Earlier this week, The Wall Street Journal reported that television legend Ed McMahon is fighting foreclosure on his multimillion-dollar Beverly Hills mansion. The eighty-five year old former Tonight Show sidekick is speaking out on his financial struggles, explaining on CNN’s Larry King Live on Thursday night that a painful neck injury has left him unable to work for a year and a half.

“”It’s like a perfect storm. The economy problems … selling the house right now is a tremendous operation,” Ed told Larry. “If you spend more money that you make, this can happen…..We’re very optimistic that we’re going to work this thing out…There’s a lot of people [who] have problems and I’m hoping that this will help them help themselves. That’s what my plan is.”