Hollywood Actor Burt Reynolds Faces Foreclosure, Owes $1.2 Million

“Boogie Nights” star Burt Reynolds may face foreclosure on his mansion in Florida soon, at risk of losing his 12,500 square foot home that he bought with his former wife, Loni Anderson.

Reynolds has allegedly not made any mortgage payments on the home since September 1, 2010, causing Merrill Lynch Credit Corporation to file a lawsuit against him recently in Martin County, according to ABC.

The actor originally bought the home for $1.5 million in 1994, taking out a 25-year mortgage from the company.

Merrill Lynch is asking the judge to take away the 75-year-old star’s home to pay off what is owed, which they claim amounts to $1.2 million, or face foreclosure.

The waterfront 4-acre estate is valued at $2.4 million currently, having lost value since 2009, when Reynolds tried to sell the home for $8.9 million, as reported by The Stuart News. There were no offers then to buy what the actor has referred to as “paradise.” The Mediterranean-style home is not listed as his primary residence.

Responding to the suit, Reynolds told ABC, “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.”

The Golden Globe winner, who last appeared in 2010 in a television series entitled “Burn Notice” on USA Network, has had his share of ups and downs.

He filed for Chapter 11 bankruptcy in 1996, just two years after he purchased his Florida home with his ex-wife because of failed investments and divorce settlements.

The “Smokey and the Bandit” actor also had several health issues, having previously had back surgery and a quintuple bypass surgery. At one point he was reported to have been addicted to painkillers as well, which he went into rehab for.

An anonymous source told ABC that Reynolds just might be headed down a troubled road again, with perhaps another looming bankruptcy over his shoulder.

But despite the struggles, including the recent lawsuit filed against him, Reynolds is appearing to look on the brighter side.

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

Perhaps his next made-for-television movie “Reel Love,” which airs this November on CMT, may add some much needed funds to his accounts. He stars in the film opposite LeAnn Rimes and will play the country singer’s father.