Donald Trump Bailed Ed McMahon Out of Foreclosure (Photos)
Ed McMahon made headlines in early June when he went public with the disclosure that he was in default on the mortgage for his Beverly Hills home. He had reportedly quit making payments against the $4.8 million mortgage balance after a neck injury kept him from working.
Just when things looked hopeless, Donald Trump stepped in and bought the property - essentially becoming 'Big Ed's landlord. The New York real estate developer and money mogul reportedly bought the property and will let the 85 year old television personality continue to live at the residence.
According to Trump, he doesn't know McMahon but grew up watching Johnny Carson's sidekick along with the rest of us. Trump literally stepped in during the 11th hour to save the home, which was within two weeks of foreclosure by Countrywide Financial Corporation.
Trump considered helping McMahon "an honor". He will purchase the home from the lender and lease it back to McMahon and his wife. Said Trump: "When I was at the Wharton School of Business I'd watch him every night. How could this happen?"
Actually it sounds like it wasn't Trumps idea after all. McMahon's listing agent, Alex Davis of Hilton & Hyland in Beverly Hills, flew to New York to make a personal appeal to Trump. He must have caught The Donald in a good mood because the gamble paid off.
The six bedroom, five bathroom house has been on the market for more than 2 years. The asking price started at $7 million but had been lowered several times, bottoming at $4.8 - which is reportedly what Trump will pay for the property. McMahon paid $2.6 million for the home some 18 years ago.
Check out photos below.
Source: LA Times