Donald Trump to Buy, Save Ed McMahon House from Foreclosure

Donald Trump announced Friday that he will save Ed McMahon from foreclosure by purchasing McMahon's mansion.

Trump said Friday that he would purchase McMahon's Beverly Hills mansion for an undisclosed amount and lease it back to McMahon to live in.

Trump said that he does not know McMahon personally, but said that helping the famed TV personality "would be an honor."

McMahon, 85, who was Johnny Carson's sidekick on the "Tonight" show for three decades, has not worked for about 18 months because of a neck injury. He defaulted on $4.8 million in mortgage loans with Countrywide Financial Corp., becoming the biggest Hollywood name to fall victim to the mortgage crisis in America.

"When I was at the Wharton School of Business I'd watch him every night," Trump told the Los Angeles Times. "How could this happen?" Trump graduated from Wharton, the graduate business school of the University of Pennsylvania, in 1968.

McMahon bought the six-bedroom, five-bathroom, 7,000-square-foot house in January 1990. The home was listed at $4.6 million last weekend,  down from a peak price of $7 million.

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