Trump to the Rescue! He Buys Ed McMahon's Home
08/15/2008 AT 09:20 AM EDT
The tycoon says he will save the veteran television personality's Beverly Hills mansion from foreclosure by buying it – and leasing it back to the octogenarian.
Trump, who does not know McMahon personally, said it "would be an honor" to help out the man who spent three decades as Johnny Carson's sidekick on The Tonight Show. "When I was at the Wharton School of Business I'd watch him every night."
McMahon, 85, bought the six-bedroom house in January 1990. Down from a peak price of $7 million, the property was listed at a bargain $4.6 million last weekend, according to the Los Angeles Times.
Paperwork on the sale has not been completed, but McMahon was "very optimistic" the deal would go through, his spokesman told the Associated Press.
– Caris Davis
1987: Trump cemented himself as a billionaire tycoon