JUNE 23, 2009—JOHNNY CARSON’S SIDEKICK ED MCMAHON DIED AT THE AGE OF 86 FROM COMPLICATIONS OF BONE CANCER.
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ED MCMAHON LOST HIS FORTUNE DUE TO A COMBINATION OF EXCESSIVE OVERSPENDING, COSTLY DIVORCES, A SEVERE FALL THAT PREVENTED HIM FROM WORKING, A TOXIC MOLD INFESTATION THAT DRAINED A MASSIVE INSURANCE SETTLEMENT, AND HOLDING ONTO AN ILLIQUID, MULTIMILLION-DOLLAR BEVERLY HILLS MANSION DURING THE 2008 HOUSEING DOWNTURN.
- ED MCMAHON HAD A FAMOUSLY GENEROUS AND LAVISH LIFESTYLE, WAS KNOWN FOR TIPPING EXCESSIVELY, AND CONSISTENTLY LIVED BEYOND HIS MEANS FOR DECADES.
- EXPENSIVE SETTLEMENTS FROM PREVIOUS MARRIAGES SEVERELY DEPLETED HIS ACCUMULATED WEALTH.
- ED MCMAHON BROKE HIS NECK IN A FALL AND WAS UNABLE TO WORK FOR NEARLY TWO YEARS, ABRUPTLY CUTTING OFF HIS INCOME STREAM WHILE HIS BILLS CONTINUED TO PILE UP.
- IN THE EARLY 2000s, A TOXIC MOLD OUTBREAK CONTAMINATED HIS BEVERLY HILLS ESTATE, KILLING HIS DOG AND CAUSING SEVERE HEALTH ISSUES FOR HIM AND HIS STAFF. WHILE HE EVENTUALLY WON A $7.2 MILLION INSURANCE SETTLEMENT, THE VAST MAJORITY OF THE MONEY WAS CONSUMED BY EXPENSIVE LITIGATION (HE AND THE INSURANCE COMPANY BOTH HIRED NINE LAWYERS) AND THE RECONSTRUCTION OF THE HOME. MCMAHON TOOK OUT A $4.8 MILLION MORTGAGE ON HIS BEVERLY HILLS PROPERTY IN 2005. WHEN HE WAS UNABLE TO WORK AND HIS HOME FAILED TO SELL ON A SLUMPING REAL ESTATE MARKET, HE FELL OVER $644,000 BEHIND ONHIS PAYMENTS, BRINGINGHIM ON THE VERGE OF FORECLOSURE. TO STAVE OFF TOTAL FINANCIAL RUIN AND THE LOSS OF HIS HOME, FRIENDS LIKE DONALD TRUMP AND JAY LENO STEPPED IN WITH PUBLIC OFFERS TO HELP HIM REFINANCE OR SELL THE PROPERTY. HE AND HIS LENDER EVENTUALLY REACHED A CONFIDENTIAL AGREEMENT THAT ALLOWED HIM TO AVOID FORECLOSURE.