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Burt Reynolds' house in Hobe Sound being foreclosed on

17

August

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Burt Reynold's Hobe Sound estate, nicknamed Valhalla, is being foreclosed on because the actor hasn't made a payment on the 4-acre property's $1.2 million mortgage in almost a year. He doesn't have a Homestead Exemption on the house, so that must be why he can't afford it.

Attorneys with Tampa's Florida Default Law Group P.L. filed the suit  on behalf of Merril Lynch Credit Corp. in Martin County Circuit Court against the 75-year-old, asking for $1,193,808 plus legal fees for not paying up since Sept.  1, 2010, Treasure Coast Newspapers reports. Reynolds and ex-wife Loni Anderson got a $1.5 million mortgage from Merril Lynch in May 1994, but the 12,500-square-foot house on the Intracoastal Waterway was put up for sale in 2009 for $8.9 million. It has a second mortgage for $750,000, and is currently valued at $2.4 million.

Reynolds also lives in Little Rock, Ark., and had previously noted to newspapers that plans to sell the house had hit a brick wall in the current market. The lawsuit asks for the home to be sold to pay off the debt. Reynolds hasn't responded to the suit, probably because he's too busy running interference for Snowman.

[Photo: Getty Images]

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[Last modified: Wednesday, August 17, 2011 4:32pm]

    

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