‘Til death do us part
Posted on June 5, 2008 - Filed Under Philosophy |
In case you missed it, Ed McMahon from the Tonight Show and Publisher’s Clearing House fame is losing his home. Anther foreclosure victim. But not a victim of rising interest rates but rather a failure to make the monthly payments.
Nearly $644,000 in missed payments.
I have a lot of respect for Ed. Do you know how many times he has personally written me, telling me that I may have won the sweepstakes? For a man of his stature to take time out to write me is, quite frankly, humbling.
Let me draw your attention to a few phrases in the article which chilled me to the bone.
McMahon, 85, has been a pitchman for the American Family Publishers’ sweepstakes.
However, he has been unable to work as a pitchman for various products since he broke his neck 18 months ago, said his spokesman, Howard Bragman.
Am I to believe that Ed, at the age of 85, is still required to work or else he’ll lose his house? Whatever happened to retirement? Does he receive no residual income from the Tonight Show or Star Search reruns?
The thought of having to work at the age of 85 is downright scary. I know some companies like HP and IBM were phasing out retirement for death separation . . . but good grief!
Of course now we have to ask “Yeah but why does he have a 6 bedroom, 5 bathroom mansion in Beverly Hills?”
Beats me.
Why doesn’t he have it paid off after all these years?
Don’t know.
I understand the danger of focusing on those things you don’t want. What you focus on is exactly what you receive. But I can’t help but to shudder at the thought of being 85 and being forced to work.
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6 Responses to “‘Til death do us part”
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Wow… 85 and losing his home… That’s pretty sad…
I’ve seen him on commercials out here in NY for the NY state lottery. He and a few other TV announcer types are in a diner doing their catch phrases for teh waitress when the NY Lottery guy breaks in. They are rather annoying commercials, but I was surpised to see Ed working…
From what I understand you can make a living off acting in commercials but not the type of lifestyle to afford a home like Ed’s.
Matts last blog post..Urinary Frequence During Pregnancy
So sad. I would imagine for people in the entertainment industry, where they make crazy amounts of money, they can’t imagine not having that kind of income — even if they don’t invest it.
IE — MC Hammer, Britney Spears.
I hope it works out for him.
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He bought the home in 1990. I’m sure it was pretty cheap in today’s standards. He won a $7.2 million settlement in 2001. So he had enough money come in at age 77 to pretty much last the rest of his life and he still can’t make it.
Kenrics last blog post..Ebiz#1 update
Your basic worst nightmare…working at 85 and not making enough to keep your home. And, what was he doing when he broke his neck???
Trishas last blog post..Why House 2 Hasn’t Sold Yet
@Trisha: He was on his trampoline.
I guess the adage is true: just because you have a lot of money doesn’t mean you’re going to keep it. By all accounts, Ed should be rolling in cash. But anyone can mismanage money. As Alison was quick to point out, being a millionaire doesn’t mean you’re immune from making dumb decisions. Probably why many millionaires declare bankruptcy.
Yeah… and then there’s alimony.