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Celebrity Foreclosure Autopsy Series – Celebrity #1: Burt Reynolds

By homeforsure on | From homeforsure.com

The foreclosure phenomenon of the last few years has had an impact not just on the average Joe, but on the rich and famous as well. In this series we examine high-profile foreclosures, the decisions both personally and professionally that led to them, and what you can do to avoid a similar fate.

Celebrity #1: Burt Reynolds

Claim to Fame

Having featured in nearly 100 movies across 5 decades, Burt Reynolds is one of Hollywood’s most recognizable personalities. In the 70’s he made big bucks starring in blockbusters such as Smokey and the Bandit, The Longest Yard and Deliverance. He has been quite busy this last half-century, with over 300 television episode credits and several noteworthy Broadway appearances to his name as well.

Coming from somewhat humble beginnings, Reynolds fell into acting after playing college football didn’t pan out. He has risen to considerable fame and fortune, having dated some of the most beautiful women in the industry, and there is even an entire museum highlighting his career in Jupiter, Florida.

What went Wrong

The wheels began to come off financially during the 80’s. After enjoying one box office success after another in the 70’s, the new decade saw his star begin to fall after a few poor role choices and unsuccessful flicks. His income flow slowed considerably from his heyday, yet his lifestyle remained extravagant.

The knockout blow came in the form of a messy divorce from actress Loni Anderson that cost Reynolds millions. As a result, he filed for bankruptcy in 1996, finding himself $10 million in debt.

Rising from the ashes, Reynolds made his comeback through the critically-acclaimed film Boogie Nights. An Oscar nomination and a Golden Globe win for best supporting actor had Hollywood knocking at his door once again, yet his financial troubles remain to this day.

On August 16 of this year, Merrill Lynch filed foreclosure papers against Reynolds, claiming that he owes $1.2 million in back payments on his home in Florida. He has made 14 TV/film appearances since 2006, yet still can’t pay his bills.
He has keys to 12 cities, and 13 honorary deputy sheriff’s badges. Yet ironically, it may soon be the sheriff’s department that will be the ones to take away the key that matters most.

Lesson to be Learned

Buyers must understand what it means to buy homes with a long-term strategy. Typically, people take a bit of a one-sided view when considering their purchase. A long-term strategy does not only mean that the home must meet a buyer’s needs long-term, but the mortgage as well.

As so many have learned over these past few years, the amount one is making today may not be the same tomorrow, and not everybody’s career in on the upward trajectory that they would hope. People must make sure they will be comfortable in their mortgage situation not only now, but in case the worst happens, and everything in between. Anything other than this and you are gambling on yourself, your job, the industry in which you work, and the housing market. And as old Bo “Bandit” Darville would attest, some bets work out, and some don’t.