Merrill Lynch files foreclosure action against Burt Reynolds’ Hobe Sound home

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.

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Reynolds listed the 12,500-square-foot for sale for $8.9 million in 2009.

“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?'” he told a local newspaper at the time. “This is paradise, so why would I want to sell it? Thankfully I don’t have to push it until the market gets better.” [Sun Sentinel]