Wednesday, August 17, 2011

Will the Bank Boot Burt Reynolds From his Florida Estate?


Once upon a time mustachioed actor/beloved geriatric sex symbol Burt Reynolds was the Hollywood shit. Women swooned over his thickly haired chest and cavalier masculinity while men practiced smacking wads of gum and making stupid wisecracks in an effort to adopt that special brand of Burt Reynoldsian good ol' boy man-sexy.

He popped into the Tinseltown scene way back in the late 1950 but Mister Reynolds' professional salad days were without a doubt the 1970s and 80s when he appeared in dozens of films that include Smokey and the Bandit (I, II and III), The Cannonball Run (I and II), Stroker Ace, and The Best Little Whorehouse in Texas with top-heavy country queen Dolly Parton. In the late eighties and well in to the 1990s he switched from the silver screen to the tee-vee screen with starring rolls on B.L. Stryker, Out of This World, and Evening Shade. In 1997 his all but moribund movie career was revived when he portrayed porn director Jack Horner in Boogie Nights, a role that earned him an Oscar nomination. Since then he's appeared in scads of movies and television programs, most of which we've never heard of let alone seen.

The last couple of years have not been particularly kind professionally, personally or financially for the one-time superstar. In 2009 he reportedly checked himself into rehab to cope with an addiction to pain killers and in 2010 he underwent a quintuple bypass surgery. Now, here we area in the dogs days of summer 2011 and word slips and slides down the celebrity real estate gossip grapevine that Mister Reynolds is more than a million dollars behind on the mortgage for Valhalla, his waterfront estate in hoity-toity Hobe Sound, FL

It seems almost inconceivable that a man with such a long and presumably lucrative career in the Show Business would find himself in the sort of financial pickle that would keep him from making his mortgage. However, according to earlier reports, a lawsuit filed last week in Martin County (FL) Mister Reynolds stopped paying his mortgage about a year ago and owes Merrill Lynch Credit Corporation (MLCC) around $1,200,000 in unmade payments. Should Mister Reynolds not make good on what he owes, MLCC could move to foreclose on the luxuriously appointed but decoratively kitch property, a maneuver that would put Mister Reynolds out on his 70-something year old keister.

Mister Reynolds has owned the property since 1980 when records show he paid $700,000 for the three-plus acre water front spread that includes a 12,538 square foot main mansion with 5 bedrooms and 7 bathrooms. Interior spaces include a cavernous living room, formal dining room that opens to a screened in party-porch, office with antique wood-paneling and waterfalls–yes, water falls–extensively equipped fitness facility, wine cellar, saloon-like billiard/game room, and a huge home theater with wide screen, portable popcorn maker and small organ.

The secluded and deliciously private property also includes an additional 2 bedroom guest house, caretaker's cottage, heated swimming pool with adjacent gazebo, floating helipad, and private dock plenty large enough to park a big boat (and a helicopter).

Mister Reynolds attempted to sell the estate in 2005 when it was listed with an optimistic asking price of $15,000,000 that was later raised to $15,900,000. Within a year of the price increase the price tag had plummeted to $12,900,000. Eventually the price was dropped again to $10,500,000 and then again to $8,995,000. A few flicks of the well-worn beads of Your Mama's bejeweled abacus shows the last asking price–or at least the last asking price we're aware of–represents a punishing 44% reduction from the highest number put on the property.

As of this morning, Mister Reynold's Hobe Sound residence remains on the market with an asking price of $8,995,000.

listing photos: JIC Realty

29 comments:

Anonymous said...

I can only imagine what that Roger guy on "Sell This House" would do to stage a sale with this 1970's delight.

That's a whole lot of crazy in the decorating department. It's like Loni Anderson's head exploded.

Newshen said...

Casa de Clutter

Little Miss Nomad said...

I love that Burt Reynolds reads and a lot. Or that someone he lives with does.

Anonymous said...

Who are those people in the photos?

Joey Brill said...

In 'The Life of Reilly', Charles Nelson Reilly says that Burt Reynolds gave him a mansion (after Sally Field stunk it up).

Between generosity and Loni, the poor soul is probably broke.

FonHom said...

Wasn't gonna go there, but Anon 10:26 went first...Burt & Loni, Burt & Loni, Burt & Loni...does this mean anything to anyone under 25? 30? 35? Thought not.

