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Burt Reynolds $1.2 Million Mortgage Debt — Facing Foreclosure

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By Radar Staff

He was once one of the most in demand stars in Hollywood, but Burt Reynolds has fallen on such hard times that his home is now being threatened with foreclosure, and RadarOnline.com has the documents to prove it.

The Boogie Nights legend has been slapped with a lawsuit claiming he owes $1.2 million on his Hobe Sound, Florida home and if he doesn’t pay up he’ll be turfed out of his estate.

DOCUMENTS: Burt Reynolds Facing Foreclosure

The suit, filed on behalf of Merrill Lynch Credit Corp. claims Reynolds hasn’t made a payment on the property since September 2010.

It documents that the actor owes $1,193, 808.72 in principal on the mortgage and a further $24,036.23 in interest, taking the grand total to $1,217,894.95.

PHOTOS: Burt Reynolds Hobe Sound Home

He also took out a second loan for $750,000 on the home, which is valued at $2.4 million.

The 72-year-old and his ex-wife, Loni Anderson, initially took out a $1.5 million mortgage on the home in 1994, with the understanding that the loan would be paid off by 2019.

PHOTOS: Hollywood Puts Out The ‘For Sale’ Sign This Summer

Burt Reynolds tells RadarOnline.com:  “With regard to the foreclosure action filed by Merrill Lynch on my house, for several reasons I am as surprised as everyone.

“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.   

“There are a hell of a lot of other people worse off than I am, and my heart goes out to them. I will do like I’ve always done, keep my head up high and continue to move on down the road.”

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