Ed McMahon: Where's the bucks?

Ed McMahon has finally found a buyer for his multi-million dollar house avoiding foreclosure. Reportedly, his mortage lenders filed notice of default in Februrary when McMahon was over $644,00 in arrears. When McMahon was interviewed regarding his money woes, he blamed his financial problems on having broken his neck about 18 months ago, preventing him from working.

I certainly can empathize with health issues causing financial hardship, but where's the bucks? McMahon worked for over 30 years on the Tonight Show with Johnny Carson, was the host of Star Search and spokesperson for dozens of products. I repeat: "Where's the bucks?"

While several accounts connect McMahon's problems to the credit squeeze and U.S. housing downturn, I think it has a lot more to do with poor money management. At 85 years old, with a career that spanned decades, you would think that McMahon would be financial secure. But I have seen this before.