Burt Reynolds Facing Foreclosure

May lose home he once shared with Loni Anderson

By Greg Wilson
|  Wednesday, Aug 17, 2011  |  Updated 5:19 AM PDT
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Actor Burt Reynolds owes $1.2 million and could lose his Florida home, according to a report.

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Hollywood legend Burt Reynolds is facing foreclosure on the Florida mansion he once shared with Loni Anderson.

Reynolds owes Merrill Lynch Credit Corp. $1.2 million on a mortgage on the Hobe Sound home, according to a lawsuit filed in Martin County. The suit contends the 75-year-old actor has not made a payment on the home since Sept,. 1, 2010.

"No subsequent payments have been made," noted the lawsuit. "Plaintiff must be paid $1,193,808 in principal on the mortgage note and mortgage, together with interest from Aug. 1, 2010, and all costs ... and reasonable attorney's fees."

Merrill Lynch wants the home, near Port St. Lucie, sold to pay off the debt, according to the Sun Sentinel. Reynolds and then-wife Anderson took out a $1.5 million mortgage on the home in 1993, which runs through 2019.

Reynolds calls the 12,500-square-foot home "Valhalla," and has had it on the market for $8.9 million as recently as 2009, according to the Stuart News.

"Every evening when I walk my dog down to the gate on U.S. 1 and back to the house, I think, 'Am I crazy?' " Reynolds told the News two years ago. "This is paradise, so why would I want to sell it? Thankfully I don't have to push it until the market gets better."

Reynolds' principal residence is believed to be in Little Rock, Ark.

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