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McMahon, 85, reportedly is approximately $644,00 in arrears on his six-bedroom, five-bathroom home within an exclusive gated community in Beverly Hills called The Summit – the same enclave where Britney Spears lives.
On the market for two years, McMahon's residence carries an asking price of $5.75 million – and a $4.8 million mortgage, according to a Feb. 28 default notice filed with the Los Angeles County Recorder's Office by a unit of Countrywide Financial Corp., reports the Wall Street Journal.
Spokesman Howard Bragman said McMahon and his wife, Pamela, were having "very fruitful discussions" with their mortgage lenders and that the TV stalwart fell and broke his neck about 18 months ago, preventing him from working.
Insofar as their economic squeeze is concerned, the McMahons "understand that they are in the same situation as hundreds of thousands of other hard-working Americans, and their hearts go out to them," Bragman said.
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