Update: Donald Trump to rescue Ed McMahon from foreclosure

An update to our earlier post about the desperate search for a buyer to save Ed McMahon from foreclosure: A buyer has been found, and it is none other than Donald Trump.

From Ann Brenoff, who writes the Times' "Hot Property" column on celebrity real estate dealings: "Mega-developer and TV personality Donald Trump has agreed to buy Ed McMahon's Beverly Hills house for an undisclosed amount and allow McMahon to continue living in it. Details of the deal are still being ironed out."

More: "I don't know the man, but I grew up watching him on TV," Trump said in an exclusive interview with The Times.

"McMahon, 85, was facing foreclosure within two weeks on his Beverly Hills home of 18 years. The aging television icon, who was Johnny Carson's sidekick for three decades, defaulted on $4.8 million in mortgage loans with Countrywide Financial Corp. He said in interviews that he was unable to work because of a neck injury that occurred about 18 months ago."

So there you have it, folks.

-- Peter Viles
Thoughts? Comments?
Photo Credit: Getty Images

Comments

[Laker]

Can we have Trump buy shock's house too and save him from foreclosure??
Better yet, can trump buy all the LA houses now scheduled for foreclosure sale and lease it to the the current owners/tenants??

No matter how you look at it, those that do not deserve to be home owners will become renters again! (they never been anything else than renters, the only thing they owned was a loan...)

[pugtv]

The Donald should be careful of his tenants. Ed has a habit of suing everyone he comes into contact with.

[Uncle Billy's Been Trumped]

Ann, was there another agent involved?

...and omg... the trump guy buys the house sight unseen? Is this right?

We should put a tickler in the file to see who the recorded buyer turns out to be. Sales price, etc.

[bkl]

So how much are the various lenders forgiving? Is Ed Mc going to owe income taxes on the forgiven amount? As I read the IRS web site, only debt up to the original purchase price qualifies for the exclusion of forgiven debt, not any cash out refinancing. Also, "the maximum amount you can treat as qualified principal residence indebtedness is $2 million." I hope he owes tax on the full $3 million or so forgiven.

[JK]

Where to begin? So many questions...

How does one go from the most famous announcer ever to a man that can't make his mortgage?

Why does he still have a mortgage?

Where are all of his famous "friends"?

Why hasn't Johnny stepped up to help out his bud?

Where were the accountants?

What happened to the money?

Unbelievable... ;-{

[JK]

Donald Trump had to bail Ed out of forclosure... Mr. McMahon will never hear the end of it.

[SkyDaddy]

"Heeeeerrrre's Donny"...

[Kris]

Ed is the lucky one. Many other homeowners wish to become renters but no one is willing to buy their properties.
We are not "Donald Trump" but we are helping homeowners to save their homes or to sell if needed. We have many buyers waiting for help.
In this market predatory lending is not the only one major reason for delinquencies. Unemployment is huge and still growing.
Let us buy your property.

[Pauli]

JK - Johnny can't step up to help out his bud. Carson died three years ago.

[Jackie Romulo]

I just can't feel any sympathy for Ed because he has been in showbiz for how long? upwards of 45 years? And her couldn't handle a 4.8 million dollar loan on his HOME?! Please.

[Lionel]

"Why hasn't Johnny stepped up to help out his bud?"

Now that would be quite a story, as, last I checked, Johnny's dead.

[JenniferK]

I hope Mr. Trump actually buys the house before any foreclosure. Countrywide/BofA is very difficult to deal with right now, sitting on foreclosed houses for months and months before listing them. If Mr. & Mrs. McMahon are smart they will be ready to file a Chapter 13 bankruptcy on the day before the foreclosure, if the sale to Mr. Trump hasn't closed.

[JK]

Thanks Pauli and Lionel. In my head, I knew Mr. Carson had passed away. I guess I was so shocked by the situation Mr. McMahon found himself in, I let my words get ahead of my thoughts. That's what I get for being so judgemental! Darn the lack of a delete or edit function! I will probably get 50 reminders that Mr. Carson has passed away. I know folks! I know!

My other questions still stand though...

[Nick]

Funny, this sounds like one of those "foreclosure rescue scams" that homeowners are warned against. Trump might leverage the house up to 100%, not make the mortgage payments as McMahon pays Trump, and walk away with all of McMahon's monthly payments and equity, leaving the house to another foreclosure. I guess it's safe when celebrities do it, though.

[neededhelp]

Great article for those needing help in LA or OC with foreclosure.

http://www.socalforeclosurehelp.com/foreclosure-help-article-facing-foreclosure.html