Westmoore Inc. in Anaheim Hills is suing Ed McMahon for more than $275,000 that it says the former “Tonight Show” sidekick owes from a 2006 loan, reports the Associated Press.
Although the lawsuit was only just filed, he and his wife had defaulted on the loan in early 2007. More proof that the foreclosure process in California is excruciatingly slow.
Mr. McMahon’s financial troubles have been widely reported in the media. Many scratch their heads when hearing about the financial trouble he’s in. It’s hard at times to feel compassion when someone so famous, and obviously in a position to earn great sums of money over a long period of time, goes broke.
His publicist Susan DuBow said he broke his neck in a fall and couldn’t work.The AP reports creditors say the McMahons also owe money tied to prescription drugs, credit card debt and attorneys’ fees for their daughter’s divorce.
The lesson here is simple: don’t live above your means, or lives as though your means will last forever. Save and invest!
Comments on this entry are closed.