Trump buying Ed McMahon's house

Real estate mogul Donald Trump reportedly is buying television personality Ed McMahon's Beverly Hills, Calif., house to save it from foreclosure.

The Los Angeles Times said Trump is purchasing McMahon's six-bedroom home, where the famous TV host and sidekick has lived for the last 18 years, for an undisclosed amount.

McMahon, 85, will be allowed to keep living there, as Trump plans to lease the home back to him, the report said.

McMahon defaulted on $4.8 million in mortgage loans with Countrywide Financial Corp. (NYSE:CFC) and faced foreclosure in two weeks if a new buyer wasn't found.

Trump told The Times it "would be an honor" to help McMahon out.

"I don't know the man, but I grew up watching him on TV," Trump told the newspaper. "When I was at the Wharton School of Business, I'd watch him every night. How could this happen?"

Photos

IVideo News Network: Entertainment

Miss Texas Crystle Stewart Wins Miss USA Crown

26-year old Crystle Stewart took home the jewels last night at the 57th annual Miss USA pageant.

The professional model also owns her own business, 'Inside/Out' which helps boost young women's self esteem.

This year's pageant went off without a hitch, and without any big flubs like last year's final question with Miss South Carolina, Caitlin Upton.

Judges included Heather Mills, Rob Schneider, Joey Fatone, Kristian Alfonso, Amanda Beard, Christian Siriano, Shawn "Lights Out" Merriman, Ken Paves, Kelly Carlson, Robert Earl, and George Wayne.

Also in the competition was Chace Crawford's sister, Candice Crawford representing Missouri in the pageant. She made it to the Top 10, but did not advance to the next round.

Honorable mention goes to Miss Oklahoma Lindsey Jo Harrington. That girl had one fierce walk!

Photos: Splash
Photos: WENN

More photos from the 2008 Miss USA Pageant (Kelly Carlson, Amanda Beard, Rob Schneider, Shawn Merriman, Kristian Alfonso, Ken Paves, Miss Oklahoma, Caitlin Upton) after the jump.

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Trump To Lose His Locks?

On Sunday night, Trump will host the WWE’s “Battle of the Billionaires” with World Wrestling Entertainment owner Vince McMahon in Detroit. Each man will have a designated wrestler (Bobby Lachley for Trump and “The Samoan Bulldozer” Omaga for McMahon) fight on his behalf. The loser will have his head shaved in front of a live […]