is $664,000 in arrears.

That looks like a 4.4% equity position less taxes, commission and a few other things.

Countrywide is the lender of record'

Ed needs one of those $100,000 checks that he has been passing out.

What is the phone # of Publisher's Clearing House.

Wayne Tomlinson

Actually, two years. Supposedly it's not selling because of proximity to Britney Spears home -- and the paparazzi that goes along with her.
 

Caligirl

Senior Member
Joined
Jan 27, 2006
Professional Status
Certified General Appraiser
State
California
Apparently he was living off the money he was making and spending it all....hard to feel sorry for him.

Apparently he broke his neck last year and has been unable to work.

http://www.eonline.com/news/article/index.jsp?uuid=8dfc90ed-f329-422d-ab2d-201dc3fe50ba

http://www.nydailynews.com/entertainment/tv/2008/03/14/2008-03-14_ed_mcmahon_fights_neck_woes.html

Plus he lives adjacent Britney Spears, imagine the negative impact on value that paparazzi side show would have.

He probably bought too much house to begin with and probably should have downsized during the bubble. While he is part of the 'Hollywoodland' crew which most people find suspect, the guy is a veteran of WWII (former Marine fighter pilot).

Personally I find the story sad.
 
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Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
This is a good example of why folks should learn to live for tomorrow, not for the moment. I feel bad for the guy, but I think this brings its home to the rest of America. Don't be surprised if they use his name in during the Presidential Campaign.
 
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