Actor Burt Reynolds Is in Foreclosure on $2.4M Waterfront Vacation Home
Back in 2009, actor Burt Reynolds said he’d put his 12,500-square-foot waterfront Florida vacation home on the market for $8.9 million, but was in no hurry to sell before real estate values recovered.
Now, it appears, his need to sell the home, which is situated on a 4-acre parcel on the Intracoastal Waterway in Hobe Sound, may be more urgent. Merrill Lynch Credit Corp. has sued the 75-year-old Reynolds in Martin County Circuit Court, contending that he owes nearly $1.2 million in principal and hasn’t made a payment in nearly a year, reports the Treasure Coast Palm.
The suit seeks a court order to sell the home to pay the principal, a year’s worth of interest and attorney’s fees and costs. It is unclear how much Reynolds owes on a $750,000 second mortgage.
The newspaper couldn’t reach Reynolds for comment.
The county property appraiser’s office valued the estate, known as Valhalla, at $2.4 million for tax purposes.
