Burt Reynolds has been hit with a foreclosure lawsuit that claims he’s in arrears to the tune of $1.2 million on his Hobe Sound, Florida, home. The suit filed by the Merrill Lynch claims that Reynolds hasn’t made a payment on the estate, dubbed “Valhalla,” since September 2010. The suit also says that BankAtlantic – also named in the suit – has a second, $750,000 mortgage on the home, which is valued at $2.4 million. Reynolds and ex-wife Loni Anderson initially took out a $1.5 million mortgage on the home in 1994, with the understanding that the loan would be paid off by 2019. Reynolds put the 12,500-square foot home on the market in 2009, asking for $8.9 million. The 75-year-old actor also maintains a home in Little Rock, Arkansas. Reynolds is currently filming the TV movie “Reel Love” with Shawn Roberts and LeAnn Rimes.
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