Ed McMahon blames the possible foreclosure of his multimillion-dollar Beverly Hills house on a set of problems all too familiar to many Americans: a foundering economy, health problems and poor planning.
"If you spend more money than you make, you know what happens," McMahon said Thursday night on CNN's "Larry King Live." "You know, a couple of divorces thrown in, a few things like that. And, you know, things happen."
McMahon, 85, appeared with his wife, Pamela. The couple said they are $644,000 behind on their mortgage payments and are in negotiations with lender Countrywide Home Loans Inc. to set a foreclosure date.
McMahon, in a neck brace, said he had stopped working since he broke his neck in a fall 18 months ago. He didn't elaborate. Documents show McMahon has a $4.8 million mortgage on the home.