Trump Loses out on McMahon’s Pre-Foreclosure
An update on McMahon’s foreclosure situation. According to our post a couple weeks ago, “Trump to Rescue McMahon from Foreclosure,” Donald Trump had offered to purchase McMahon’s home and save him from foreclosure. Apparently Mr. McMahon did not accept Trump’s gracious offer to pay off McMahon’s debtors and act as landlord to the 85-year-old celebrity. Unfortunately, McMahon is unwilling to disclose who the buyer is and the identity of the buyer has not yet leaked to the Press.
Reuters Reports:
“LOS ANGELES (Reuters) - Television celebrity Ed McMahon has finally found a buyer for his multimillion-dollar Beverly Hills mansion, avoiding a foreclosure that would have made him among the most high-profile victims of the U.S. housing slump.
“The buyer of the six-bedroom, five-bathroom home was not disclosed, but McMahon spokesman Howard Bragman said on Friday it was not billionaire Donald Trump. The New York developer had said last week he was in discussions to buy the house and lease it back to McMahon after widespread publicity about the celebrity’s default on his $4.8 million mortgage.
“‘It’s a confidential deal, and the buyer wants anonymity, but I can tell you it is not Mr. Trump — and it’s not John McCain,’ Bragman said, joking about the Republican presidential hopeful’s admission this week that he did not know how many houses he and his wife own.”
Read the full story “Ed McMahon finds home buyer, avoids foreclosure,” posted August 22, 2008.
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Tags: celebrity foreclosure, foreclosure homes, foreclosure investing, foreclosure news, Real Estate, real estate bubble
