Ed McMahon has become the celebrity face of the rampant housing crisis affecting many working-class Americans.
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Facing foreclosure, his $6.25 million home is located in the Summit area of Beverly Hills, a gated community where Britney Spears and Gwen Stefani live. Stefani purchased her home from Jennifer Lopez.
McMahon is $644,000 behind on the $4.8 million mortgage he obtained in 2005, the Associated Press reports.
Despite its star-studded location, the McMahon mansion has been for sale for two years. In 2001, McMahon and his wife dealt with toxic mold problems in the house that killed their dog and made the couple ill.
Last night, McMahon appeared on Larry King Live, to talk about the “embarrassing” situation. He told viewers, “If you spend more money than you make, you know what happens.”
The 85-year-old has been unable to work for the last 18 months because of a broken neck he suffered after a fall in 2007.
McMahon is far from alone in his housing crisis. According to the New York Times, 1 in 11 mortgage holders have loan problems.
McMahon’s agent says he is in negotiations with the bank to avoid foreclosure.
UPDATE:
Current Tonight Show host Jay Leno is stepping in to help McMahon. His rep told the New York Daily News on June 9, “Everybody loves Ed. Jay and others on the show are discussing how they can help him.”
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