You didn’t think the Ed McMahon foreclosure story was just going to go away, did you?

Ed and his wife Pamela were on Larry King Live last night. Of course! They’ll be on The View next.

Here’s some of what he had to say from ET Online:

“It’s like a perfect storm. The economy problems … selling the house right now is a tremendous operation,” Ed said, admitting also: “If you spend more money that you make, this can happen.”

“I think that because you’re a celebrity, people think you have a lot more than you have,” Pamela added, attributing their troubles to “a combination of Ed working so hard and [our] not looking at proper management.”

Um….”proper management” Pamela?

Why didn’t Larry ask the REAL questions that are on everyone’s mind like:

1. “Ed, where’d all the money go?”

2. “Ed, why didn’t you save for a rainy day?”

3. “Ed, what are you going to do if you DO sell the house before foreclosure, because with that loan amount, it’s not like you have much to live on.”

I’m pleased to see that at least Ed took some of the blame for his predicament. It’s NOT about the economy and a slow housing market. It’s that he MUST sell because he has no money to make his payment.

He apparently went public with the news of pending foreclosure because, well, that’s public information (ha! ha!) and also because:

“I figured I want to speak for [them],” he said. “I want give them hope and some kind of guidance.”

He wants to give others facing foreclosure some kind of “guidance”???

I, for one, am glad he’s gone “public” and is speaking out. Look in the mirror and repeat after me:

“I will not be Ed McMahon someday. I will prepare for my retirement. I will save some money for a rainy day. I will not be Ed McMahon someday.”

But Ed is forever the optimist because some publicity is better than NO publicity (even Ed knows that):

“Now there’s all kinds of interest. I’m optimistic,” he said, adding that his experiences landing fighter jets on battleships during WWII have given him a practical life-outlook: “Once you’ve done that a couple times, this is easy.”

Stay tuned. I doubt this is the last we’re going to hear of this story.

By now you’ve seen all the media coverage of the possible foreclosure on celebrity endorser and spokesman Ed McMahon’s Beverly Hills mansion.

The media is acting as if rich people never get foreclosed. The LA Times just reported on foreclosures on multi-million homes in Napa, the center of Wine Country and all things chic:

Elsewhere in Napa, a 5,676-square-foot Mediterranean villa on a 35-acre lot was recently foreclosed on. It’s now on the market for $5.255 million.

Seven other houses in the city worth more than $1 million each are in default or have been foreclosed on, according to ForeclosureRadar, a company that sells default data.

Buyers last week of a Spanish-style, 3,220-square-foot house on a cul-de-sac here got a bargain: $1 million for a hilltop home in Northern California’s wine country, with views to San Francisco in the distance.

Two years ago, the same property sold for $1.4 million. But after the lender foreclosed on the property, the home was deeply discounted. Real estate agent Michael Snider, who handled the sale, thinks more such sales are on the way.

“It’s just beginning,” Snider said.

The wealthy may be able to hold off foreclosure longer than others, but eventually those with debt they can’t handle will be foreclosed on, he said.

Add Ed McMahon to the list.

But the REAL story that the media isn’t talking about is: Why is Ed McMahon, who is 85-years old and has been on television for DECADES- apparently broke?

Did he PLAN for retirement? Did he ever save any money? If not, why not?

Shouldn’t he have stocks, bonds, other investments?

All we know is that the house is listed for $5.75 million. McMahon’s loans, from the LA Times:

McMahon took out two loans on the property totaling $4.5 million and later borrowed an additional $300,000 against the house, according to ForeclosureRadar. The loans were obtained through Countrywide Home Loans Inc.

He’s been trying to sell it for two years, with no luck. He’s is in arrears by $644,000!

But, again, he is 85 YEARS OLD.

WHERE IS HIS MONEY????

From his spokesman:

Bragman, his spokesman, said McMahon fell and broke his neck about 18 months ago and has been unable to work since.

“The ideal situation would be that he would be healthy and able to earn a living to pay for his house,” Bragman said.

Why is he working when he is 85? Can you even imagine living paycheck to paycheck at that age?

Unfortunately, many of us think we’ll work for forever. So we save nothing. That is the only explanation.

Ed McMahon was Johnny Carson’s sidekick on the Tonight Show for years. He was also the host of Star Search. You’d think he made decent money from that.

Oh- and there’s this:

McMahon won a $7.2-million insurance settlement after claiming that mold in his house killed his dog Muffin and sickened him and his wife.

According to a lawsuit he filed, the trouble began when a pipe broke and water flooded a den. Mold was later discovered throughout the house. McMahon and his wife, Pamela, blamed faulty cleanup.

Did he ever collect on that settlement? If so- where did that money go???

Too many unanswered questions.

The REAL story here isn’t the foreclosure. Those are a dime a dozen (even in the upper bracket, sadly.)

The REAL story is how Ed McMahon, after decades in well-paying show business jobs, can be 85-years old and apparently broke.

How many women do you know who got engaged, only to see them break it off? What to do with the ring? Some give it back to the fiance. Others keep it.

Or, even more common, what if you’re married and, unfortunately, that doesn’t work and you end up divorced. What do you do with the engagement ring, the wedding ring, the necklace that your now ex-husband gave you?

With gold at $900 an ounce, many women may not want to just keep it in the jewelry box.

You could try and sell it on eBay, but that’s a pain. There are pawnshops too- but you likely won’t get much from that either.

Finally- someone has figured out a way for women to sell their gold, silver and platinum jewelry and hopefully make a bit of money. The website is called exboyfriendjewelry.com.

From the Chicago Tribune:

Erin Ennis, 38, a Washington, D.C., lobbyist, ended a relationship five years ago. She wrote in her ad, “Celtic knot earrings”: “At some point, he began to take fabulous trips to Ireland. Without me. I did get this lovely parting gift, however.”

Ennis has already sold a black pearl and diamond pendant and a purple beaded choker on the site.

“I didn’t want to just give them away, but I also didn’t want to haggle over them via eBay,” she said. “So, this seemed like a good fit: send them away with a wry sense of humor and make a little money off of them.”

Interestingly, about 25% of the customers on the site are men (someone’s trash is someone else’s treasure, after all.)

On the site, you can write a blurb about how the break-up happened, which is half the fun of the site (sorry guys.)

There are about 425 pieces of jewelry currently listed.

Forget the stimulus checks. What have you got at the bottom of your jewelry box?

This Memorial Day Weekend, be “un-American.”

Don’t go to the shopping mall.

Don’t buy a new car (despite the auto makers giving away $2500 a car rebates “this week only”).

Don’t buy new furniture (despite La-Z-Boy’s ads.)

You really don’t need to use that 20% off coupon at Bed, Bath & Beyond.

Stay home. Grill. Play in the backyard with your kids. Walk to the beach. Bike in the mountains. Read a book on your balcony.

Just take a break from shopping for one weekend. You might discover there are more options that can bring joy than simply whipping out the credit card.

Simplify your life. Start this weekend.

I hope everyone has a safe Memorial Day and remembers the reason we have Monday off. It isn’t to buy new sheets at that Memorial Day sale.