The sale of Ed McMahon’s home has now sparked interest in more than just one buyer. Donald Trump recently announced his intentions to purchase the home, which was expected to be foreclosed on in a matter of weeks, and lease it out to McMahon. McMahon failed to make a series of mortgage payments on the Beverly Hills home (to the tune of $644,000) and was subsequently sued by Countrywide Financial, inc., his lender.
Trump’s intervention in the situation was allegedly out of pure kindness. Trump became a fan of McMahon after watching him on television during business school.
McMahon’s realtor, Alex Davis of the Hilton and Hyland real-estate brokerage firm, said an anonymous buyer put an offer up for the home. Junior-lien lenders are hoping to snatch $4.6M for the home, something that Davis is hoping will get accomplished.
Trump, however, is quite doubtful that the interested party’s deal will pull through. He cites the prospective buyer’s need to obtain financing, something which Trump says he himself “obviously, [doesn’t] need.” Trump went on to say that the buyer was likely only interested because of the other party involved – that being Trump.
McMahon’s financial problems all stem from a neck injury with which he was afflicted with in 2007. He is facing numerous lawsuits, all similar in nature.
How this story will pan out remains to be seen. The McMahon home crisis has proven to have its fair share of twists and turns, thus it would be rather naïve to take any sort of educated guesses. However, there’s obviously a good chance that the home will indeed fall into Trump’s lap.
September 16th, 2008
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Before Ed McMahon: Pamela’s Federal Tax Lien, judgments and liens
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