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Celebrity Foreclosures - Ed McMahon Saved!

By Laura Rubinchuk Schwartz

Real Estate Agent with Keller Williams Realty

August 23, 2008 04:55 AM

For those of you who have better things to do than read gossip magazines, Ed McMahon was very close to being foreclosed on for defaulting on his $4.8M loan for his home in Beverly Hills, in Los Angeles.

Thanks to a private buyer, Ed no longer has to worry about that! The former "Tonight Show" and "Star Search" TV host has agreed to sell his home and wiggle his way out of foreclosure.

Perhaps during his time with American Family Publishing, he should have kept one of those big checks to pay off all of his debts!!

Another Hollywood Role Model!

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Julie Q. Fuelling

Keller Williams Katy @ Cinco Ranch - Katy, TX

Real Estate Consultant

How sad that "normal" folks, those facing losing their homes, will read about a celebrity whose life doesn't resemble their reality.

Julie Fuelling, fuellingkaty.com

Aug 24, 2008 06:50 AM

Mirela Monte

Buyers' Choice Realty - North Myrtle Beach, SC

Myrtle Beach Real Estate

Wow! That's pretty sad! I know that a $ 4MIL+ property owner going down garners little sympathy from the general public, but it saddens me to see ANYONE who works hard throughout their life, only to lose everything in old age. It's just not right and it makes me very sad! I wish Ed the best of luck and I hope he's able to pick up the pieces.

I just visited the Monticello, Thomas Jefferson's abode in VA. I couldn't believe it when I learnt that when he died at a ripe age of late eighties, he was almost bankrupt. The man was a genius and he worked hard all his life. If it happened to him, it can happen to anyone...

Thanks for a thought provoking post!

Aug 24, 2008 07:13 AM

David Saks

Memphis, TN

Broker / Industry Analyst

I wonder if the proximity of the casinos, in a nearby state, might have anything to do with it ? Hmmmm??? Crap tables and horse tracks have been known to take a home or two.

Aug 24, 2008 07:27 AM

Hollis Tidwell

MoneyCafe USA,llc - Denver, CO

Makes you wonder how a person that has had that much wealth can blow it. really ashame but we make our own beds usually

Aug 24, 2008 07:50 AM

Laura Rubinchuk Schwartz

Keller Williams Realty - Arlington, VA

Your Northern Virginia and D.C. Realtor

It's sad...if you read the whole article he's in big, big trouble. He got divorced and didn't even pay his legal fees!! He should go back to Star Search to find a good Financial Advisor!

Aug 24, 2008 01:20 PM

Celebrity Foreclosures - Ed McMahon Saved!

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Laura Rubinchuk Schwartz

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