Bank’s held Burt’s feet to the fire to find out what he did with the mortgage money given to him for his home in Indian River Lagoon in Florida.
The creditors are seeking to collect $1.2 million. Reynolds had not only borrowed money for the mortgage but also a line of credit of $750,000.
Reynolds bought the home in 1980 for $700,000 and had an estimated value of $10.5 million in 2008. Now the current listing price if $4.9 million and is listed with Century 21.
Loni Anderson and Burt signed papers in 1994 for one of the loans.
According to Loni Anderson’s attorney, she has not defaulted on any payments.
Burt Reynolds claims his business manager is to blame for the counseling he received on this loan. He is also contemplating suing his business manager and accountant, Gregory Young, for malpractice.
It seems Burt owes $1.2 million since August 1, 2010 plus interest beginning from that date. Apparently, Burt is trying to sell off other properties, e.g. in Jupiter, Florida which was sold to Hovnanian.
Let’s hope the gators don’t end up eating up the property before Burt can find a buyer for this property in Indian River Lagoon, Florida.