Ed McMahon — who recently captured national media headlines because he defaulted on $4.8 million home loan — has found a buyer for his six-bedroom, five-bathroom Beverly Hills, Calif., estate, according to TheCelebrityCafe.com.

It’s great news for the 85-year-old iconic television personality who is perhaps best known for his role as an announcer on the “Tonight Show” with Johnny Carson for three decades.

Not only does he avoid foreclosure, but he also closes a deal to sell the $5.75 million home that has been more than two years in the making.

Speculation swirled that real estate magnate, television reality tycoon and author, Donald Trump, was the front runner to purchase the home from McMahon. He then intended to lease it back to him. However, it appears that the deal never came to fruition.

Instead, an anonymous buyer stepped up at the last minute. And according to the report, McMahon has six months to vacate the property and find new digs.

That’s apparently a good thing because McMahon was eager to move on. In fact, he had this to say about this situation in a recent interview with Larry King on CNN.com:

“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 don’t know how many, 50 organizations or people. Nobody has made an offer. I mean, it’s just a lovely home.”

It appears that all he needed was some very high-profile marketing to find the right buyer, bringing new meaning to the expression, “everything happens for a reason.”

Ed McMahon — the iconic television personality who is perhaps best known for his role as an announcer on the “Tonight Show” with Johnny Carson for three decades — has defaulted on a $4.8 million home loan and is in danger of losing his Beverly Hill, Calif., residence to foreclosure, according to WSJ.com.

The report indicates that McMahon has been actively attempting to sell the house for the past two years and has reduced the price to $5.75 million.

However, the 85-year-old celebrity and the mortgage lender, Countrywide Financial Corp., are now working together to hammer out a resolution that ensures McMahon and his wife remain in their six-bedroom home.

So how does something like this happen to such a well-known — and seemingly wealthy — homeowner?

His lawyer indicates that a slumping housing market, as well as a broken neck sustained 18 months ago that has prevented McMahon from working, are the causes behind the foreclosure proceedings.

It’s a painful reality that McMahon shares with many homeowners throughout California and beyond. In fact, his lawyer issued this statement from the McMahon’s:

“… understand that they are in the same situation as hundreds of thousands of other hard-working Americans, and their hearts go out to them.”

There are several options still open to avoid foreclosure. And it’s not just because McMahon is famous. It’s important to be open and honest with lenders and open the lines of communication as soon as possible.

Often times banks will bend over backwards to ensure that their loans don’t end up in foreclosure — no matter who you are … especially right now.