HOLLYWOOD, Calif. — Ed McMahon appeared on CNN's "Larry King Live" Thursday, where he spoke out on the possible foreclosure of his multimillion-dollar Beverly Hills mansion.
"If you spend more money than you make, you know what happens," the former sidekick to Johnny Carson told the host. "You know, a couple of divorces thrown in, a few things like that. And, you know, things happen."
On Tuesday, it was revealed that McMahon's lender, Countrywide Financial Corp., had filed a notice of default in March on $4.8 million in mortgage loans.
Appearing with his wife, Pamela, the 85-year-old McMahon said he is currently $644,000 behind on his mortgage payments for the 7,000-square-foot home, which is located in the same neighborhood as Britney Spears. He said the couple is currently negotiating with Countrywide to set a foreclosure date.
Wearing a neck brace, McMahon said he hasn't been able to work in two years since injuring himself in a fall. Still, the couple admitted they've made errors along the way as well.
"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."
McMahon said he remains hopeful, as there has been renewed interest in the house since the story broke this week.
"I'm optimistic," he said.
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