The Palm Beach County school board is selling a rural property known as the Burt Reynolds Ranch to New Jersey-based developer K. Hovnanian Homes for $5 million despite the opposition of nearby homeowners, the Palm Beach Post reported. The board voted 5-2 to sell the 153-acre Jupiter Farms, which Reynolds owned for decades. [more]
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A ranch formerly owned by actor Burt Reynolds is now for sale, the Palm Beach Post reported. The 153-acre Jupiter Farms property is owned by the Palm Beach County School District, which had looked to build a school on the site in 1999 after purchasing it from Reynolds for $3.85 million. Reynolds’ real estate has been in the news of late, particularly his Hobe Sound home, which is currently in foreclosure. He filmed scenes for Smokey and the Bandit at the ranch, where he also married actress Loni Anderson. [Palm Beach Post]
Actor Burt Reynolds, who is facing foreclosure on his home in Hobe Sound, has lowered the price on the home to $4.99 million, according to the Sun Sentinel. Reynolds has remained reluctant to talk about how the home ended up in foreclosure. The home was discounted in 2009 to $8.9 million, the Wall Street Journal reported. It was originally listed in 2006 for $15 million.[Sun Sentinel]
Burt Reynold’s is not spilling the beans about how his Hobe Sound home ended up in foreclosure. In an interview with ABC News, he said he was “as surprised as everyone. I thought my career and my life could not be going better,” he said. “There are a hell of a lot of other people worse off than I am, and my heart goes out to them.”
Reynolds had a $1.2 million mortgage on the house and hadn’t made a payment since September 2010. He has a second mortgage on the home from Bank Atlantic for $750,000. The actor has been trying to unload the four-acre estate for some time. He put it on the market in 2009 for $8.9 million. [WSJ]
Merrill Lynch has filed to foreclose on actor Burt Reynolds’ longtime Hobe Sound home, the Sun Sentinel reported. The bank is seeking to collect around $1.2 million for a mortgage on his four-acre estate after Reynolds allegedly failed to make a payment since September 2010.
“No subsequent payments have been made,” the lawsuit said. “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.”
BankAtlantic holds a second $750,000 mortgage on the Mediterranean-style home, which currently is valued at $2.4 million, the Sentinel said.
Reynolds listed the 12,500-square-foot for sale for $8.9 million in 2009. [more]