Burt Reynolds sees his Florida mansion go into foreclosure(Read article summary)
Burt Reynolds hasn't paid the mortgage on his five-bedroom mansion for a year. Burt Reynolds owes $1.2 million, say creditors in a lawsuit.
SDFL / Splash News/Newscom
Yes, even Hollywood movie stars are facing foreclosure.
Burt Reynolds has been hit with a foreclosure notice on his waterfront mansion in Hobe Sound, Fla. The star of "Smokey and the Bandit" and "Boogie Nights" (for which Reynolds was nominated for an Academy Award for Best Supporting Actor ) hasn't made payments for the past year, and owes $1.2 million on the mortgage, according to a lawsuit filed by Merrill Lynch Credit Corporation.
Reynolds first put the 5-bedroom, 7-bathroom waterfront home up for sale in 2005 for $15 million. He's cut the price several times, but it hasn't sold. If you're in the market, the three-acre estate includes a screening room, billiard room, gym. and a 2,000-square foot guest house, heated pool, dock, and helipad.
Reynolds has plenty of company in Florida. The state was one of the hottest real estate markets in the country until the 2008 financial crisis. Today, it's No. 6 among the Top 10 states with the highest foreclosure rates. There are 22,377 foreclosure fillings in July. One in every 396 households is in foreclosure.