Has actor Burt Reynolds run into semi-tough financial times again?
Reynolds was hit with a foreclosure lawsuit on Tuesday that claims he is behind on his mortgage to the tune of $1.2 million on his Florida home.
According to the South Florida Sun-Sentinel newspaper, 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.
Burt Reynolds and ex-wife actress 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 prospective buyers. (It probably didn’t help that he was asking $8.9 million for a $2.4 million house.)
Burt, 75, is currently filming the TV movie “Reel Love” with Shawn Roberts and country singer LeAnn Rimes.
Reynolds has a history of financial problems. He filed for Chapter 11 bankruptcy in the 1990s, following his divorce from Anderson and a string of bad career and investment decisions.
Burt also maintains a home in Little Rock, Arkansas.