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Burt Reynolds faces foreclosure in Florida

Actor on the brink of losing home

Hollywood icon Burt Reynolds is facing foreclosure in Florida, according to Reuters. Reynolds, a cinematic icon of the '60s and '70s, purchased the property just after his highly publicized divorce from actress Loni Anderson in 1994.Reynolds has since been in the news for a successful quadruple bypass surgery in 2010.

Burt Reynolds

Legendary Hollywood actor Burt Reynolds is facing foreclosure on his Hobe Sound, Florida home, after nearly seventeen years as owner of the property. According to a lawsuit filed by a mortgage firm, Reynolds, who has lived in the sunshine state for more than twenty years, owes $1.2 million on the mortgage.

The 75-year-old reportedly stopped making mortgage payments a year ago and owes Merrill Lynch Credit Corporation almost $1.2 million. The home, on the 16000 block of South Federal Highway, Hobe Sound, was purchased by Reynolds in the wake of his explosive 1994 divorce from actress Loni Anderson.

Read on for more Burt Reynolds money issues>>

The lawsuit stated, "No subsequent payments have been made. Plantiff must be paid $1,193,808 on the mortgage note, together with interest from August 1, 2010 and all costs and reasonable attorney's fees."

Bank Atlantic also holds a second $750,000 mortgage on the home.

In 2009, Burt tried to sell the 12,500 sq. ft. home, named "Valhalla", for $8.9 million. Said Reynolds to the Sun Sentinal News at the time, "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?' This is paradise, so why would I want to sell it? Thankfully, I don't have to push it until the market gets better."

This past May, Reynolds received a pending foreclosure notice to his home in Little Rock, AK, stating that he owed $1.2 million there as well.

The actor is best known for his starring roles in Smokey and the Bandit series of films in the 1970s, and for his longtime friendship with the late comedian, Dom DeLuise. He also starred in films such as Deliverance, White Lightning, Gator and Cannonball Run.

In 1997, he won a Golden Globe for his role as porn king Jack Horner in Boogie Nights.

Reynolds is one of America's most recognizable film and television personalities, with more than 90 feature film and 300 television appearance credits.

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