Burt Reynolds faces foreclosure on Florida mansion

8:27 AM, Aug 16, 2011   |    comments
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HOBE SOUND, Fla. -- Legendary actor Burt Reynolds is facing an off-screen drama, in the form of a foreclosure lawsuit that seeks to collect about $1.2 million for a mortgage on his nearly 4-acre Indian Hills estate on the Intracoastal Waterway in Florida.

A lawsuit filed in Martin County Circuit Court by Merrill Lynch Credit Corp. alleges that Reynolds has not made a mortgage payment since Sept. 1, 2010.

"No subsequent payments have been made," noted the lawsuit, filed by attorneys with the Tampa-based Florida Default Law Group P.L. "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."

Merrill Lynch wants a judge to order the home sold to satisfy all debts.

The lawsuit also says a second creditor holds a second $750,000 mortgage on the Mediterranean-style home, which currently is valued at $2.4 million, records with the Martin County Property Appraiser's Office show.

Reynolds, 75, could not be reached Monday and an email sent to his publicist by reporters was not immediately returned.

Records show Reynolds and his former wife Loni Anderson signed papers in May 1994 to obtain a $1.5 million mortgage that called for the home to be paid off by 2019.

In 2009, Reynolds listed the 12,500-square-foot house for sale for $8.9 million. At that time, Reynolds said he planned to sell the house, but he noted that the economy was making it a tough time to market 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?'" the Oscar-nominated Reynolds told the News. "This is paradise, so why would I want to sell it? Thankfully I don't have to push it until the market gets better."

Records filed by Merrill Lynch attorneys say the Florida home is not Reynolds' only homesteaded residence. On May 6, a notice of pending foreclosure litigation was sent to Reynolds' home in Little Rock, Ark., indicating he owed more than $1.2 million on that property.

(Copyright 2011 by Scripps Media. All Rights Reserved.)

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