 Those curious as to exactly how Ed McMahon found himself on the brink of foreclosure might want to watch this short sound bite from Thursday night's "Larry King Live" show on CNN.
Here's the short version: "If you spend more money than you make, you know what happens," McMahon said. "A couple of divorces thrown in, a few things like that."
I'm going to focus on something else McMahon said. Here's the full quote from the CNN transcript: "Selling the house right now is a tremendous operation to sell a house. We've had this house on the market for two years. We've shown it, I don't know how many, 50 organizations or people. Nobody has made an offer. I mean, it's just a lovely home. I hate to leave it."
That's the sound bite my favorite morning radio host, Adam Carolla, played this morning. And then Adam said words to this effect: "Hey, I'm no Realtor. But, Ed, have you thought about lowering your price?"
Point well taken. If you want to sell a house -- if you really want to sell it -- and it is not located in Hemet or Desert Hot Springs, you can sell it. It doesn't take two years. But you need to be willing to accept a market price. Ed now says the recent publicity about his plight has kindled some interest in the house.
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.
Photo: Associated Press
 Celebrity foreclosure, heavyweight division, from the AP: "Former heavyweight champion Evander Holyfield appears to be having financial problems."
More: "A legal notice that appeared in a local newspaper shows his Fayette County [Ga.] estate is under foreclosure. The home worth an estimated $10 million is set to be auctioned by a bank on July 1."
The story quotes the mother of one of Holyfield's nine children as saying he has missed two child-support payments. The AP reports Holyfield has declined to comment on both the child-support allegations and the foreclosure.
For those of you keeping track at home, these are the celebrity foreclosures L.A. Land has reported on:
June 23, 2007: Marion Jones, Chapel Hill, NC.
Feb. 26, 2008: Michael Jackson, Santa Barbara County (foreclosure averted).
May 1, 2008: Jose Canseco, Encino.
June 3, 2008: Ed McMahon, Beverly Hills.
Your thoughts? Comments?
Photo Credit: Associated Press
Jose Canseco losing a house is one thing. But foreclosure for Ed McMahon? True indeed, reports the Los Angeles Times: "Ed McMahon, the longtime sidekick to Johnny Carson on 'The Tonight
Show,' is fighting to avoid foreclosure on his multimillion-dollar
Beverly Hills estate."
More, from the Times' Peter Hong: "McMahon defaulted on $4.8 million in mortgage loans with a unit of
Countrywide Financial Corp., which filed a notice of default in March,
according to ForeclosureRadar, a company that sells default data pulled
from public records."
From The Wall Street Journal: "Howard Bragman, a spokesman for Mr. McMahon, said late Tuesday that his client is having 'very fruitful discussions' with the lender and hopes to find a resolution. It isn't clear whether that would allow the 85-year-old Mr. McMahon and his wife, Pamela, to remain in the six-bedroom home."
The Journal reports McMahon was in arrears to the tune of $644,000 on a $4.8-million loan, and has fallen on hard times -- he broke his neck in a fall 18 months ago and has not been able to work in that time. The Journal also reports the McMahon home has been on the market for roughly two years and is now listed for $5.75 million.
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo credit: Associated Press
 Finally a foreclosure story we can all laugh at. If you can't see the humor potential in the story of Jose Canseco losing his Encino home to foreclosure, I can't help you. The best I've seen:
From the comment section at Calculated Risk:
--Canseco gets called out trying to steal home.
--The Oakland Alt-A's?
--A walk-off home. Er.
--I guess he was thrown out while trying to steal home.
--Britney needs a man in her life to provide some stability, maybe she should give Jose a call.
--Home... Run!
From L.A. Land
--Jose Walks
--Canseco took a walk, but was called out at home.
--New words for an old standard:
"Jose can you flee by the dawn's early light?"
Photo: Jose Canseco; credit: Los Angeles Times.
 You can't make this stuff up: Former major league baseball player Jose Canseco, pictured, "said on Thursday he had lost his California mansion to foreclosure -- one of the first celebrities to publicly admit being a statistic in the U.S. housing crisis," the Associated Press said.
In comments to the TV show "Inside Edition," Canseco says, "It didn't make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else."
More from the Associated Press: "Canseco, 43, one of the most flamboyant U.S. baseball players until his retirement from the major leagues in 2001, told the celebrity TV show 'Inside Edition' that it did not make financial sense to keep his 7,300-square-foot home in the Los Angeles suburb of Encino. 'Inside Edition' said it had foreclosure documents showing Canseco owed a bank more than $2.5 million on the house.
Sports headline: Jose walks.
More to come on this item. But don't hold back on your thoughts and comments. Something tells me this item is a setup in search of a punch line. Go for it.
Photo Credit: Getty Images
Hat Tip: Seattle Snoop
 No, no, not Neverland.
Yes, Neverland.
News item from LA Now: Michael Jackson stands to lose his bizarre Neverland ranch to foreclosure.
Reuters: "Michael Jackson's famed Neverland Valley Ranch in California will be foreclosed and sold on March 19 unless the pop star pays a balance of nearly $25 million, property records showed on Tuesday."
Reuters reports Jackson rarely spends time at the 2,800-acre property in Santa Barbara County.
Thoughts? Comments? Insights? E-mail story tips to peter.viles@latimes.com
Photo Credit: L.A Times
 Here's a new item we'll try to bring you from time to time: Celebrities in Foreclosure. Today, the pride of Thousand Oaks, the Olympic Golden Girl, Marion Jones.
As Lance Pugmire reports in today's L.A. Times, Marion Jones is down to her last $2,000, and last year a bank foreclosed on her $2.5 million cheateau-style "dream home" in Chapel Hill, N.C.
Jones -- who was seen driving a Porsche SUV last year -- says she's not sure where the money went. "Who knows? I wish I knew. Bills, attorney bills, a lot of different things to maintain the lifestyle."
Jones hires lawyers for a lot of different reasons. She sues people, they sue her. She is accused of cheating by allegedly using performance enhancing drugs, then she sues to defend her name.
Comments? Thoughts? E-mail tips about other celebrities in foreclosure to lalandblog@yahoo.com
Photo Credit: AP
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Those curious as to exactly how Ed McMahon found himself on the brink of foreclosure might want to watch this short sound bite from Thursday night's "Larry King Live" show on CNN.
