August 12, 2008
Ed McMahon drops home price again
Ed McMahon is still desperately trying to sell his Beverly Hills home. In fact, he just recently dropped his asking price by $1,900,000. That’s a big reduction by anyone’s standards.
As we previously mentioned, McMahon is trying to avoid foreclosure by Countrywide. In June, it was reported that McMahon was $644,000 in arrears. And since it appears he still hasn’t been able to work, that number can only be growing.
The current asking price for the home is $4,600,000 according to the listing. The home, which has been on the market for two years, started out at $7,700,000. He gradually reduced the price to $5,700,000. Inexplicably, the price went back up earlier this year before the most recent decrease, according to Dr. Housing Bubble.
We wonder how much longer McMahon can avoid foreclosure. With real estate values dropping everywhere, it’s entirely possible that with two mortgages he is upside down on his property value.
Filed under Celebrity Property, For Enthusiasts by Becky Scott
Comments on Ed McMahon drops home price again »
It’s amazing how dumb Ed and his wife can be, someone who has worked as long as he has and made the type of money he has should be able to easily afford a $7.7mm house. Welcome to America… he paid $2.6mm for the house in ‘92 and owe over $4.8mm on the house now! Not to mention he recieved a $7.2mm settlement for the mold issue!
Of course he’s upside down because he did such a terrible renovation job that the house is dated and a gut job. Its on quite possibly the worst lot in the entire Summit neighborhood (right next to the gate house with the gate on the south, noise & polluted Mulholland Drive out the back and the street the house is on out the front.
The house will sell for around $4mm and the new buyer will gut it top to bottom.
Yeah, if he got that much for the mold, I wonder why he didn’t just pay it off. Or put the money in trust for the home. Something.
I’ve wondered if it hasn’t sold because of the mold issues, too. Either people are nervous about buying a home with a known mold issue, or something. Not sure, since I haven’t seen the inside.
Guessing Donald is buying it as a potential bad debt write-off. Good for his taxes, I suppose.