Ed McMahon = idiot of the month
 

Maybe you shouldn't have bought a $5M mansion beyond your means then, jackass. . .

Boo hoo. It's everyone else's fault but mine. I went through two divorces and then broke my neck and now I'm getting foreclosed on and my wife is embarassed by it. Boo hoo.

What a complete jerkoff. I just lost any/all respect for him I ever might have had. He should've sold that place at the first sign of trouble instead of clinging to a delusion.

What the hell ever happened to personal responsibility in this country, to say nothing of "living within one's means"?

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http://ap.google.com/article/ALeqM5hnRDS41TT3Iy0z4ISL2-0fOVA8pQD914JB300

Ed McMahon talks about possible home foreclosure

2 days ago

LOS ANGELES (AP) — Ed McMahon blames the possible foreclosure of his multimillion-dollar Beverly Hills house on a set of problems all too familiar to many Americans: a foundering economy, health problems and poor planning.

"If you spend more money than you make, you know what happens" [The only part of his statements that make sense - I don't know how he goes from that one little nugget of common sense to the typical "I'm a victim" drivel that follows. . .], 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."

McMahon, 85, appeared with his wife, Pamela. The couple said they are $644,000 behind on their mortgage payments and are in negotiations with lender Countrywide Home Loans Inc. to set a foreclosure date.

McMahon, in a neck brace, said he had stopped working since he broke his neck in a fall 18 months ago. He didn't elaborate.

McMahon, who was Johnny Carson's sidekick on the "Tonight" show, said the house had been on the market for two years and that although 50 organizations or individuals had looked at it, no one had made an offer. Documents show McMahon has a $4.8 million mortgage on the home.

"It's like a perfect storm," he said. "Economy problems. Selling the house right now is a tremendous operation."

McMahon bought the six-bedroom, five-bathroom, 7,000-square-foot house in January 1990. The mansion, which is listed at $6.25 million, is in a gated hilltop section off Mulholland Drive called The Summit. Britney Spears is among his neighbors.

Asked why a millionaire couldn't make house payments, Pamela McMahon said the couple had less money than people may think and suggested they could have done a better job managing their finances.

"We didn't keep our eye on the ball. We made mistakes," she said. "It's embarrassing to say the least, and it's sad, because you know, Ed's worked his whole entire life."

McMahon, a former pitchman for the American Family Publishers' sweepstakes and former "Star Search" host, received a $7.2 million settlement after a toxic mold spread through his house and led to the death of their dog in 2001.

With legal fees and construction costs of fixing the mold problem, the money did not go far, McMahon said.

"We had nine lawyers, they had nine lawyers," McMahon said. "By the time that's all over, and you rebuild the house from the outside in. ... A lot of things went wrong."

Still, McMahon said he was hopeful. He said there has been renewed interest in the house this week.

"I'm optimistic," he said.

Jeff,

When are you going to pull your head out of your rear?

Ed bought this house almost 20 years ago and once inside the house found that it was infested with black mold. Most of the settlement he won to fix the house was supposedly given to the lawyers, then the remainder to repair the house.

Has he spent more than he has in the bank? Yes and he has admitted that, but do you know what its like to be disabled? Try breaking your neck and get back to us. I am sure you would be working with a broken neck, but 99.9999% of us would be bedridden.

Try looking in the mirror and see how perfect your life is before smearing mud all over someone else sometime. He has made mistakes but then we all have.

Ed also said that with the divorces and alimony he had to pay, that also contributed. I feel worse for others who through no fault of their own are in dire straits. 1Million homes are in forecolsure, so there's a lot of misery to go around!

McMahon what an idiot, I bought my house in 1990 (almost the bottom of the market)
He bought in 1990 too. He should have tons of equity. He used lines of credit as his personal ATM like so many. I retired at the age of 47, because I lived way below my means, paid debt. Still working at 85 years old......WTF, just plain and simple bad planning.

Normally i agree with Jeff's posts, but not this time.

The guy broke his neck. IMO that's a big time extenuating circumstance. A broken neck is one of the few injuries that would keep him from pitching products.

I have mortgage disability insurance. If for some reason I become disabled, my mortgage payment is taken care of. I also have disability insurance, which will help me take care of other bills and medical expenses. I will carry these until I feel that I have built up sufficient savings that they are no longer necessary.

Part of being an adult is planning for the unfortunate.