Well children, when Burt & Loni got together (http://www.people.com/people/archive/article/0,,20082353,00.html) People magazine was 8 years old. Entertainment Tonight was 9 months old. Lifestyles of the Rich and Famous (my favorite, grandparent of TMZ) was still a gleam in Al Masini's eye.

From the plastic surgery-soaked beginning to the spectacularly acrimonious end in the 90s (remember the 90s? Please?) you couldn't get away from Burt & Loni. Burt & Loni. Maybe that's where the $$ went. Gee, that was a really, really, long...time...ago.

I'm just going to go and quietly drink that bottle of gin ("no ice, no glass"-Paul Newman...yes, the food guy...) and then beat myself to death with it. Champagne wishes and caviar dreams! And bababooey to you all!

Anonymous said...

He needs to pay his bills like most people do....or get out of his multi-millon dollar mansion.

lil' gay boy said...

Sad; I'm assuming he has more than one property, and perhaps has given up on this crap-filled casa. No matter how foolish he may have been financially, I for one would not want to see him completely homeless.

Those creepy people in the staging photos frighten me; are they Staging Lady's kin?

Common Sense said...

If he paid $700,000 in 1980 for the property and has paid on it for 30 years (1980-2010) and now in 2011 after not paying his monthly mortgage payments for the last year he now is $1,200,000 behind....something is not adding up right. Did he take out additional loans on the property over the years or a 2nd mortgage or what? The math does not add up. So the real lesson is no matter what people tell you about mortages being good debt and how you need them for a tax write off, borrowing money to pay for anything including real estate is always a bad idea and a losing investment. So once again the old saying "Cash is King" rings true.

Bev Mo said...

Definitely old school WeHo. Know what I meeeeeen?

Anonymous said...

I agree with Common Sense (posted 1:39)--the figures do NOT add up. Quite apparently Burt Reynolds had to have refinanced the house at some point in time, but if he's missed "only" the last 11 month's payments and is thus behind $1.2-million, then that means is montly payments are approxl. $100,000.00 per month--on a house he's owned for 31 or so years that he only paid $700,000.00 to begin with?! Doesn't make sense.

Anonymous said...

Mr. Reynold's generosity to others is well know. Apparently at his own expense. Perhaps like the lion & mouse fable someone he's helped in the past will come to his rescue.

FonHam - I am old enough to recall my mom & neighborhood ladies SWOONING over Burt's centerfold in Cosmo

http://nw08.american.edu/~rstreit/reynoldspage.htm

Mr Tibbs said...

maybe the fbi scared the mob into going legit

maybe the mob owns wall street and the banks

maybe because of this the mob's loan shark tatics are still applied to their businesses which will backfire in the legitimate world,

maybe this never would have happened if the fbi left the mob alone,

Anonymous said...

Donald Trump to the rescue?....After he's done salvaging what's left of Patricia (Kluge) Moses.

Anonymous said...

Never thought I'd use the term "hot mess" but I believe the time has come.
Poor Bert. I have loved his movies and it's very sad to see him come to this.
I believe he has been remortgaging the house for living money over the years.
Yes, hopefully some of the people who have been the recipients of his generosity will come to the party now.

The Aussie

midTN said...

"Burt Reynolds is broke"...

...same sh*t...different decade...

Can't wait for the auction of all the dreck.
***

Anonymous said...

I remeber once when he was guest hosting the Tonight Show, he showed his horse ranch up near Ojai, Ca. He raised thoroughbred Arabians there. It was a beautiful ranch. I assume that property is long gone. I feel sorry for the man.
My little condo may be modest, but it's paid for.

Village said...

WHY DO RICH PEOPLE NOT KNOW TO PAY FOR THE HOUSE?

I have owned my own business since 1984. The first money I made PAID for the house, and then the car. Since 1990 I have paid only cash for houses or cars.

Then 9/11 happened, thanks to the negligence of the Bush administration, and my business collapsed. I lost 2/3 of my business overnight. I managed to regain about a half of what I had lost, and then the Great Recession hit, again thanks to the Bush economic policies. (Let's not elect any more idiots who care more for themselves than the country, shall we?) I lost all the ground I had gained plus a little more. So now my income is about 30% of what it was pre Bush. BUT, the house and car are paid for, so I didn't lose any assets, and my living expenses are low compared to those you have to make house and car payments.

