Jun 08 2008
McMahon Blames Money Woes on Perfect Storm
Former “Tonight Show” sidekick Ed McMahon, talked about his financial troubles on The Larry King Show, Thursday night, explaining that his current problems were created by a perfect storm of events which have resulted in the possible foreclosure of his Beverly Hills mansion. McMahon, 85, says that the house has been on the market for two years, but that he had been unsuccessful in finding a buyer.
McMahon, who is behind on his mortgage by more than $644,000, also explained that he had taken a fall and broke his neck 18 months ago which prevented him from being able to work. He says that his inability to work was one of the factors which lead to his financial distress. American Express is also seeking restitution after winning a recent judgment against McMahon for another $750,000.
“If you spend more than you make, you know what happens… A couple of divorces thrown in, a few things like that… You want everything to be perfect but combination of the economy, I have a little injury, I have a situation, and it all came together,” McMahon to the talk show host.
McMahon is working with his lenders to resolve his financial mess.
