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Trump To Rescue McMahon's Home

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Los Angeles Times

Published: August 15, 2008

LOS ANGELES - Developer and TV personality Donald Trump has agreed to buy Ed McMahon's Beverly Hills house for an undisclosed amount and allow McMahon to continue living in it.

Trump's interest is regarded as an act of benevolence.

"I don't know the man, but I grew up watching him on TV," Trump said.

McMahon, 85, was facing foreclosure within two weeks on his home of 18 years. The aging television icon, who was Johnny Carson's sidekick for three decades, defaulted on $4.8 million in mortgage loans with Countrywide Financial Corp. He said he was unable to work because of a neck injury.

Trump said he stepped in because helping McMahon "would be an honor." His plan is to buy the home from the lender and lease it back to McMahon.

"When I was at the Wharton School of Business," Trump said, "I'd watch him every night. How could this happen?"

The six-bedroom, five-bathroom house had been on the market for two years. It once was listed at more than $7 million but dropped this weekend to $4.6 million. McMahon purchased the house in 1990 for $2.6 million, according to public records.

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