Billionaire Trump Ready to Help TV Personality McMohan Avoid Foreclosure

August 20th, 2008 | Tags: Foreclosure

Billionaire businesses giant Donald Trump is ready to help television personality Ed McMohan avoid foreclosure of his multi million-dollar house on Beverly Hills. A spokesperson for McMohan, Howard Bragman said that the discussions are going on but the deal has not been clinched as yet. However there is a lot of optimism that foreclosure will be avoided.

Donald Trump deals with development of real estate and also hosts television reality show – The Apprentice. He spoke to Los Angeles Times when there was a lot of publicity over his stepping forward to help McMohan on his default amounting to $4.8 million. The house in question is a dream with six bedrooms and five bathrooms on Beverly Hills. Trump explained that he did not know McMohan personally but had grown up “watching him on TV.” He had watched him every night and could not believe that this could have happened. According to plans, Trump is going to purchase the house from the lender and then return it to McMohan on lease, reported the Times.

Today McMohan is 85 years old. He is well known for his “Heeeeeere’s Johnny” introduction of “The Tonight Show” for the past 30 years. He has also been hosting TV talent show “Star Search” McMohan is a prominent high-profile personality and his being caught up in the foreclosure net has drawn a lot of publicity.

The lenders notified McMohan of default amounting to arrears worth $644,000 on the house. For about two years the house is sitting on the market shelves with a price tag of $5.75 million. McMohan has had his share of troubles that led to this mess in his finances. About a year and a half ago he fell down and broke his neck. This stopped him from continuing with his work.

McMohan is being haunted by debts. This week another company based in California, Westmoore Lending, has brought legal charges against McMohan and his wife Pamela McMohan alleging that they were defaulting on a loan of $250,000. In the previous month a lawyer from New York sued him for over $275,000 stating that McMohan had failed to pay him his dues when he represented his daughter in a matrimonial suit.

USA is reeling under a foreclosure crisis with a rate of 1:464 in July. This shows an increase of 55% from July of the previous year, according to RealtyTrac. Foreclosures are sparing none – neither celebrities nor the man in the street.