Ed McMahon Faces Foreclosure Thanks to Britney Spears, the Economy

Former Star Search host Ed McMahon is fighting foreclosure on his multimillion-dollar Beverly Hills home, according to the Wall Street Journal.

The six-bedroom, five-bath house located within a gated community called The Summit has reportedly been on the market for 2 years, listed at $6.25 million, but its proximity to Britney Spears' home has made it a tough sell.

"When we were trying to sell the house one time, there were about 100 paparazzi there," said Alex Davis, the real estate agent for the property.

Mr. McMahon is reportedly $644,000 behind on his payments on $4.8 million in mortgage loans, which lead Countrywide Financial Corp. to file a notice of default against him in February.

According to his spokesperson, Howard Bragman, Mr. McMahon who has worked as a pitchman for the American Family Publishers' sweepstakes has been affected by the weak housing market and a neck injury 18 months ago that has made it difficult for him to work and make payments. But, he is having "very fruitful discussions" with the company and hoping to resolve the issue.

"[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 is not clear if Mr. McMahon and his wife, Pamela, will be able to remain in the home.

Via AP