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Archive for the ‘Ed McMahon’ Category

>Houses of The Rich And Famous

An unnamed Russian oligarch has broken a world record by paying $745 million for Villa
Leopolda, a mansion on the French Riviera, the London newspaper the Times has reported. The 20-acre property includes two guest houses and was once
home to parties attended by Frank Sinatra and Ronald Reagan, according to
the newspaper.

Donald Trump’s Palm Beach mansion, Maison de l’Amitie, has been sold for $100 million to a Russian fertilizer billionaire. The 68,000-square-foot home sits on over seven beachfront acres and features 16 bedrooms and three guesthouses. Trump purchased the home for $41 million in 2004, according to the Associated Press.”In an age of so many people getting hurt in real estate, it shows that you can still make a lot of money, even in this market.

Approached via a private lane to gilt and wrought iron gates, the estate — known as Hopedene — sits on six oceanfront acres. On the premises are also a carriage house with guest quarters, an ocean-facing pool and spa, tennis court, gated service entrance and an FAA-approved heliport, according to the real estate agent, Lila Delman Real Estate.
(Lila Delman Real Estate) Sure the house was built in 1899, but that doesn’t mean that it lacks modern amenities. It has air conditioning — for those days when the ocean breeze is missing — as well as an elevator servicing all levels, a large basement laundry room, electric gates at both main and service driveways and on-demand generator service to both residences.(Lila Delman Real Estate)

Maybe you are not looking for something in the South. Well then consider this: a 13,200-square-foot mansion in the exclusive Hamptons. The 19th century beachfront home in Southhampton, N.Y. was recently on the market for $65 million and comes with a 7,500-square-foot guest house, four-car garage, an oceanfront pool and spa.
(Doug Kuntz / Splash News)

Maybe you should consider buying or renting space in a hotel? Hotel Pierre?

At the top of one of Manhattan’s most exclusive hotels is the triplex at The Pierre. The mansard-roofed triplex looks like a mansion placed in the sky and the interior matches the majesty of the exterior. It has a paneled library, wine cellar, black marble staircase, and marble baths.
(Brown Harris Stevens )

Want to wake up each morning in grand opulence in a house with sweeping views of the ocean? Then consider shelling out $22.5 million for this historic clifftop estate overlooking the Atlantic Ocean. The Colonial Revival house includes 15 bedrooms and 11.5 bathrooms. Guests enter through this marble vestibule with a mosaic floor and coffered barrel-vaulted ceiling.
(Lila Delman Real Estate)

The mansion sits on a private cul-de-sac and includes 12-foot ceilings, five bedrooms, his and her marble bathroom suites, a bar and a library. There is even space for your staff.
(Sotheby’s International Realty)
You can imagine the stress melting away as you sit by this pool. It is just one fantastic amenity in this $25.75 million oceanfront mansion for sale in tony Palm Beach, Fla. If the pool doesn’t suit your fancy, don’t fret: the beach is just a few steps away.
(Sotheby’s International Realty)

The Atlanta Journal-Constitution called the sale the “most expensive real estate listing in Georgia.” The mansion, listed with Jenny Pruitt & Associates, features 7 bedrooms, 12 full bathrooms, 11 half bathrooms, and fireplaces.
(Jenny Pruitt and Associates)

Roy Scheider, who played Police Chief Martin Brody in “Jaws,” said he is selling his five-bedroom oceanfront home in Sagaponack on Long Island, New York to Billy Joel for nearly $19 million. Scheider’s house is set on an acre in the Hamptons, and features four fireplaces and various decks and porches. It was built for the actor and his family in 1994.

Three Ponds Estate covers more than 60 acres of highly-coveted Hamptons turf in exclusive Bridgehampton, N.Y. The three lakes on the property are not all the estate boasts — the extravagant property has its own USGA-rated Rees Jones golf course as well as 14 gardens and a 75-foot-long swimming pool.
(Allan Schneider Associates )

The interior of the Three Ponds Estate is just as lavish as the grounds, with wood paneling, plenty of room and carved fireplaces.
(Allan Schneider Associates )

Angelina Jolie and Brad Pitt have reportedly purchased this French Riviera chateau for $70 million. The property, called Chateaux Miraval includes a vineyard, moat and forest. There are underground aqueducts, a lake, and stone-walled terraced planted with 13 different types of olives.

