Ed McMahon’s financial troubles took a toll in the latter part of his life. Here, we address the financial standing of McMahon during his final years and the circumstances surrounding his death.
His Career Highlights
Ed McMahon started in show business as an announcer and sidekick for the ‘Tonight Show Starring Johnny Carson.’ He greeted the audience nightly with his famous catchphrase, ‘Heeere’s Johnny!’ This stint lasted for almost 30 years, making McMahon a household name in the United States.
In addition to the ‘Tonight Show,’ McMahon hosted ‘Star Search,’ a talent competition that preceded today’s reality talent contests, for over a decade. Besides, he co-hosted the annual ‘Jerry Lewis Labor Day Telethon’ and appeared in numerous commercials.
McMahon’s Financial Turmoil
Despite a long and seemingly lucrative career, McMahon faced serious financial challenges. In 2008, news broke that he was facing foreclosure on his Beverly Hills home.
McMahon’s Beverly Hills home was hard to sell, despite being a luxury property. The house’s original listing price was $6.25 million, reduced to $5.75 million. The area’s paparazzi presence deterred potential buyers. Donald Trump intended to help, but he did not. Another family friend supported the McMahons, renting the home back to them.
McMahon owed around $644,000 on a nearly $5 million mortgage. American Express had a judgment against him for about $750,000. Hix Inc. originally claimed he failed to repay a $135,000 loan, but it was settled down to $51,000. In the end, McMahon’s total debt was nearly $1.5 million.
McMahon’s financial troubles were partly due to his generosity. He financially supported his third wife Pam’s clothing business, which failed. Besides, he didn’t receive residuals from ‘The Tonight Show’ DVD sets.
Various other factors also contributed to this financial crisis, including health problems that limited his work opportunities.
Net Worth in The Final Years and His Cause of Death