HOLLYWOOD, Calif. — Donald Trump is pitching in to help the financially-strapped Ed McMahon.
The real-estate mogul announced Thursday that he was purchasing McMahon's Beverly Hills mansion, just two weeks before the home's expected foreclosure. Trump plans to buy the 7,000-square-foot home for an undisclosed price and then allow McMahon to remain as a tenant.
Trump told the Los Angeles Times that he doesn't know McMahon personally, but grew up watching him on TV, where he served as Johnny Carson's "Tonight Show" sidekick for three decades.
"When I was at the Wharton School of Business, I'd watch him every night. How could this happen?" said Trump, who told the paper he decided to step in because helping him "would be an honor."
McMahon's rep, Howard Bragman, told The Associated Press that the sale has yet to be finalized, but that McMahon was "very optimistic" about the deal closing.
In June, McMahon appeared on CNN's "Larry King Live," where he spoke out on the possible foreclosure of his mansion, which was listed at $4.6 million last weekend. Appearing with his wife, Pamela, the 85-year-old McMahon said he was currently $644,000 behind on his mortgage payments
"If you spend more money than you make, you know what happens," he told King. "You know, a couple of divorces thrown in, a few things like that. And, you know, things happen."
McMahon's home, which he purchased in 1990 for $2.6 million, has been on the market for nearly two years. At one time, it was listed at $7 million.
In March, his lender, Countrywide Financial Corp., filed a notice of default on $4.8 million in mortgage loans.
McMahon hasn't been able to work since injuring himself in a fall nearly two years ago. Still, the couple admitted to King that they had made errors along the way.
"We didn't keep our eye on the ball. We made mistakes," McMahon's wife said. "It's embarrassing to say the least, and it's sad, because you know, Ed's worked his whole entire life."
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