Would someone please buy Ed McMahon's house? * UPDATED
Two weeks and counting until a big fat "FORECLOSED" sign gets slapped on Ed McMahon's front lawn, a far cry from the halcyon days when McMahon lounged couch-side with Johnny Carson. Now McMahon's real estate agent has put the word out, asking his colleagues to lend a helping hand, Ann Brenoff writes in our real estate blog, LA Land.
In an unusual open letter appearing as an ad in this week's MLS Open House Guide, Alex Davis, of Hilton and Hyland in Beverly Hills, says that all of the junior lien holders are "miraculously" going to allow a short sale at $4.6 million.
A buyer made a lowball offer of that amount, the letter says, but the deal fell apart. "Now we have two weeks to find a new buyer and sell the estate. We will show the property to anyone with the resources to close the deal in a timely manner," it says.
"The situation has nearly hit rock bottom," the letter reads, and "if it's not sold in the next two weeks or so (or in escrow), they will not only be foreclosed on, but lose everything in their home including all personal items."
Davis notes that he is "able to pay the selling broker a $115,000 commission and want you all to know that you will be the hero of a man who's been the hero of so many others if you could help bring this deal to fruition." That's a 2.5% commission.
Concluding, Davis notes, "In a business where people thrive on money and commissions, the reward is infinite, as you are truly changing someone's life."
Ann tried but wasn't able to reach Davis for comment. Meanwhile, the price of McMahon's house has been slashed several times (a total of $3.1 million) to its present asking price.
* UPDATE: Someone did buy McMahon's house -- Donald Trump. The story is here.
Lots more real estate news in our excellent blog, LA Land.
--Veronique de Turenne
Photo: Bloomberg News