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Burt Reynolds Slapped With Foreclosure Lawsuit Over Florida Home

Actor owes more than $1 million on 12,500-square foot residence

Has Burt Reynolds run into semi-tough financial times again?

The "Smokey and the Bandit" star was hit with a foreclosure lawsuit in Florida's Martin County Circuit Court last Tuesday that claims he's in arrears to the tune of $1.2 million on his Hobe Sound, Fla., home.

According to the South Florida Sun-Sentinel, the suit, which was filed on behalf of the Merrill Lynch Credit Corp., claims that Reynolds hasn't made a payment on the estate, dubbed "Valhalla," since September 2010.

The suit asserts, "Plaintiff must be paid $1,193,808 in principal on the mortgage note and mortgage, together with interest from Aug. 1, 2010, and all costs … and reasonable attorney's fees."

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, according to the Sun-Sentinel.

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, but the depressed housing market made it difficult for him to sell the residence. (It probably also didn't help that he was asking $8.9 million for a $2.4 million house.)

The 75-year-old actor also maintains a home in Little Rock, Ark.

Reynolds is currently filming the TV movie rom-com "Reel Love" with Shawn Roberts and LeAnn Rimes.

The "Deliverance" star has a history of financial woes — Reynolds filed for Chapter 11 bankruptcy in the 1990s, following his divorce from Anderson and a string of bad career and investment decisions.

TheWrap's request for comment from Reynolds' manager were not immediately returned.