Ann Brenoff has posted on the LA Times blog that the Donald Trump-Ed McMahon deal may not go through, as The Donald now has competition to buy the place.

The listing agent reports that an anonymous second buyer has shown up. Interesting. We thought the listing agent went to New York to ask Trump to please help out McMahon. And now there’s a mysterious buyer.

Are they hoping for a bidding war, perhaps? The Wall Street Journal was reporting that McMahon owes various creditors, not just the mortgage company, several million dollars. So while a sale may help him avoid foreclosure, it won’t help him pay off the other bills he has.

So we wonder, is this situation something cooked up by the listing agent to get a higher price out of the house? Or is this second buyer really legit? We’ll keep watching for updates.

Tomorrow morning we’ll have a beautiful Canadian home to show you, instead of all of this McMahon news. Promise.

Well what do you know? It looks like Donald Trump has stepped up to rescue Ed McMahon from foreclosure. And none too soon, it appears.

We saw in the LA Times today that Trump has agreed to buy the McMahon home, and he’ll allow McMahon and his wife to continue to live there. As we mentioned just a couple of days ago, McMahon had slashed his home’s asking price in hopes of avoiding imminent foreclosure.

And it appears he just may have dodged that bullet.

Trump said he didn’t really know McMahon, but grew up watching him on TV. He plans to buy the home and then lease it back to McMahon. Um, that’s great, Donald. Really nice of you. But if McMahon hasn’t been able to work for the last 18 months due to a neck injury, and is over $644,000 in arrears on his mortgage, how in the world is he going to lease his beloved home from you?

Just saying.

The actual details, including purchase price, are still being worked out. According to the Times, McMahon’s listing agent actually flew to New York to personally appeal to Trump. We guess it worked.

We’re actually quite relieved that this situation looks to be resolved in a favorable manner. I grew up watching McMahon on the Tonight Show, and later I even watched him on Star Search (shut up). And who wants to see an 85-year-old man and his wife booted into the streets?

McMahon’s 6 bedroom, 5 bathroom house has been on the market for almost two years. They kept dropping the price gradually, hoping to attract a buyer.

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.

It looks like Ed McMahon faces foreclosure on his 7,013-square-foot Beverly Hills home. Countrywide Financial Corp. is starting proceedings due to McMahon’s reported $644,000 past due. As we mentioned previously, McMahon’s home has been on the market since July 2006. He has lowered the price from $7.7 million down to $5.7 million.

McMahon broke his neck about 18 months ago and hasn’t been able to work since. That could easily wipe out a large bank account, couldn’t it my pretties? Poor McMahon — 85-years-old and about to lose his beloved home.

As we do a little more research, we find that McMahon’s home once flooded and subsequently filled with toxic mold. He insists that they gutted the place and got rid of any mold. But that may explain why buyers are avoiding the house, no matter how much redecorating they’ve done.

Really, darlings, I just feel sorry for the man. How terrible to be in your golden years, facing serious health problems, declining finances, and a very public foreclosure battle. Maybe he should enter the Publisher’s Clearinghouse sweepstakes?