Ed McMahon, 85, sounds like he could stand to win the Publisher’s Clearing House right about now. The TV personality is said to be in default on a $5 million loan and in imminent danger of losing his Beverly Hills mansion.
Wall Street Journal is stating that the foreclosure process has already been started on the six-bedroom estate. Ed has not been able to work since breaking his neck. Between that and his advanced age, the former television personality is between the proverbial rock and a hard place.
The real estate agent who is selling McMahon’s home said that the reason the McMahon home has been on the market for two years is because singer Britney Spears lives in the neighborhood. It couldn’t possibly be because of Ed’s huge mold problem for which he won a $7.2 million dollars lawsuit several years ago.
The home is listed for $6.25 million. It’s too bad Ed didn’t use his mold money to pay down his debt. No doubt his lawyer made away with a good portion of the settlement but it appears Ed is living above his current means without the ability to save the homestead. The mortgage crisis has apparently crept up the social scale and is biting celebrities in the butt too.