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Celebrity Foreclosures – How Can it Happen?

June 6, 2008 by JS · 7 Comments 

Two big celebrities faced foreclosure this week, as both Ed McMahon and Evander Holyfield joined the more than one million Americans being sucked under by the dive in real estate values.

Since we idolize and fanaticize about the live’s of the rich & famous, is there a financial reality lesson here?

Ed McMahon

Ed-McMahon-house

Ed McMahon: Well, if you spend more money than you make, you know what happens. And it can happen. You know, a couple of divorces thrown in, a few things like that. And, you know, things happen. You want everything to be perfect, but that combination of the economy, I have a little injury, I have a situation. And it all came together.

Pam McMahon: I think over the years, you know, it’s just a kind of a combination of maybe Ed working so hard and not kind of looking at proper management, which happens a lot. … Because you’re a celebrity, people think you have a lot more than you have. And you always want to take great care of all of your friends and your family and everybody, and you do. And you don’t, and I think, you know, we didn’t keep our eye on the ball. We made mistakes.

King: And are they foreclosing?

Pam McMahon: Yes, they are. …

From Larry King.

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