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
Related Articles:
- Mariah Carey's $125,000 a Week Hamptons Hideaway - Stone Meadow Farm
- Julia Child was Covert OSS Spy During WWII (Photos)
- Melania Trump and Barron Do the Rides at Central Park (Photos)
- Stanley North Dakota is Newest Oil Mecca and Boom Town (Photos)
- Celebrity Real Estate: Cher's $45 Million Malibu Estate
- Celebrity Real Estate: Inside Miley Cyrus' Hollywood Home
- Celebrity Real Estate: Kelsey Grammer's $19,900,000 Home
- Ed McMahon's Beverly Hills Mansion in Foreclosure
- New Luxury Cruise Ship Size of A Small Town (Photos)
- Luxury Treehouses: Every Kids Dream (Photos)
- Russian Billionaire Bites Daria Zhukova's Backside (Photos)
- Billionaire Homes: Lifestyles of the TRULY Rich and Famous
- A Peek Inside Paris Hilton's New Beverly Hills Mansion
Filed under: Celebrities, Donald Trump
Don’t kid yourself, people. Donald Trump does not do shit unless there’s a lot for him in it. He’s not saving Ed McMahon’s ass, he’s investing in something that has value and will bring profit for him. Trump is a sneaky bastard and has great sense of seeing value where other people can’t see it.
So did Trump “literally” step in during 11AM or 11PM?
Awesome. No one can say that smart successful people don’t look after their own. Good for him!
While I partially agree with this having something in it for him, Donald Trump has been known to bail people out before. There was an instance where his limo broke down and a mechanic happened to stop by and help. Donald offered him money and the mechanic turned it down. He then asked for the mechanics business card instead. He tracked him down and found that he was in a mortgage crisis himself. He paid the mortgage for the guy. This was publicized in the NY Daily news some years ago. Being rich does not = skeevy opportunistic. But in this case I can see why he would want some kind of return on the investment. But at the same time he bailed Ed McCmahon out of a tight spot. Win-win for both.
So the house has increased in value by only 3.5% pa over the last 18 years, just keeping pace with inflation! A great deal for Trump.
With Trump offering to help Ed McMahon avert foreclosure, do you think that Ed will be doing the right thing to do a RENT BACK? I got help from The Foreclosure Workbook and The Foreclosure DVD to help my Aunt stop foreclosure. It didn’t seem to be a good idea for her, as we learned from the Foreclosure DVD, and her house definately wasn’t worth $4.5 million. I think Ed and/or his representatives could benefit from ordering this foreclosure prevention system. My Aunt likes The Donald, but I don’t think he would have been able to capitalize on her after what we learned from the foreclosure workbook. She always says when people know better, they can do better. Hope Eds’ people read Bitten and Bound.