Donald Trump is Ed McMahon's New Landlord
I usually save Ann Brenoff's Hot Property column in the L.A. Times for the Sunday Real Estate Round-Up but this is too interesting not to share as soon as possible. Donald Trump has offered to step in and buy Ed McMahon's Beverly Hills home and allow McMahon to continue living there. Trump said in an interview with the Times that although he didn't know McMahon personally he grew up watching him on television and felt that it was an honor to step in and help.
McMahon who is 85 and suffered a debilitating neck injury last year was facing foreclosure within two weeks on his Beverly Hills home. McMahon bought the home in 1990 for $2.6 million and has had it on the market for several years. Most recently it was listed at $4.6 million as shown in the Hilton & Hyland listing. McMahon had defaulted on $4.8 million in mortgage loans with Countrywide Financial Corp.
Trump isn't giving McMahon a free ride. He plans to buy the home from the lender and lease it back to McMahon. According to the Times, McMahon's listing agent, Alex Davis of Hilton & Hyland flew to New York to make a personal pitch to Trump to save McMahon's home.
UPDATE: The LA Times reports that listing agent, Alex Davis, has said there is a second anonymous would-be buyer and so the property is now in a "multiple offer situation."
Reader Comments (Page 1 of 1)
Angie Aug 15th 2008 12:21PM
I doubt Donald Trump has done this out of compassion. There is no such thing as helping others when it comes to Donald Trump. He likes to make it look that way, but his purpose is not to help others, he only helps himself. If he decided to buy out Ed McMahon's house, it's because he could see hidden value and an undeniable return on investment. Ed McMahon may be in more trouble than he was before, but he doesn't realize it.
Chris Sep 6th 2008 2:31PM
Ya think 8-15? Hmmm lets see...Lists at 4.6 mil, Trump buys at 2.6 mil, then leases it... Yeah I have to say this is a win win for both parties. Nice of Trump to give him first in line on lease.