Mcmahon Will Stay In His Home
Beloved U.S. TV star Ed McMahon is allowed to stay in his home after brokering a deal to ward off foreclosure on the property.
The former Tonight Show sidekick had owned the house for 30 years but faced the threat of foreclosure after his mortgage lenders filed notice of default in February (08).
The 85-year-old faced losing his home until, in August (08), he found a buyer for the $5.75million (GBP2.9million), six-bedroom mansion in Beverly Hills, California.
Although the identity of the buyer has not been revealed, MCMahon's publicist Howard Bragman has confirmed that the star and his wife will be allowed to continue living at the house, saying, "They ain't leaving."
And Robert Lee, chief executive officer Foreclosure Trackers Inc, the company which brokered the deal, reveals that the foreclosure proceedings will not be closed, just postponed indefinitely.
The couple will be able to make lower payments on their home, but their situation will be evaluated every three months.
He says, "My goal from day one was to make sure he stays in his home. (But) they are not getting a free ride."