Home > 2011 > Mortgages > Bank Forecloses on Burt Reynolds’ Waterfront Mansion

Bank Forecloses on Burt Reynolds’ Waterfront Mansion

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A bank is foreclosing on Burt Reynolds’ Florida mansion, alleging that the longtime acting star has failed to make a mortgage payment in over a year.

Reynolds owes $1.2 million on the house, which he named “Valhalla” when he bought it for $1.5 million in 1995. Merill Lynch filed a lawsuit in Martin County, Florida, asking a judge to foreclose on the house, get its money back and order Reynolds to pay the bank’s legal fees, according to the South Florida Sun newspaper.

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The 12,500-foot mansion sits on four acres of land and is currently valued at $2.4 million. Reynolds asked $8.9 million for it when he put the home up for sale in 2009. In addition to the original mortgage, Reynolds also owes $750,000 to another lender, BankAtlantic, on a second mortgage on the home.

“Every evening when I walk my dog down to the gate on U.S. 1 and back to the house, I think, ‘Am I crazy?'” Reynolds told a local newspaper at the time. “This is paradise, so why would I want to sell it? Thankfully I don’t have to push it until the market gets better.”

The foreclosure notice was sent in May to the Florida house and also to Reynolds’ primary home in Little Rock, Ark., the Sun reported. This isn’t the first time Reynolds has faced financial troubles. He declared bankruptcy in 1996 after his divorce from actress Loni Anderson.

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Image: Alan Light, via Flickr.com

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  • ruthbooker

    I actually walked out of a movie once and got my money back by explaining that I didn’t know that Burt Reynolds was in it.

  • Chris Maag

    Hilarious. Thanks Ruth!

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