Foreclosure woes hit home in Britney Spears’ neighborhood
June 6, 2008 by Tisa Silver
Filed under Finance
Thursday night I watched Larry King and was saddened to see one of Hollywood’s friendliest faces lamenting over the pending loss of his home.
Ed McMahon, famed Johnny Carson sidekick, Star Search host and Publishers Clearing House bearer of good news, is over $640,000 in arrears on his Hollywood home.
Countrywide has initiated foreclosure proceedings against Mr. McMahon, whose home has been on the market for about two years. Apparently, living a few doors down from paparazzi-magnet Britney Spears isn’t a major selling point. A note to the paparazzi in the words of Brit fan Chris Crocker, “Leave Britney alone!!”
Funds are tight since Mr. McMahon broke his neck early last year and has been unable to work. He remained in good spirits and I hope things work out for him.
I wonder if Mr. McMahon will encounter a higher level of treatment than other distressed Countrywide homeowners… read the details here.
Well, there will be more foreclosures coming with banks preparing to hike their interest rates.
I read somewhere that Michael Jackson is also facing huge mortgage debts. Considering the amount of money he has earned with his best-selling hits, it just shows that celebrities are not immune to foreclosures.
Ed McMahon is actually the second celebrity in barely a week facing foreclosure. Former heavyweight boxing champion Evander Holyfield is in serious financial trouble. Holyfield is behind on a mortgage for his +50,000 square-ft. estate in Georgia; is currently being sued by his landscaper for $550,000; and has missed several child support payments. Hard to believe that Holyfield could manage to get himself into such an awful situation considering he has supposedly grossed over $200 million in ring purses during his career.