TRUMP: IT AIN'T OVER TIL ESCROW CLOSES!

Donald Trump

After Ed McMahon's spokesman revealed to CNBC that the TV veteran had sold his mansion to a private buyer and not Donald Trump, Trump's attorney told us The Donald could still get involved.

Attorney Michael Cohen says even though another buyer has signed a purchase agreement, "This agreement is subject to several contingencies, including a mortgage contingency -- something Mr. Trump doesn't need."

He says Trump has the money to buy the home now, and he planned to let McMahon continue living there. Instead, the deal McMahon has agreed to "is subject to mortgage contingency, inspection and does require Ed McMahon to vacate premises within six months."

Trump just happens to be in Los Angeles today to appear on Larry King and host a party to promote the launch of his Dubai property.

Why did Trump let himself be trumped?

"If Ed McMahon is satisfied with the terms, why shouldn't Mr. Trump be?" says Cohen. "Mr. Trump never entered into this to create a bidding war. The only reason the other buyer emerged is because Mr. Trump expressed interest in the property. This isn't a business deal for Mr. Trump."

Oh really? Perhaps the sticking point may have been Trump's plan to lease the home back to McMahon, though Cohen doesn't believe the two ever actually discussed specific rent. Still, "From what I understand, (the home) had issues with it -- including a tenant who might not be capable of paying to stay there." Oh.

So what now? "Banks have standing offer from Mr. Trump who is ready, willing and able to consummate this transaction immediately -- not subject to contingencies, inspection or due diligence. All he wants is to see that Mr. McMahon's needs are met."

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