Burt Reynolds faces foreclosure lawsuit
A foreclosure lawsuit has been filed against veteran actor Burt Reynolds, alleging that he has not made a mortgage payment on his Florida vacation home in almost one year. The threat of foreclosure comes just a few years after Reynolds placed the mansion up for sale and subsequently removed it from the housing market due to the troubled economy.
Reynolds and his then-wife, Loni Anderson, purchased the waterfront property in 1994, receiving a $1.5 million mortgage for the home from Merrill Lynch Credit Corp. The 12,500 square-foot home is located in Hobe Sound, Florida, approximately 600 miles south of Atlanta. It is currently valued at $2.4 million.
In 2009, Reynolds placed the home, which is nicknamed ‘Valhalla,’ on the market for $8.9 million, but soon removed it after realizing that the home would be difficult to sell in the current economy. At that time, he said that he still planned to sell the home when the housing market improved.
However, Reynolds may no longer have that option. Recently, Merrill Lynch Credit Corp. filed a foreclosure lawsuit against Reynolds, alleging that Reynolds has not made a mortgage payment since September of 2010. Two other lenders, BankAtlantic and Great Eastern Mortgage, were also named in the lawsuit. According to court documents, BankAtlantic also holds a $750,000 mortgage on the property. It is unknown whether or how much Great Eastern Mortgage is owed.
The Florida property is not Reynolds’ primary home. He also owns a home in Little Rock, Arkansas, which is his homesteaded residence.
Source: Sun Sentinel, “Burt Reynolds Hobe Sound home target of foreclosure lawsuit,” Melissa Holsman, August 16, 2011