Wikinvest Wire

Ed McMahon, Countrywide, and Britney

Wednesday, June 04, 2008

It's not often that a member of "The Greatest Generation" is dragged down by the same forces that plague their children and grandchildren today.

One such case is the nexus of Ed McMahon, Countrywide Financial, and Britney Spears in a sad story of a broken neck, late mortgage payments on a multimillion dollar Beverly Hills home, and the Britney effect.

This morning the Associated Press reported that former Johnny Carson sidekick Ed McMahon is currently fighting the foreclosure of his home in a gated community atop Mulholland Drive.

The mortgage lender? Countrywide.

The neighbor? Britney Spears

According to the report, the six bedroom, five bathroom house has been for sale for two years and the current asking price is $6.25 million.

As an indication that the former Star Search host may share more with the younger set than many others of his generation (e.g., spending beyond his means), there appears to be a little problem of about $644,000 in late payments on a $4.8 million mortgage.

A $4.8 million mortgage?!?

To an 85-year old?

Apparently a run of bad luck that includes a number of divorces over the last twenty years and a broken neck about a year and half ago have been instrumental in Mr. McMahon's recent financial troubles.

According to Wikipedia, "in the 1990s, McMahon was reputed to be worth in excess of US$200 million in real estate holdings (particularly in Malibu) and real estate partnerships, although his net worth declined somewhat, due to several divorce settlements and a nationwide drop in real estate."

It's not clear whether or not McMahon and his current wife Pamela will remain in the house. However, one thing is clear - the sale of the house and squaring things with mortgage lender Countrywide isn't being made any easier with the paparazzi hanging around down the street waiting to get a shot of Britney.

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2 comments:

Anonymous said...

I guess this shows that anyone can get rich if they invest with the trend, but if they can't see that the trend is changing, they're going to get wiped out.

Lord said...

Looks like someone never planned for retirement.

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