In June 2008, it was announced that Ed McMahon was $644,000 behind on payments on $4.8 million in mortgage loans and was fighting to avoid foreclosure on his multimillion-dollar Beverly Hills home. McMahon was also sued by Citibank for $180,000. McMahon appeared on Larry King Live on June 5, 2008 with his wife to talk about this situation. In the interview, McMahon's wife Pam said that people assumed that the McMahons had so much money because of his celebrity status. Pamela McMahon also commented that they do not have "millions" of dollars. On July 30, 2008, McMahon's financial status suffered another blow. According to Reuters, McMahon failed to pay divorce attorney Norman Solovay $275,168, according to a lawsuit filed in the Manhattan federal court. McMahon and his wife, Pamela, hired Solovay to represent Linda Schmerge, his daughter from another relationship, in a "matrimonial matter," said Solovay's lawyer, Michael Shanker.
On August 14, 2008, real estate mogul Donald Trump announced that he would purchase McMahon's home from Countrywide Financial and lease it to McMahon, so the home would not be foreclosed. McMahon agreed instead to a deal with a private buyer for his hilltop home, said Howard Bragman, McMahon's former spokesman. Bragman declined to name the buyer or the selling price, but he said it is not Trump. Michael Cohen, special counsel to Trump:
“ For Mr. Trump, this acquisition was not business-related, but, as he has stated, was meant to help out an American icon. If another buyer should emerge who will create the benefit Mr. Trump sought for Ed McMahon, then he is clearly pleased. ”
In early September, after the second buyer's offer fell through, Trump renewed his offer to purchase the home.
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