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Ed McMahon & Latrell Sprewell Have Something in Common
Posted by Thomas the Terrible on June 6, 2008
It’s no secret that there seems to be a financial crisis in the country. Everyone has been affected. Pac Man Jones can’t afford too go to as many strip clubs these days. I’ve been cutting back on my diet Pepsi consumption.
Ed McMahon is in danger of losing his multi million-dollar Beverly Hills home to foreclosure. If you remember Latrell Sprewell recently lost his home due to foreclosure as well. Maybe they can become roommates and be the ultimate odd couple. Latrell can tell stupid jokes and Ed can say “YES” over and over.
As of Wednesday afternoon, McMahon’s Mediterranean-styled house was still in the process of foreclosure; the bank hasn’t taken it over yet and no trustee sale date has been set. McMahon and his wife, Pamela, are having “very fruitful discussions” with the lender to resolve the problem, spokesman Howard Bragman said Wednesday.
The former “Star Search” host has found himself in the same situation so many homeowners have recently, said Daren Blomquist, spokesman for RealtyTrac, which follows foreclosure filings. He found that McMahon has taken out several loans on the house over the past few years, including a $300,000 home equity line of credit the same day he took out the $4.8 million loan in November 2005.
“You’re using your house as a piggy bank because there’s so much equity — at least back in 2005 — so you’re able to take money out of it and use that for just spending in any way you see fit,” Blomquist said. “But the problem with that in the long term is that with the housing in this market, you don’t see it continue to go up in property value. Now, you see it going down in many areas … and you still have to pay your mortgage payments. You don’t have the option to take more cash out of the house.”
I recently read that he was awarded a settlement that exceeds the value of the home in question…and he can’t afford to pay the mortgage? What’s really going on here?
If it’s a gated community, I hope Publisher’s Clearinghouse can make it to his front door.
Hey, he *could* be a winner!
Seriously he was paid millions to laugh at Carson’s jokes, rep for Publisher’s Clearinghouse and several other companies. Where does the money go? And can’t these people (the rich) learn to pay cash upfront and purchase the entire “estate” at once. That way if something truly happens all they would need to worry about is making the tax payments.
Remember I still need “bail” money!!! Click here for details.
moondogleft said
I have no sympathy for the old bastard. I was watching something last night about this and apparently he hasn’t been able to work since he broke his neck 18 months ago. What does that have to do with anything? Who the hell is going to hire an 85-year old man anyway? Not to mention, as you adroitly pointed out, what the fuck did he do with his money? I could be living on the interest let alone what he had in the bank. Maybe he had a bad crack habit.
K12X said
You hear about these stories all the time-rich people with tons of money at certain points in time losing every last dime of it several years later.
I honestly think there is a problem with the American culture. It is so materialistic based. Even the poor amonst us must have only the most expensive car or other item. Whatever happened to self discipline. It’s been proven time and time again that money alone does not make you happy.
I’ll never understand why people no longer save and pay cash or at least put a sizable down payment on some of these expensive items.
I certainly will never understand why rich people at the height of there celebrity simply don’t pay for the house in total. Why do you need to finance a home if you’ve maid 200 million dollars?
Had Evander and McMahon been wiser when their earning were high and they simply paid in full for their dream homes up front, they would only be resonsible for property taxes. For that they could have put away about 2 million in a money market and simply used the interest to pay off taxes.
They never learn. And when will wealthy Afro-American men (for which I am) understand and learn how to use birth control. Have all the sex you want but must you get every sexual liason pregnant? Keep in mind that 5 minutes of pleasure usually costs you a ton of dough and maybe even jail time when things don’t work out as which is often the case.
THINK PEOPLE!!!