The Astors, one of the most prominent American families, used to summer at this 19,000-square-foot home overlooking the Atlantic Ocean, which is on the market for $1* million. The residence, known as Beechwood Mansion, is amid a row of homes in Newport, Rhode Island that became the summer social circuit for New York’s most elite families. The Gilded Age home has served as a living museum in recent years and offers daily public tours with actors playing the part of tour guides and doormen.

The property features a private 18-hole golf course, a lake, tennis court, bowling alley, stables, a guest house and of course a home theater. And if you are looking for a place to keep your cars, don’t fret: the property also includes a 12-car garage.
(Jenny Pruitt and Associates)

What does $155 million get you? Apparently, a home. With a 30-car garage, a bowling alley, and its own ski lift at the Yellowstone Club near Bozeman, MT. And the title “The World’s Most Expensive Home” from Forbes magazine. The Disneyland-sized estate eclipsed the record previously held by the $139 million “Updown Court” in England, and makes Trump’s renovated $125 million estate in Palm Beach look like a beach shack.

Model Christie Brinkley is parting with her vintage Bridgehampton estate, on New York’s Long Island, otherwise known as Tower Hill, for an asking price of a cool $30 million, according to the New York Post. She shared the house with her fourth husband, Peter Cook, but they separated last summer after Cook allegedly cheated on Brinkley with a teenage girl. Brinkley is now listed as the sole owner. The 8,500-square-foot main house was built in 1898.

Looking for a home that isn’t just spacious and luxurious but also has a bit of celebrity? Then consider fashion designer Tommy Hilfiger’s four-acreGreenwich, Conn. estate, which is on the market for $27.9 million. The 20,000-square-foot home has seven bedrooms, nine full bathrooms and three half bathrooms.
(Sotheby’s International Realty)

With the ominous clouds looming overhead, this castle looks like it would be the perfect setting for a haunted movie. Well, it was. This medieval castle in Transylvania was the house where Bram Stoker’s “Dracula” was born. A warlord Prince Vlad the Impaler was believed to have spent a night in the castle in the 14th century and nearly 500 years later he inspired the fictional demon Dracula. The Romanian royal family moved into Bran Castle in the 1920s.

This humongous house contains a real live movie house with current play bills.

The owners of this house built into it no less than 65 security cameras.

Billionaire real estate tycoon Donald Trump again proves that he has heart: He doesn’t even know Ed McMahon, the TV personality, but he bought his house and rented it back to him, saving a difficult foreclosure for the 82-year-old former sidekick of Ed Sullivan, star of the Ed Sullivn Show in the Fifties and Sixties.

>30-Year Fixed-Rate Mortgages Going Up

>Foreclosed Homes Increases
June 4, 2008

The Wall Street Journal reports that the number of foreclosed homes owned by lenders continues to rise despite signs that they are increasingly willing to slash prices to sell those properties.

There were about 660,000 foreclosed homes in April, up from 493,000 in January and 231,000 in January 2007, according to First American CoreLogic, a research firm based in Santa Ana, California. They collect data from lenders and county clerks. The April total means one in seven previously occupied homes for sale are now in foreclosure! Wow!

There has been a surge in defaults that has increased the inventory of bank-owned homes, known in the trade as REO, for “real estate owned.”

Yes, if you’re on notice regarding a pending foreclosure the smart thing is to go to the bank and negotiate the amounts downward. There is evidence that banks are eager to work out the problems. It doesn’t help them to foreclose on someone, then turn around and get 50 cents on the dollar when they dump these properties.

By cutting prices, lenders have managed to increase sales of such homes sharply in recent months in some cities hit hard by foreclosures, including Las Vegas, Detroit and Sacramento, Calif., local real-estate brokers say.

With home prices falling, “holding the assets means further losses,” said Mark Fleming, chief economist for First American CoreLogic. Some lenders now are cutting prices as often as every 20 days on homes that aren’t selling, said David McCarthy, chief executive officer of Integrated Asset Services LLC, a Denver-based company that helps banks value and sell REO homes.

But lenders haven’t yet managed to catch up with the inflow of foreclosed homes. Mark Zandi, chief economist at Moody’s, forecasts that the inventory of REO homes won’t peak before the end of 2009.

In dollar terms, foreclosed one- to four-family homes owned by lenders whose deposits are insured by the Federal Deposit Insurance Corp. more than doubled to $8.56 billion at the end of the first quarter from $3.59 billion a year earlier.