I don't feel quite as strongly as P-O-P on this, but I'd have to agree with Minkoff. How does a guy like him get into a mess like this? What happened to the money he made during his 60-some years in show-biz? He shouldn't have to work at the age of 85. If he does, there's certainly a lot of bad planning that went on--for decades. And if he purchased the house nearly 20 years ago, a very large portion of the house should be paid off. Enough, at least, that he should be able to sell it for something and still get out without having to go through foreclosure or bankruptcy. Feel a bit bad for him due to the divorces. And he's got a relatively young kid; well, at least highschool age, IIRC. Not throwing stones at the guy. But still, youda thought will all the money and connections he's made over the years he would have hired smarter people to keep an eye on the bank account along the way.

He's probably hoping the publicity will create an out for him. He may be right- time will tell.

He should have planned to get divorced and having to pay alimony instead of mortgage payments, and he should have planned to break his neck so he can't work to make payments. Poor planning indeed.

If the average Joe out there breaks his neck and can't work, he'll be in financial trouble too.

if McMahon hadn't broken his neck he could have earned enough to make those payments easily.

Wow, i'm stunned Sammy. I thought for sure you'd be one of the "toss his ass out on the street" crowd.

I am pleasantly surprised. ;)

Looking at the other side of the coin...Isn't he saving a few $$$ by walking away from the home vs. trying to hold on? Perhaps he planned this since the home won't sell and is using the "I'm broke/disabled" angle so the media doesn't beat him up. When he recovers, we'll see him as the pitch-man for some national "foreclosure rescue" firm.

I think he's smiling like a fox.

HA!

It sounds like he may be getting his "just rewards" for participating in the "mold scams."

(You paid for his $7.2 million settlement through higher insurance premiums on your home, just as you've paid for everyone else playing the "toxic mold" game with the insurance companies.)

if you can borrow for a house that expensive, i think you can also fork over some cash to get some insurance?

can't he just write a publishers clearing house check ?

Nah, I think Dick Clark wiped out that account when he built his shack in Branson.;)

I can understand someone having "hard times" because of an illness or injury (especially a broken neck). However, when one encounters "hard times" either (1) medical insurance covers it or (2) you get rid of luxuries to deal with it. A $5M home is not a necessity. He should have cashed out and gotten a much cheaper place elsewhere, then used the $$$ to cover his medical costs. Tough break, but he wouldn't be making such an arse of himself today.

This guy is becoming the poster child for every irresponsible dipstick out there who is trying to milk their own poor planning and lack of judgment into a freebie from the public trough. Sick.

Trying to use a divorce as an "excuse" is stupid too. Divorce is a choice. Don't want to pay the $$$? Don't get the divorce. Deal with it like a man and try and make it work.

Trying to use a divorce as an "excuse" is stupid too. Divorce is a choice. Don't want to pay the $$$? Don't get the divorce. Deal with it like a man and try and make it work.[/QUOTE]

Amen, I retained my wealth because I have been married for 30 years, even only being 21 years old when I married, we made it work. Of coarse we had our ups and downs, but we gutted it out and are completely happy today. It did help to pick the right one, but it was part of my plan. Some of the guys on this thread that have sympathy because of a divorce probably have been divorced at least once.

{cue the music}

I turn on the tube what do i see,
a whole lot a people cryin' "don't blame me"
they point their crooked little fingers at everybody else
spend all their time feelin' sorry for them selves
victim of this, victim of that
your momma's too thin; and your daddy's too fat

get over it, get over it
all this whinin' and cryin' and pitchin' a fit
get over it, get over it

you say ya haven't been the same since ya had your little crash
but you might feel better if they gave you some cash
the more I think about it, ol' billy was right
let's kill all the lawyers- kill 'em tonight
you don't wanna work you wanna live like a king
but the big bad world doesn't owe you a thing

get over it, get over it
ya don't want to play then you might as well split
get over it, get over it

it's like going to confession every time i hear you speak
your makin' the most of your losin' streak
some call it sick, but i call it weak
yeah yeah yeah

yeah you drag it around like a ball an' chain
you wallow in the guilt; you wallow in the pain
you wave it like a flag, you wear it like a crown
got your mind in the gutter, bringin' everybody down
ya b1tch about the present and blame it on the past
i'd like to find your inner child an' kick it's little azz

get over it, get over it
all this b1tchin' and moanin' and pitchin' a fit
get over it, get over it, get over it
-Eagles

How long did he plan to keep working? At 55 I can quit anytime, have been debt free for years. I may work till 70 but only because I enjoy it.
Sorry Ed, no sympathy here, every day I see too many people much worse off than you.
Jim

Hey-oooooooh!


Just thought I'd throw that out there :D

Yeeeeeeesss! You are correct, sir!



KT