Ed McMahon's Beverly Hills Home in Foreclosure

Ed McMahon's Beverly Hills Home in Foreclosure
Ed McMahon
John Elliott/Hutchins

06/04/2008 AT 05:15 PM EDT

Ed McMahon – familiar for decades as Johnny Carson's Tonight Show sidekick, Star Search host and pitchman for the American Family Publishers' sweepstakes – is facing a crisis currently familiar to a lot of property owners: possible foreclosure of his home.

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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