One thing for sure, Donald Trump sure knows how to work the media and generate tons of publicity! This time Trump is helping Ed McMahon by purchasing his mansion and stopping McMahon’s foreclosure.
Trump wants to purchase McMahon’s Beverly Hills mansion from the bank for an undisclosed amount and lease it back to McMahon. The mortgage on the property is with Countrywide Financial Corp for $4.8 million dollars.
Certainly, Trump is not going to pay full price for McMahon’s mansion. What exactly is Trump likely to do?
According to Ransom Foreclosure 411, Trump will most likely purchase McMahon’s mansion from the bank through a Short Sale offer. This would allow him to pay less than what McMahon owes on the loan. Trump creates some cool cash flowing equity, McMahon would get to lease (possibly with option to purchase back) his home from Trump.
Is that a friend with money or for profit? Just had to ask!