Donald Trump

Donald Trump may end up being a knight in shining armor after all. With word that Ed McMahon's house is back on the market after a second buyer's offer fell through, Trump spokesman Michael Cohen says The Donald is still interested in helping out the TV veteran.

"We are currently working with the broker who is coordinating the efforts of the various lenders that have interest in the McMahon property," Cohen tells CNBC. They're hoping to come to terms soon. "The window of opportunity is very truncated. We're working within those time constraints."

It's not clear when McMahon may have to be out of his home, which was foreclosed on after he defaulted on a $4.8 million mortgage from Countrywide. McMahon says he couldn't keep up with payments after a neck injury made it impossible to work, and because his finances were drained by things like divorce payouts. Trump first offered to buy the house and lease it back to McMahon, but then a second, mystery buyer stepped forward with apparently a better offer, but one that required financing. That deal fell through.

As for suggestions that the reason Trump couldn't close a deal in the first place was because he wanted to be McMahon's landlord, Cohen says the two never discussed rent. However, he earlier told us last month that that McMahon's home, "had issues with it--including a tenant who might not be capable of paying to stay there."

Cohen says Trump and McMahon have not spoken since the house came back onto the market, but "anytime Mr. McMahon wants to speak with Mr. Trump, he has his number and is welcome to call. The goal is to purchase the property, and to let Mr. McMahon remain in his Beverly Hills home."

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