Report: Ed McMahon slashes asking price by $1.9 million
An update on the Ed McMahon situation: Dr. Housing Bubble reports that McMahon has slashed the asking price on his Beverly Hills home by $1.9 million, to $4.6 million.
Most of you will remember the hubbub in June when it was reported that McMahon faced foreclosure on the six-bedroom house (pictured), which has been on and off the market since July 2006.
The house was originally listed for $7.7 million, but has languished for some time. Dr. Housing Bubble, quoting the Wall Street Journal, reports that McMahon borrowed a total of $5.1 million against the home -- a mortgage of $4.8 million plus a home equity line of credit of $300,000. The new, reduced price of $4.6 million would appear to be a short sale.
The listing agent for the home, Alex Davis, did not immediately respond to a phone call from L.A. Land. You can see the Redfin.com listing for the house here.
-- Peter Viles
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo: Everett Fenton Gidley
WOOOPIDEEEEEE DOOOOOOOOOOOO
Posted by: D | August 11, 2008 at 02:44 PM
if he reduces it another $4.4 million I might be interested.
I would have to take a look at the place first. You know, to make sure it has granite countertops in the kitchen.
Posted by: dclogang | August 11, 2008 at 03:26 PM
The Westside bloggers should rush to buy this property. According to these bloggers the Westside is not affected by the housing crisis.
Posted by: jag | August 11, 2008 at 04:06 PM
jag,
I agree, people like shock claim that only palmcaster and riverside are dropping in prices...
oh wait, I thought Ed Mcmahon house is in Paris, Riverside...
So assuming the listing agent , Alex, was not smoking good stuff when he first listed it for then current market value, it does mean market is down about 40%...($7.7M down to $4.6M) ....in Beverly Hills....
Posted by: Laker | August 11, 2008 at 04:37 PM
If you buy this house using Redfin, they will kick $92k back into your pocket! That will pay the property taxes for two years!
Anyone else notice that zillow and cyberhomes at the bottom of the redfin page say it is worth only $3.2 million?
Posted by: Ace | August 11, 2008 at 04:52 PM
Peter,
You should post the article about the Russian Billionaire who bought a house for $750million. The property is not in our country, but still....
Ed's house was never worth $7 million. Again reducing his asking price isn't necessarily an indication of anything, except for him being unrealistic and stupid.
Posted by: Laura | August 11, 2008 at 05:31 PM
According to the MLS today, Monday:
There are well over 500 houses bet. 2-5 million in the Hills, Los Feliz, Pac Pali, Brentwood and Bel Air.
Less than 20 are in escrow.
LESS THAN 20!
HA HA HA HA HA HA HA HA HA HA HA HA HA
Posted by: x-man | August 11, 2008 at 05:33 PM
This blog is freakin late, this was reported by the doctor on his blog last week. Come on, be original!!
Posted by: Tim | August 11, 2008 at 08:24 PM
Leave it to Laker (market timer/speculator) to cherry pick.
Posted by: shockg | August 11, 2008 at 09:15 PM
Good luck getting the lenders to accept an offer for less than what is owed.
Posted by: Maggie Knowles | August 12, 2008 at 11:45 AM
"Good luck getting the lenders to accept an offer for less than what is owed."
How many white elephants do you think banks want as REO's just sitting on their books?
They'll take whatever they can get.
Posted by: E | August 12, 2008 at 12:38 PM