Actor Burt Reynolds (L) hugs Charles Durning after he accepted the Lifetime Achievement award at the 14th annual Screen Actors Guild Awards in Los Angeles January 27, 2008.
Posted on 08/18/2011 7:25:37 PM PDT by SeekAndFind
“Boogie Nights” star Burt Reynolds may face foreclosure on his mansion in Florida soon, at risk of losing his 12,500 square foot home that he bought with his former wife, Loni Anderson.
Reynolds has allegedly not made any mortgage payments on the home since September 1, 2010, causing Merrill Lynch Credit Corporation to file a lawsuit against him recently in Martin County, according to ABC.
The actor originally bought the home for $1.5 million in 1994, taking out a 25-year mortgage from the company.
Merrill Lynch is asking the judge to take away the 75-year-old star’s home to pay off what is owed, which they claim amounts to $1.2 million, or face foreclosure.
The waterfront 4-acre estate is valued at $2.4 million currently, having lost value since 2009, when Reynolds tried to sell the home for $8.9 million, as reported by The Stuart News. There were no offers then to buy what the actor has referred to as “paradise.” The Mediterranean-style home is not listed as his primary residence.
Responding to the suit, Reynolds told ABC, “I am as surprised as everyone.”
“I thought my career and my life could not be going better. To all of the people who have had such faith in me and stuck by me through thick and thin, thank you. I know it is not the end of the world.”
The Golden Globe winner, who last appeared in 2010 in a television series entitled “Burn Notice” on USA Network, has had his share of ups and downs.
He filed for Chapter 11 bankruptcy in 1996, just two years after he purchased his Florida home with his ex-wife because of failed investments and divorce settlements.
The “Smokey and the Bandit” actor also had several health issues, having previously had back surgery and a quintuple bypass surgery. At one point he was reported to have been addicted to painkillers as well, which he went into rehab for.
An anonymous source told ABC that Reynolds just might be headed down a troubled road again, with perhaps another looming bankruptcy over his shoulder.
But despite the struggles, including the recent lawsuit filed against him, Reynolds is appearing to look on the brighter side.
“There are a hell of a lot of other people worse off than I am, and my heart goes out to them,” he added to ABC. “I will do like I’ve always done, keep my head up high and continue to move on down the road.”
Perhaps his next made-for-television movie “Reel Love,” which airs this November on CMT, may add some much needed funds to his accounts. He stars in the film opposite LeAnn Rimes and will play the country singer’s father.
Maybe he do another Bandit movie with Sally Fields
Burt is a good actor but not so good with money. That is why he has ended up in the current situation. I underwrote a loan for him back in the 80’s and I cannot say what his income was but it would have blown your mind. He did not tend his garden so to speak.
According to the math he’s only paid off $300,000.00 in about 17 years. Seems like chump change for a movie star of his status and tenure. Should have paid cash and be done with it already.
Guess they don't teach finance at FSU.
RE: I underwrote a loan for him back in the 80’s
So Georgia Girl, I gathered that you were living near Hollywood then?
File under: Didn’t know he/she was still alive
At some point he invested in a restaurant chain that went belly up.
RE: File under: Didn’t know he/she was still alive
Boy, that file of yours is slowly going get smaller in size. :)
No I was working for a lender in Jax, Fl. Burt was financing property in Jupiter, Fla.
Well I went to FSU and its a great school but I think Burt majored in football. He was way ahead of me chronologically. He was very supportive of the FSU athletic dept though and bought a lot of uniforms etc over the years. He is a very generous person but flawed emotionally I think. There are a lot of really nice people out there who don’t know how to handle money.
I like Burt too, despite his choice of University...I remember he was always on the Bobby Bowden Show doing a piece on FSU history. I believe he was one of the first male students at the former Florida College for Women, Lee Corso, was his roommate.
Jupiter was also where he built a dinner theater, and some kind of acting school.
If I remember correctly he didn’t play for long. He got hurt.
Sad, always liked Burt.
Yes Burt Reynolds was on the fast track to the pro’s but got hurt and that was the end of his football career. So Iguess thats when he got into acting. He has always had a loyalty to FSU and has been very generous to the athletic dept over the years.
He should have bought gold...
not blondes.
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