RealtyStore Real Estate Blog

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.

If you’re not already a RealtyStore member, sign up and start taking advantage of the current real estate market here.

Donald Trump is in the negotiation process to help save 85-year-old Ed McMahon from foreclosure. His goal is to pay off the current lender and re-lease the property to McMahon. If Donald Trump invests in pre-foreclosures and foreclosure properties, there’s a good chance that there has to be reasonable profit potential there. The man is no fool. Sign up for RealtyStore and find yourself a pre-foreclosure right now!

Here’s the scoop on Trump’s rescue mission, published on August 15, 2008:

LOS ANGELES (Reuters) - Billionaire businessman Donald Trump is offering to rescue TV personality Ed McMahon from foreclosure on his multimillion dollar Beverly Hills home.

“There are discussions, but it is not a done deal yet. We are optimistic,” McMahon’s spokesman Howard Bragman told Reuters on Friday.

Trump, a real estate developer and celebrity host of TV reality show “The Apprentice,” told the Los Angeles Times he stepped in after widespread publicity over McMahon’s default on a $4.8 million mortgage on his six-bedroom, five-bathroom home.

Read the full Story, “Trump offers to help Ed McMahon avert foreclosure.”

If you’re not already a RealtyStore member, sign up and start taking advantage of the current real estate market here.

…Couldn’t Save the Harpers From Foreclosure.

Three years ago, Patricia and Milton Harper and their sick children were granted a free home reconstruct with enough money to cover their taxes for 25 years by “Extreme Makeover,” a show designed to help deserving families make repairs and upgrades to their homes for free.

It was recently announced, however, that the home, located at 5489 Ahyoka Drive, Lake City, GA is now in foreclosure as the result of a failed business venture, which they attempted to start up using a $450,000 loan they took out against the property and have failed to pay back.

Whether it was bad luck or bad planning, they now lack the support from the community that once worked so hard to fund the housing project. Combined with the pitiless foreclosure process, it is doubtful the Harpers will get a second chance to pick up the pieces and save their home.

The property is scheduled to be Auctioned on the Clayton County steps on August 5th, 2008.

Read the full article, “‘Extreme Makeover’ Home Facing Foreclosure.”
Copyright 2008 by FoxNews.com

Proof that the foreclosure crisis is affecting not just the lower and middle classes, James R. Hagerty and Glenn R. Simpson of the “Wall Street Journal” bring you the scoop on Ed McMahon’s recent announcement regarding his mansion’s pending foreclosure.

By JAMES R. HAGERTY and GLENN R. SIMPSON
June 4, 2008; Page A3

“Ed McMahon, the longtime sidekick to U.S. talk show host Johnny Carson, has blamed the possible foreclosure of his Beverly Hills mansion on a “perfect storm” of problems facing Americans caught in the housing downturn.

“It’s a combination, it’s like a perfect storm,” McMahon, 85, told CNN talk show host Larry King in an interview on Thursday night. “Economy problems… We’ve had this house on the market for two years.”

“McMahon, most famous for his “Heeeeeeeeere’s Johnny” introduction to “The Tonight Show” for 30 years, said he was $644,000 in arrears on the mortgage for the six bed, five bathroom house in Beverly Hills, which is listed for sale at $5.75 million.”

Read more at The Wall Street Journal - Ed McMahon May Lose Beverly Hills Home

Copyright 2008 by the Wall Street Journal