Former television star and close associate of Johnny Carson on the “Tonight” show, Ed McMahon, is at risk of losing his multi-million dollar, Mediterranean-style mansion in Beverly Hills.

Having wooed American audiences with dreams of prosperity and the “good life”, it is ironical that Ed McMahon is dithering on the brink of homelessness today. The former aggressive marketer of the American Family Publishers is hard-pressed for funds to help retain his palatial home in Beverly Hills.

McMahon had acquired the villa, sprawling over 7000 square feet, and consisting of six bedrooms and five bathrooms way back in January 1990. The villa is situated at a place called The Summit at a gated section of the hilltop at Mulholland Drive. An impressive stone frontage approached through a large driveway, a stylish staircase, and a gorgeous pool are some of the highlights of the villa.

The Hilton & Hyland realty Web site listing enumerates some of the other attractions thus, ‘the master suite, with his and hers baths and closets, (which) overlooks the yard and sweeping canyon.’ Pop diva Britney Spear's residence is also located in the vicinity.

The market watch over the last two years lists the value of the mansion at a whopping $6.25 million. However, no data is available yet on the buying price. Informed sources track an amount of $644,000 lagging on a mortgage loan of $4.8 million sanctioned in 2005. A case had been filed by Countrywide Home Loans Inc on Feb 28, 2008, for retrieval of the outstanding amount.

As per a release of Celebtv.com, McMahon has been informed that the dues are set to "increase until your account becomes current." However the bank has not initiated any steps as yet for acquiring the property. No date has been fixed for any trustee sale so far. Spokesman Howard Bragman informed that McMahon and his wife Pamela are proactive in arriving at a solution to the problem.

The current status of McMahon’s finances are a fall-out of an unfortunate accident in which he broke his neck. After this setback 18 months ago, he has been unable to work. The 85-year old had become a household figure in America, especially through his television appearances, and often sympathized with the lot of the common American plagued by property-related troubles. This makes it all the more poignant that he should be struggling with similar concerns at this point of time.

Bragman quoted Ed as saying, “I know I'm not alone in this. There are a lot of working-class Americans who are getting caught up in this situation, and my heart goes out to them.”

Ed McMahon is one of many celebrities facing similar troubles with “foreclosure crisis.” However, friends are optimistic that he can bail himself out of this unenviable position, and that all will be well in the end.