We’re sure you’ve heard about Johnny Carson’s former “Tonight Show” side-kick Ed McMahon’s financial troubles and the near foreclosure of his Beverly Hills estate.
You’ve probably also heard the news that Donald Trump offered to buy McMahon’s house and let him continue to live there.
Now the news is that the home was sold, but not to Trump. When the sale is complete, the McMahons will move on to live somewhere else.
The home was offered for $4.6 million, marked down from an original asking price of $7 million. McMahon had apparently taken out a loan of $4.8 million to buy the home in 1990. According to CNN.com, he was $644,000 in arrears.
The home is located at 12000 Crest Court, Beverly Hills, CA 90210. According to the website of real estate agent Alex Davis, the house is 7,013 square feet and on a 14,736 square foot lot with ocean views.
The agent’s website notes that “The foreign imported doors and meticulously chosen fireplaces are unlike any other. The master suite with his and hers baths and closets, overlooks the yard and sweeping canyon.”
Just this week, the New York Times published an article on the trend toward real estate downsizing by the wealthy in Los Angeles. The article focused on Candy Spelling, widow of the television producer Aaron Spelling, who is downsizing from a 56,500-square-foot French chateau-style home called The Manor (compete with a wine-tasting room, a bowling alley, a silver room, a china room and a gift-wrapping room) to a $47 million, 16,500 square foot condominium.
Perhaps Ed McMahon read the article and thought “Gee, if Candy Spelling can move into a condo, maybe I can, too.”
It is nice to know that there is a solution to the Beverly Hills housing crisis.