Donald Trump (left) and Ed McMahon
Charles Eshelman/FilmMagic, Roger Karnbad/Celebrity Photo
08/15/2008 AT 09:20 AM EDT
Looks like financially beleaguered Ed McMahon will have a new landlord: Donald Trump.
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.
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