The Wall Street Journal said the REO glut is weighing on house prices in many areas, as banks tend to cut prices faster than other sellers. A new set of local home-price indexes, to be introduced this week by Integrated Asset Services, shows that the median price of homes sold in Riverside County, Calif., in April was down about 29% from a year earlier. The median price fell about 13% in Clark County, Nev., and 12% in Arizona’s Maricopa and Pima counties. Median-price comparisons can be skewed by shifts in the proportions of high- and lower-priced homes sold from one year to the next but provide a broad indication of market trends.

To avoid or at least delay losses, many lenders are trying to avert foreclosures by easing loan terms or giving struggling borrowers more time to catch up. We hope they cut some “slack” for TV star Ed McMahon who is in jeopardy of losing his Berverly Hills mansion. Mortgage companies completed loan workouts for 183,000 households in April, up from 160,000 in March.

Meanwhile, long-term interest rates rose last week, marking another potential drag on the housing market. The average rate on 30-year fixed rate loans eligible for sale to government-sponsored investors Fannie Mae and Freddie Mac was 6.17%, up from 6.02% a week earlier, according to HSH Associates, a financial publisher in Pompton Plains, N.J.

>Ed McMann About To Lose His House


Foreclosure Looms In McMahon’s Future

The Wall Street Journal reported today that Ed McMahon, the longtime sidekick to television star Johnny Carson, faces the possible loss of his Beverly Hills home. Believe it or not, he faces what millions of other Americans face—a possible foreclosure action.

The action was initiated by a unit of Countrywide Financial Corp., but from Howard Bragman, spokesman for McMahon, it looks like something might be worked out. Many Americans at Mr. McMahon’s advanced age, 85, try to save the equity in the home by selling it, but it is also possible to take out a reverse mortgage. If that happens the McMahons will be allowed to live there until both he and Mrs Pamela McMahon die.

That isn’t the most satisfactory way to handle it, one most Americans dread because they have nothing left to give to their children when they die. The mortgage company takes everything, even if the value in the house far exceeds what they owe the mortgage company. Thus, a windfall in some instances to the mortgage companies.

We who remember the Johnny Carson TV show remember Ed McMahon as his jovial foil, a fixture of American television for decades. He is one of the most prominent people caught up in a wave of mortgage defaults that has devastated low-income areas, suburbia and even a few posh gated communities, such as the one where the McMahons live. U.S. Rep. Laura Richardson, a California Democrat, recently lost a home in Sacramento to a foreclosure. Rep.

The WS Journal said ReconTrust, a unit of mortgage lender Countrywide Financial, on Feb. 28 filed a notice of default on a $4.8 million Countrywide loan backed by Mr. McMahon’s home. The notice was filed with the Los Angeles County Recorder’s Office but hasn’t previously come to light. According to the filing, Mr. McMahon was then about $644,000 in arrears on the loan. It isn’t clear whether Countrywide still owns the loan or is acting on behalf of investors who acquired it. Public records also show that Mr. McMahon had a separate home-equity line of credit from Countrywide of up to $300,000 secured by the same house.

Mr. McMahon’s home has been on the market for about two years—what a shame. He should have read Don White’s new hit book, SELLING FAST, We Sold Our House In One Day And You Can Too. His real estate agent Alex Davis said the price had been reduced, but he couldn’t immediately provide details. The Christie’s Great Estates Web site, which includes homes listed by Mr. Davis, lists the asking price at $5.75 million and says it has a canyon view and a master-bedroom suite with his and her bathrooms.

Mr. McMahon broke his neck in a fall about 18 months ago and hasn’t been able to work, Mr. Bragman said. That health problem, along with the weak housing market and economy, has forced Mr. McMahon into foreclosure proceedings, Mr. Bragman said.

The McMahons “understand that they are in the same situation as hundreds of thousands of other hard-working Americans, and their hearts go out to them,” Mr. Bragman said.

It isn’t inevitable that the McMahons will lose their home to foreclosure. Lenders often ease terms on loans or provide more time for borrowers to catch up. Lenders also sometimes agree to accept less than the full amount due on the loan if the borrower can find a buyer for the home.

Don White’s new book is offered exclusively in ebook form. It can be purchased from this web site, HOUSE ABC’s through PayPal.
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