June 7, 2008 - Loser of the Week - Ed McMahon

This week’s LOSER OF THE WEEK is Ed McMahon.

McMahon, was best know for introducing Johnny Carson on the Tonight Show. His intro of “Here’s Johnny” was unparalleled. He is also former pitchman for the American Family Publishers' sweepstakes and former "Star Search" host.

McMahon, 85, appeared with his wife, Pamela on the CNN’s Larry King Live this week. The couple said they are $644,000 behind on their mortgage payments and are in negotiations with lender Countrywide Home Loans Inc. to set a foreclosure date.

$644K BEHIND? Most homes don’t cost $644K.

Ed McMahon blames the possible foreclosure of his multimillion-dollar Beverly Hills house on a set of problems all too familiar to many “normal” Americans: a floundering economy, health problems and poor planning.

"If you spend more money than you make, you know what happens," McMahon said Thursday night on CNN's Larry King Live. "You know, a couple of divorces thrown in, a few things like that. And, you know, things happen."

Here is my advice. DON’T SPEND MORE THAN YOU MAKE and DON’T GET MULTIPLE DIVORCES.

Documents show McMahon has a $4.8 million mortgage on the 7,000 square foot mansion has six-bedrooms, five-bathrooms. It is located in a gated hilltop section off Mulholland Drive called The Summit. Britney Spears is among his neighbors.

In addition to the incomes from his many Hollywood jobs and endorsements, McMahon received a $7.2 million settlement after a toxic mold spread through his house and led to the death of their dog in 2001.

How bad of a money manager do you have to be? Below is the only known picture of Ed McMahon and his financial advisor.

Using my best Ed McMahon voice: “HEEEEEEERRRRREEEEE’S MY ADVICE.”

I would suggest that Mr. McMahon should wait out by the mailbox for that American Family Publishers check. It’ s in the mail.

Or you could try to live WITHIN your means and move to a more reasonable house.

Either way, Ed McMahon, you are my LOSER OF THE WEEK.