Burt Reynolds faces foreclosure on his Hobe Sound property

Burt Reynolds, a veteran actor and longtime Hobe Sound resident now faces foreclosure lawsuit on his nearly 4-acre Indian Hills estate on the Intracoastal Waterway.
According to the lawsuit – filed by Merrill Lynch Credit Corp., BankAtlantic and Great Eastern Mortgage – the actor hasn’t made a mortgage payment since Sept 1 2010 on his home and he is now behind $1.2 million on his payments.
“No subsequent payments have been made,” noted the lawsuit, filed by attorneys with the Tampa-based Florida Default Law Group P.L. “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 sold to satisfy all debts. BankAtlantic, according to the complaint, holds a second $750,000 mortgage on the Mediterranean-style home, which currently is valued at $2.4 million, records with the Martin County Property Appraiser’s Office show.
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Category : Celebrities &Distressed Luxury Real Estate News