Burt Reynolds has been in a very long fight to unload his Florida mansion. He got $3.3M for his Hobe Sound home but the selling price rose to as high as $15M. However, the most recent asking price, before it got finalized, was about $5M.
This 12,500 square foot home was built in 1975 and it has five bedrooms and 7 bathrooms. It has a 20 seater theater, a billiard room, and many other rooms full of his memorabilia. Reynolds has sold/auctioned his memorabilia in the past, saying that he has to get rid of some of his stuff from home.
The home's kitchen looks like it could use a bit of updating. The home pretty much has a 70's 80's kind of design, which is far from contemporary, but it is still quite a valuable mansion.
Alongside all the other home features, this Reynolds' home has a helipad, a dock, a pool, and a separate guesthouse with two bedrooms.
This property was bought by Reynolds in 1980 for $700,000. He lived in it with his second wife, Loni Anderson whom he got married wih in 1988 but divorced in 1993. That divorce, some unsmart investments, and the cool-off that his career got, led Reynolds to debts reaching $10M. And in 1996, he declared Chapter 11.
According to Yahoo Homes, Reynolds emerged from the bankruptcy reorganization two years later, the same year he got an Oscar Nomination for "Boogie Nights", and thanks to Florida's homestead exemption rules, he was able to maintain ownership of his home under the reorganization.
He put the home on the market 9 years ago asking for $15M but he continuosly slashed the price. In 2011, a foreclosure summons have been issued, claiming that the mortgage payments has been missed for over a year and the home owed the bank about $1.2M.
Now, after years of waiting and price slashing, Reynolds finally sold his mansion to businessman Charles Modica.
