It appears that the "Smokey and the Bandit" star, Burt Reynolds, has fallen into financial hard times, with some speculating that he may end up having to file for bankruptcy in order to get out of debt. For the 75-year-old movie star, if he does file for bankruptcy, it will be his second time, as he once filed for Chapter 11 bankruptcy in 1996.
The current financial problem for Reynolds is that he is in a position to lose his 4-acre Florida estate, as he reportedly has not made a payment on the home since September of 2010. At this point Merrill Lynch Credit Corp. has already filed a foreclosure lawsuit in an attempt to collect the $1.2 million that is owed.
In this lawsuit, Merrill Lynch is requesting that Reynolds be forced to sell the Florida home in order to pay off his debts, which include $750,000 that was taken out for a second mortgage.
However, even though Reynolds may now end up being forced to sell the home; in 2009 he did try to willing sell the estate, which is valued at $2.4 million. He was asking for $8.9 million. And whether it was the higher than valued asking price or just the housing market and economy, the Hollywood star received no offers.
The home itself was purchased by Reynolds and his then wife Loni Anderson in 1994. At the time the two took out a 25-year mortgage and bought the home for $1.5 million. But, when the two divorced just a few years later, Reynolds kept the home and also filed for Chapter 11 bankruptcy.
At this point the actor has not confirmed that he will be filing for bankruptcy again, and has even acknowledge that even though he is facing some financial difficulties, there are still plenty of people who are in worse financial situations than himself.
Source: ABC News, "Burt Reynolds On His Money Woes," Luchina Fisher, Aug. 18, 2011