Ed McMahon’s formula for avoiding foreclosure: Don’t get divorced a few times, don’t borrow $4.8 million, don’t plan to work full time after you’re 85, and don’t spend more than you make.
Ed McMahon owes $4.8 million on his Beverly Hills house, which he’s had trouble selling in part because Britney Spears lives down the road. He made tens of millions of dollars as Johnny Carson’s sidekick and, presumably, millions more from his Star Search and sweepstakes gigs. He won $7.2 million in a settlement in 2001 after toxic mould killed his dog. But he’s still broke. On Larry King the other night, he explained why:
“If you spend more money than you make, you know what happens,” McMahon said Thursday night on CNN’s “Larry King Live.” “You know, a couple of divorces thrown in, a few things like that. And, you know, things happen.
Now 85, McMahon broke his neck 18 months ago and can no longer work. He’s still a class act, though.