Ed McMahon In Housing Crunch, Faces Foreclosure
Ed McMahon, the man who’s made people rich for years via American Family Publishing, seems to be having some financial troubles himself.
According to reports, the 85-year-old is facing foreclosure on his Beverly Hills mansion after falling $644,000 behind on payments for mortgage loans totaling $4.8 million.
His rep, Howard Bragman, said McMahon fell behind on his mortgage after breaking his neck 18 months ago. He hasn’t been able to work since.
McMahon had also reportedly borrowed $4.5 million from the property, and later took out an additional $300,000 loan against the home.
The property is a six-bedroom, five-bath home, located in the gated community filled with celebs. It has been on the market for the past two years and is currently listed at $6.25 million.
However, its listing agent, Alex Davis, says the famous neighbors are part of the reason why it hasn’t sold. Britney Spears also lives in that area, bringing along with her a 24-7 swarm of paparazzi.
