Donald Trump buys Ed McMahon's home

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  1. http://www.foxnews.com/story/0,2933,404201,00.html




    BEVERLY HILLS, Calif. — Donald Trump will soon be Ed McMahon's landlord.
    Trump announced Thursday he would save the television personality's Beverly Hills mansion from foreclosure by buying it for an undisclosed amount and leasing it to McMahon.
    The developer told the Los Angeles Times he doesn't know McMahon personally, but acted out of compassion because helping out "would be an honor."
    McMahon, 85, who was Johnny Carson's sidekick on the "Tonight" show for three decades, has not worked for about 18 months because of a neck injury. He defaulted on $4.8 million in mortgage loans with Countrywide Financial Corp.
    McMahon's spokesman, Howard Bragman, told The Associated Press that paperwork on the sale had not been completed but that McMahon was "very optimistic" the deal would go through.
    "When I was at the Wharton School of Business I'd watch him every night," Trump told the Times. "How could this happen?"
    McMahon bought the six-bedroom, five-bathroom, 7,000-square-foot house in January 1990. The home was listed at $4.6 million last weekend -- down from a peak price of $7 million.
     
  2. I thought this was gracious of him. Late show and blog people were making fun of McMahon to go into foreclosure, but I'm glad someone helped him out. I hate to see elder people have to worry about where they will live.
     

  3. exactly!

    he couldnt pay his mortgage because of his injury which prevented him to work. something that is very common with folks.

    that was really nice of Trump
     
  4. That was nice of him! I hate to see people in situations like this. Even if they are celebs. There is nothing at all funny about someone losing their home! A friend of a friend of mine used to work for Ed McMahon. She says he was a very difficult person to work for (putting it lightly) and had lots of horrible stories to tell. I still felt really sorry for him, though. He seems so pitiful. I'm glad he can keep his home. And if her stories are true, then maybe this will teach him to be more compasionate.
     
  5. That is really nice of Trump, assuming he's not going to turn it into some huge business venture and milk the publicity. In any case, if he is doing it solely to help out Ed McMahon, I have more respect for him.
     
  6. ok mabe im crazy but if your out of work i would sell when i could and down size to a small home im sure you can find a home in la for 500 grand . do you have to have a mansion
     
  7. I don't know. McMachon has had some pretty cushy, well paying jobs since he left the Tonight Show, which was a pretty easy job in itself. All he had to do was sit on the couch and laugh and he got paid millions for it. Then he did 'Star Search' and that 'TV Bloopers' show, loads of TV commercials and he has a radio show. He still does something called 'Lifestyles Live.'

    Ridiculous money for easy work that requires no thought, just reading a cue card.

    Life's been good to him.

    I find it hard to feel sorry for him just because he drank or gambled away his multi-millions. :shrugs:
     
  8. He is buying it for an undisclosed amount, and is leasing it back to Ed...For some reason I think trump is doing good on this one.
     
  9. Well, Donald Trump is a businessman, so while it is "nice" of him, it is reasonable to assume that he is not going to refuse any benefit that he might receive as a result of having done it.

    One of the things that has impressed me about Ed McMahon's story is the public reaction to it, and I had to smile when I read a couple of editorials by people with whom I agree on little, but in this case I was obliged to concede that their thinking was not too different from my own when they pointed out that there are over a million and a half people losing their homes to foreclosure, and few have a lot of sympathy for them, despite the fact that many will be completely out of housing once they walk out of that home for the last time, in contrast to the McMahons, who, in the words of one commentator:
    Lest I be perceived as picking on a beloved television legend, now an old man with a hurt neck, it is worth pointing out that while an injury can and frequently does, result in even people with discretionary incomes who have done all the right things, being catapulted out of housing, in Ed McMahon's case, his troubles are not simply to having been injured and unable to work for a year and a half, a fact about which both Mr and Mrs McMahon have been very candid:
    In interviews, McMahon has indicated that some of those mistakes included bad investments, but some of the reasons for his financial troubles even people who never earned enough money to even dream of investments can readily relate to:
    Had he been able to sell his house, he could have paid off all his creditors and still had a nice little chunk of change left over, but McMahon's situation has another twist that sets it apart from that of a "regular person" facing foreclosure:
    Even though as the editorial above mentions, if worst had come to worst, Ed would still have more money, and a more luxurious lifestyle, than I could even imagine, I am glad that he will get to stay in his home, because for any elderly person, being obliged to leave their home for any reason can be an extremely difficult and traumatic thing.

    I hope that Donald will not charge him much rent.

    sources for quotes:
    http://online.wsj.com/article/SB121884264285645877.html?mod=googlenews_wsj
    http://www.msnbc.msn.com/id/25237681/
    http://www.cnn.com/2008/US/06/11/beck.foreclosures/index.html
    http://en.wikipedia.org/wiki/Ed_McMahon
    http://www.reuters.com/article/peopleNews/idUSN0638746320080608?pageNumber=1&virtualBrandChannel=0
     
  10. It's about time SOMEBODY stepped up to the plate on this one! These celebs have so much money and The Tonight Show gave many of them their much needed start. I was hoping someone would help the old guy out. I am not a Trump fan but kudos to him for doing this.