The comedian is facing foreclosure on his multimillion-dollar Beverly Hills mansion after he fell behind with his mortgage repayments.
McMahon reportedly owes $600,000 in overdue payments and a repossession company has filed a default notice on the property–meaning he could now lose the house altogether.
The 85-year-old has been out of work for 18 months after breaking his neck in a fall. He has been attempting to sell the $6.25 million home for two years, but the property market troubles have ruined his plans.
However, McMahon‘s manager claims the star’s financial woes boil down to a drinking problem, insisting before McMahon got sober 10 years ago his boozing ways meant he neglected many financial matters.
He tells New York gossip column Page Six, “You drink and you don’t pay attention to your business affairs. He wasn’t paying attention and probably got some bad advice.”
He adds, “I’m hoping America will rally around him and somebody will have a great idea to make him a spokesman.”
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