Burt Reynolds Facing Foreclosure

: Chris Lee Law Firm

  Filed under: Bankruptcy

burt reynoldsIt seems as though no one, not even a Hollywood star, is immune to the effects of a turbulent economy. The 74 actor was said to have had a quadruple bypass earlier this year and stopped making payments on his waterfront Florida home shortly after.

Fame And Famine

Reynolds’ home was put up for sale at $12 million and then later reduced to $8.9 million. The five bedroom, 3 acre waterfront home has continued to sit on the market for over a year. With little buyer interest the lender has been forced to seek repossession of Reynolds’ Florida home.

Reynolds, like so many other homeowners, are stuck with a mortgage they cannot afford and a home whose falling value is leaving few options.  As the number of foreclosures continues to hover at all time highs around the country, Reynolds money troubles extend beyond that of an impending foreclosure. He reportedly owes millions of dollars to creditors and has, in the past, required the help of bankruptcy to protect his Hollywood earnings. Once one of the highest paid actors in Hollywood, Reynolds’ health problems have begun to cost him more than just his career.

 


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