Price: $6,250,00012000 CREST CT.BEVERLY HILLS POST OFFICE • • 90210MLS #: • Status: For Sale
How in the world could Ed McMahon be in jeopardy of losing his house to foreclosure?
McMahon purchased the house in 1990 for $2.6 million, according to public records.
McMahon purchased the house in 1990 for $2.6 million, according to public records. 12000 Crest Court in the gated Summit neighborhood inside the Beverly Hills postal area.
We all know Ed has Johnny Carson's side kick and the Publisher Clearing House spokesman.What I can't figure out is why he didn't own the place straight up. Ed was making some very big dollars - his net worth had been in excess of 200 million dollars.
Howard Bragman, a spokesman for Mr. McMahon, said late Tuesday that his client is having "very fruitful discussions" with the lender and hopes to find a resolution. It isn't clear whether that would allow the 85-year-old Mr. McMahon and his wife, Pamela, to remain in the six-bedroom home. ReconTrust, a unit of mortgage lender Countrywide Financial, on Feb. 28 filed a notice of default on a $4.8 million Countrywide loan backed by Mr. McMahon's home. The notice was filed with the Los Angeles County Recorder's Office but hasn't previously come to light. According to the filing, Mr. McMahon was then about $644,000 in arrears on the loan. It isn't clear whether Countrywide still owns the loan or is acting on behalf of investors who acquired it. Public records also show that Mr. McMahon had a separate home-equity line of credit from Countrywide of up to $300,000 secured by the same house. Mr. McMahon broke his neck in a fall about 18 months ago and hasn't been able to work, Mr. Bragman said. That health problem, along with the weak housing market and economy, has forced Mr. McMahon into foreclosure proceedings.
