( CNN ) -- The nation 's foreclosure crisis threatened a high-profile victim this week : TV legend Ed McMahon , best known as Johnny Carson 's sidekick on `` The Tonight Show . '' Ed McMahon and his wife , Pam , talk to CNN 's Larry King about their mortgage problems . The Wall Street Journal reported Tuesday that McMahon was $ 644,000 in arrears on a $ 4.8 million loan for a home in Beverly Hills , California , and his lender had filed a notice of default . McMahon and his wife , Pam , appeared on CNN 's `` Larry King Live '' on Thursday night to talk about their financial woes and other topics . Some highlights : . Larry King : What did happen , Ed ? Ed McMahon : It 's a combination , it 's like a perfect storm . Economy problems . Selling the house right now is a tremendous operation ... . We 've had this house on the market for two years . We 've shown it , I do n't know how many , 50 organizations or people . Nobody has made an offer . I mean , it 's just a lovely home . I hate to leave it . I want to keep the home . I want this all to work out . Watch McMahon tell King what went wrong » . King : And the payments , you ca n't make -- what 's the problem ? Ed McMahon : Well , if you spend more money than you make , you know what happens . And it can happen . You know , a couple of divorces thrown in , a few things like that . And , you know , things happen . You want everything to be perfect , but that combination of the economy , I have a little injury , I have a situation . And it all came together . King : Did you break your neck ? Ed McMahon : I broke my neck . I had a fall . ... King : Has that stopped you from working ? Ed McMahon : Oh , sure . You know , you ca n't work with this [ brace ] around your neck . And I have to wear this . King : But , Pam , the assumption is that the McMahons are multimillionaires and multimillionaires -- how much behind are you , $ 644,000 , right ? That 's what 's reported ? ... If you 're a millionaire , should n't you be able to pay $ 644,000 ? Pam McMahon : I think over the years , you know , it 's just a kind of a combination of maybe Ed working so hard and not kind of looking at proper management , which happens a lot . ... Because you 're a celebrity , people think you have a lot more than you have . And you always want to take great care of all of your friends and your family and everybody , and you do . And you do n't , and I think , you know , we did n't keep our eye on the ball . We made mistakes . King : And are they foreclosing ? Pam McMahon : Yes , they are . ... King : So you will lose this home ? Ed McMahon : It 's possible , yes . But now , I 'll tell you what 's happened , oddly enough . Today , all kinds of wonderful things have happened . New things have happened . And new interest in this house . Where the house had no interest , now there 's all kinds of , tons of interest . So who knows what 's going to happen . I 'm optimistic . ... King : Ed , why have you gone public ? Ed McMahon : Well , I figured I wanted to , in a sense , speak for the million people you mentioned [ facing foreclosure ] . I heard that figure today and I just could n't believe it . Anyway , the million people that now have foreclosure signs on their house , or nearby . And I just want to give them hope , give them optimism , give them some kind of guidance . Get the best corrective people you need around you . Keep working on it . Do n't stop . There 's a lot of people that are hard workers , did everything right , did n't do anything wrong , and all of a sudden , they 're in this boat . And I speak for all of them , as far as I 'm concerned .
Larry King in danger of foreclosure on his $ 4.8 million home . Home has been on market for the years with no offers , McMahon tells McMahon . Ed McMahon blames bad economy , broken neck for difficulty making payments . TV legend says he wants to speak for all who are in danger of losing homes .