Actor Burt Reynolds is facing money woes that may lead to the foreclosure of his 4-acre waterfront Florida estate, ABC News reports. Merrill Lynch Credit Corp. filed a foreclosure lawsuit against the star at the beginning of the month, seeking to collect $1.2 million.
Merrill Lynch said the 75-year-old Reynolds hasn’t made a mortgage payment on the home since September 1 of last year. Reynolds expressed his astonishment over the foreclosure action.
“I am surprised as everyone,” he told ABC. “I thought my career and my life could not be going better. To all of the people who have had such faith in me and stuck by me through thick and thin, thank you. I know it is not the end of the world.”
Reynolds added that he’s trying to stay optimistic despite his financial trouble.
“There are a hell of a lot of other people worse off than I am, and my heart goes out to them,” the “Smokey and the Bandit” star said. “I will do like I’ve always done, keep my head up high and continue to move on down the road.”
According to one source, however, Reynolds’ house is only the beginning of his money problems.
“He runs up bills and ignores them,” the source told ABC. “He owes millions of dollars to people. It’s a sad state of affairs.”
Merrill Lynch wants Reynolds’ home sold in order to satisfy his debts, including a $75,000 second mortgage held by BankAtlantic, ABC said.
