Foreclosure
Burt Reynolds is facing foreclosure on his 4-acre waterfront Florida
estate. He owes $1.2 million to Merrill
Lynch Credit Corp. and has not made a mortgage payment since September 1,
2010. A second mortgage of $750,000 held
by BankAtlantic is also outstanding. This
is a judicial foreclosure. Merrill Lynch
filed the foreclosure lawsuit on August 9th with evidence of the
back payments. In 2009 Reynolds put his
home on the market for $8.9 million but has had no takers, which isn't terribly
surprising considering it is valued between $4 million and $2.4 million. Apparently the home itself is falling apart
and the value in the property is the land it sits on.
The house was originally purchased
in 1994, and a 25 year mortgage of $1.5 million was taken out on it. Then in 1996 Reynolds filed for Chapter 11
bankruptcy for the first time. He had
made bad investments and had a messy/costly divorce. So why was his house not repossessed at that
point? He has also recently sold his Los
Angeles glass house to Vera Wang for $10 million. So this begs the question, why not pay off
the house with the money from the Los Angeles home? Life styles of the rich and famous I
suppose. The actor has seen hard times
lately with a series of medical issues and little work, but it is definitely his
excessive spending that has led him to this place.
Burt Reynolds is facing foreclosure on his 4-acre waterfront Florida
estate. He owes $1.2 million to Merrill
Lynch Credit Corp. and has not made a mortgage payment since September 1,
2010. A second mortgage of $750,000 held
by BankAtlantic is also outstanding. This
is a judicial foreclosure. Merrill Lynch
filed the foreclosure lawsuit on August 9th with evidence of the
back payments. In 2009 Reynolds put his
home on the market for $8.9 million but has had no takers, which isn't terribly
surprising considering it is valued between $4 million and $2.4 million. Apparently the home itself is falling apart
and the value in the property is the land it sits on.
The house was originally purchased
in 1994, and a 25 year mortgage of $1.5 million was taken out on it. Then in 1996 Reynolds filed for Chapter 11
bankruptcy for the first time. He had
made bad investments and had a messy/costly divorce. So why was his house not repossessed at that
point? He has also recently sold his Los
Angeles glass house to Vera Wang for $10 million. So this begs the question, why not pay off
the house with the money from the Los Angeles home? Life styles of the rich and famous I
suppose. The actor has seen hard times
lately with a series of medical issues and little work, but it is definitely his
excessive spending that has led him to this place.
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