Celebrities
Ed McMahon in Foreclosure in Beverly Hills
Posted Jun 4, 2008, 10:19 am CST
By Martha Neil
Updated: It isn't just struggling blue-collar workers who are battling in court with mortgage lenders in the ongoing real estate meltdown. Ed McMahon, famous among late-night television fans as Johnny Carson's longtime sidekick, could lose his Beverly Hills home to foreclosure due to health problems.
As of late February, the 85-year-old allegedly was almost $650,000 in arrears on a $4.8 million Countrywide Financial Corp. loan backed by his home, according to the Wall Street Journal and Los Angeles Times.
Representatives say the home has been on the market for about two years (the asking price is approximately $6 million), and that McMahon is having financial difficulties because he broke his neck in a fall 18 months ago and hence hasn't been able to work.
McMahon is trying to negotiate a settlement with Countrywide, according to a spokesman for the entertainer.
Retired baseball star Jose Canseco reportedly has already lost his California home in foreclosure.
Updated at 1:30 p.m., central time, to include Los Angeles Times coverage.
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