Burt Reynolds Faces Foreclosure! - Sitcoms Online Message Boards

Brian Damage · 08-17-2011, 12:15 AM

Has Burt Reynolds run into semi-tough financial times again?

The "Smokey and the Bandit" star was hit with a foreclosure lawsuit in Florida's Martin County Circuit Court last Tuesday that claims he's in arrears to the tune of $1.2 million on his Hobe Sound, Fla., home.

According to the South Florida Sun-Sentinel, the suit, which was filed on behalf of the Merrill Lynch Credit Corp., claims that Reynolds hasn't made a payment on the estate, dubbed "Valhalla," since September 2010.

The suit asserts, "Plaintiff must be paid $1,193,808 in principal on the mortgage note and mortgage, together with interest from Aug. 1, 2010, and all costs ... and reasonable attorney's fees."

The suit also says that BankAtlantic -- also named in the suit -- has a second, $750,000 mortgage on the home, which is valued at $2.4 million, according to the Sun-Sentinel.

Reynolds and ex-wife Loni Anderson initially took out a $1.5 million mortgage on the home in 1994, with the understanding that the loan would be paid off by 2019.

Reynolds put the 12,500-square-foot home on the market in 2009, asking for $8.9 million, but the depressed housing market made it difficult for him to sell the residence. (It probably also didn't help that he was asking $8.9 million for a $2.4 million house.)

The 75-year-old actor also maintains a home in Little Rock, Ark.

Reynolds is currently filming the TV movie rom-com "Reel Love" with Shawn Roberts and LeAnn Rimes.

The "Deliverance" star has a history of financial woes -- Reynolds filed for Chapter 11 bankruptcy in the 1990s, following his divorce from Anderson and a string of bad career and investment decisions.

TheWrap's request for comment from Reynolds' manager was not immediately returned.

http://movies.msn.com/movies/article...4577&GT1=28101

TMC · 11-28-2014, 12:39 AM

SAD NEWS: Burt Reynolds Is Bankrupt And Auctioning Off All Of His Stuff

tlc38tlc38 · 11-30-2014, 02:43 PM

Wow...this is kinda unbelievable. Burt was huge back in the day and he still is somewhat of a well-known celebrity. I guess that's what happens when you try and live too high on the hog.

Flying Dutchman · 11-30-2014, 09:58 PM

I'm not surprised at reading this. Burt Reynolds has never been good at saving money. I read this about him back in the 80s, that he had this same problem then. He blows money as if it comes that easily.

liane49 · 03-06-2015, 04:06 PM

Quote:

Originally Posted by tlc38tlc38

Wow...this is kinda unbelievable. Burt was huge back in the day and he still is somewhat of a well-known celebrity. I guess that's what happens when you try and live too high on the hog.

He was on ET and said that's not true, he just wants to down size.

08-17-2011, 12:15 AM	#1
Brian Damage I'm Rich Bitch Forum Icon Join Date: Feb 03, 2002 Location: What Ain't No Country I Ever Heard Of...They Speak English in What? Posts: 63,108	Burt Reynolds Faces Foreclosure! Has Burt Reynolds run into semi-tough financial times again? The "Smokey and the Bandit" star was hit with a foreclosure lawsuit in Florida's Martin County Circuit Court last Tuesday that claims he's in arrears to the tune of $1.2 million on his Hobe Sound, Fla., home. According to the South Florida Sun-Sentinel, the suit, which was filed on behalf of the Merrill Lynch Credit Corp., claims that Reynolds hasn't made a payment on the estate, dubbed "Valhalla," since September 2010. The suit asserts, "Plaintiff must be paid $1,193,808 in principal on the mortgage note and mortgage, together with interest from Aug. 1, 2010, and all costs ... and reasonable attorney's fees." The suit also says that BankAtlantic -- also named in the suit -- has a second, $750,000 mortgage on the home, which is valued at $2.4 million, according to the Sun-Sentinel. Reynolds and ex-wife Loni Anderson initially took out a $1.5 million mortgage on the home in 1994, with the understanding that the loan would be paid off by 2019. Reynolds put the 12,500-square-foot home on the market in 2009, asking for $8.9 million, but the depressed housing market made it difficult for him to sell the residence. (It probably also didn't help that he was asking $8.9 million for a $2.4 million house.) The 75-year-old actor also maintains a home in Little Rock, Ark. Reynolds is currently filming the TV movie rom-com "Reel Love" with Shawn Roberts and LeAnn Rimes. The "Deliverance" star has a history of financial woes -- Reynolds filed for Chapter 11 bankruptcy in the 1990s, following his divorce from Anderson and a string of bad career and investment decisions. TheWrap's request for comment from Reynolds' manager was not immediately returned. http://movies.msn.com/movies/article...4577&GT1=28101
	__________________ The Key to the Kingdom of Heaven: John 3:3 *Money Doesn't Buy Happiness...But I'd Rather Cry in My Private Jet*

11-30-2014, 02:43 PM	#3
tlc38tlc38 Every day’s a Dolly day! Forum Star Join Date: May 02, 2008 Location: I’m just travelin’ thru Posts: 19,252	Wow...this is kinda unbelievable. Burt was huge back in the day and he still is somewhat of a well-known celebrity. I guess that's what happens when you try and live too high on the hog.
	__________________ Give generously to them and do so without a grudging heart; then because of this the LORD your God will bless you in all your work and in everything you put your hand to. Deuteronomy 15:10 In loving memory of my best friend, my Mama.

11-28-2014, 12:39 AM	#2
TMC Member Forum Idol Join Date: Jan 09, 2001 Posts: 124,390	SAD NEWS: Burt Reynolds Is Bankrupt And Auctioning Off All Of His Stuff

11-30-2014, 09:58 PM	#4
Flying Dutchman Member Senior Member Join Date: Sep 16, 2004 Location: New York Posts: 1,266	I'm not surprised at reading this. Burt Reynolds has never been good at saving money. I read this about him back in the 80s, that he had this same problem then. He blows money as if it comes that easily.