Trump steps in to avoid foreclosure on Ed McMahon's mansion
Plans to lease home to McMahon, who defaulted on mortgages
Last Updated: Friday, August 15, 2008 | 11:56 AM ET
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Ed McMahon, shown in October 2005, could have lost his home to foreclosure in two weeks if Donald Trump hadn't bought it. (Associated Press)The Donald has stepped in to save Ed McMahon's home.
Donald Trump, the real estate magnate who faced financial ruin numerous times in the 1990s, has bought McMahon's Beverly Hills mansion for an undisclosed sum, he announced Thursday.
McMahon, 85, former sidekick to Johnny Carson on The Tonight Show, had defaulted on $4.8 million US in mortgage loans on the property.
He faced foreclosure and loss of the house and his personal possessions, despite attempts to sell the mansion at a discounted price. His deadline to make payments was about two weeks from now.
He has not worked for 18 months since hurting his neck in a fall.
"I don't know the man, but I grew up watching him on TV," Trump said in an interview with the Los Angeles Times. "How could this happen?"
He said he admires McMahon and believes helping him out "would be an honour."
Trump's plan is to lease the home back to McMahon, but details of the deal are not yet confirmed.
McMahon bought the six-bedroom, five-bathroom house in 1990 for $2.6 million. It has been up for sale for about two years because of McMahon's financial troubles.
Originally listed at more than $7 million, the price dropped to $4.6 million last weekend without selling.
With files from the Associated PressShare Tools
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