Burt Reynolds Faces Foreclosure, Could Lose Florida Home

Legendary “Smokey and the Bandit” star Burt Reynolds is facing a $1.2 million foreclosure lawsuit on his Hobe Sound, Florida, mansion.

According to the South Florida Sun-Sentinel, wealth management firm Merrill Lynch Credit Corp. has filed a legal suit claiming that Reynolds hasn’t made mortgage payments on the estate, dubbed “Valhalla,” since September 2010.

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

In addition to the $1.2 million in back-costs and fees owed to Merrill Lynch, Reynolds, 75, also reportedly has a second $750,000 mortgage on the estate with BankAtlantic.

Back in 2009 Reynolds put the 12,500-square foot waterfront home (seen in the picture below) on the market, asking for $8.9 million, but due to a depressed housing market and the fact that the home is only valued at $2.4 million, his attempts to sell the property were unsuccessful.

Neither Reynolds – who is scheduled to star opposite LeAnne Rimes this November in the TV movie Reel Love – nor his manager could be reached for comment.

via Sun-Sentinel