I don't understand why rich people don't pay for at least one house. Bad things do happen when we elect Republican presidents. (The last debt debacle like the one Bush created, was the one Reagan created, which was eventually addressed by Clinton, who got us a surplus, but then the idiot Bush started stealing elections and screwing the country, again.)

PAY FOR THE HOUSE FIRST! Can you see me up here on my soap box?

Anonymous said...

Not to get all Rich Dad, Poor Dad, but a personal residence is a liability, not an asset. Perhaps some wealthy widow who had the hots for him in the '70s will come to his rescue now that he's in his 70s.

Lady J

hippie canyon said...

Sadly, the wealthy widow who would have rescued him passed away many moons ago at the age of 97. BTW This story was just on MSNBC, and of course people are scratching their heads -- "wha-happened?" It happens to everyone who listens to the hot looking 30 something investment broker who tells you: "You're sitting on a gold mine. Why not take some of that investment out in the form of a mortgage, invest that money, and make your next fortune?"
Some people take such advise and move forward. In the rarest cases, it may work. But, as Burt has discovered, in most cases it doesn't. Didn't he ever hear of Suze Orman?

Anonymous said...

I'd love to know how someone can go nearly an entire year without making a house payment when renters get tossed out after a couple of months. Amazing the double standards in this country and the arrogance of the rich.

Anonymous said...

I suspect Mr. Reynolds is far from broke. My guess is that this mortgage he's walked away from is high enough that he suspects not much will be left after a sale anyway so why not let them have it and not hassle over a sale that will net him little or nothing. I read recently that he has an address in Arkansas so he may well have moved on in anticipation of the foreclosure.

midTN said...

Hey VILLAGE:

You really should put a courtesy POLITICAL STATEMENT caution notice at the top of any future Bush/Republican bashing posts masquerading as psuedo financial advice postings.

Thank You
***

Anonymous said...

Mr. Reynold's house is almost directly across the intracoastal from a certain former #1 golfer who paid $44,000,000 just for the land to build his singles golfing palace.

Yak said...

I don't really understand what all the confusion is surrounding the financing of this house. What the man paid for it in 1980 and what it's worth now are obviously 2 very different things.

From what I've read, Mr. Reynolds owes a total of $1.2M against this property. That figure is NOT the total of his lapsed monthly payments over the past year but the entire amount including principle and interest owed.

Even if he paid cash for the house 30 yrs ago he has probably refinanced it multiple times over the years to take advantage of the appreciated equity in the property. I've done this myself many times and indeed, I support myself by doing this, so contrary to what Lady J states, a personal residence is hardly a liability if you own your house.

The formula is simple. Pay off your house, or pay cash for it. Get a line of credit in the form of a home equity loan (you can get 3/4 of the appraised value if you have good credit). Take the cash and invest it in something that pays more than the loan interest, pocket the difference. It's not rocket science but I digress.

In this case as an example, IF Mr. Reynolds got a home equity loan for around $1.15 million last year at 5% and missed the entire year of payments, he would now owe about $1.2 million. If the house is worth 3 or 4 million and he owes 1.2, he's hardly broke - on paper.

The question is why hasn't he been making the payments which would be under $7000/mth for the above example. It's probable that the original amount was much higher than 1.15M and he's been making large payments for many years to get the balance down to 1.2M.

He's obviously got some kind of cash flow issue and possibly many debts other than this house. Celebs excel at living the high life, private jets or first class at least, fine dining, expensive hotels, security, designer clothes, and in this case, toupees and medical bills.

I enjoyed Burt Reynolds during the 70's and 80's and wish him all the best.

Steve M said...

Suffice to say that it's just BAD taste on the part of ANYONE to show or photochop onto the "home-cine" screen, a larger than life mug shot of Bertie when Burty was much much better looking and had yet to undergo the surgeon's scalpel. One thus, can't be surprised to read that Mr R is in such a squeeze, based on (a) his decorative flair and (b) his chosen altered fizzog.

Anonymous said...

Poor Burt!?! Who cares what his financial situation is!?! He's had a far more interesting life than most!

Anonymous said...

Burt is the man.....I really can't believe he got himself in to this crap again........I've been down to the place and its awesome......and he is such a caring person towards others that i hope someone with money gives him some help

Anonymous said...

WHAT A SHAME BURT REYNOLDS WAS THE MAN AND I HAVE BEEN TO HIS RANCH MANY TIMES AND EVEN MET HIS FATHER VERY NICE AND DOWN TO EARTH MAN