American actor Burt Reynolds’ longtime waterfront estate in Hobe Sound, Florida, went through several asking-price changes before it was eventually sold for $3.3 million in 2015, while the property was listed for $15 million in 2005. The Los Angeles Times reported in January 2006 that Reynolds wanted $15 million for the estate.
Burt Reynolds Listed His Hobe Sound Estate for $15 Million
Reynolds had owned the Hobe Sound estate since 1980, when he bought the property for $700,000, as per reports.
The Los Angeles Times described the compound in 2006 as a roughly 12,500-square-foot property on more than three acres. It included a main residence, a two-bedroom guesthouse, a gym and wine room, as well as another building containing a theater, office, billiards area and kitchen. The property also had a pool overlooking the Intracoastal Waterway, yacht dockage and a helicopter pad.
The Estate’s Asking Price Changed Several Times
The property's asking price changed multiple times during the sales process. TCPalm reported that the estate was initially offered at $15 million in 2005 before the asking price was reduced to $12.9 million in 2007, it was then reduced to $10.5 million in January 2008 and to $8.995 million in July 2008.
A Naples Daily News report said Reynolds had first listed the property at $15 million, later raised the asking price to $15.9 million after changing agents and subsequently reduced it to $12.9 million and then $10.5 million.
However, these figures were asking prices at different points in the sales process, rather than successive formal valuations of the property.
Reynolds’ Estate Became the Subject of a Foreclosure Lawsuit
The Hobe Sound property was also involved in a foreclosure lawsuit. TCPalm reported in 2014 that Merrill Lynch Credit Corp had filed a foreclosure lawsuit in 2011. The publication reported that Merrill Lynch Credit Corp. had merged into Bank of America, with Bank of America as the surviving entity.
The lawsuit alleged that Reynolds had not made a mortgage payment since September 1, 2010. At the time, TCPalm reported that Reynolds hoped to sell the 3.4-acre property to pay off mortgages. Property records put the estate’s market value at $2.85 million, while its asking price was $4.9 million.
Burt Reynolds Sold the Estate for $3.3 Million in 2015
The property eventually changed hands in 2015. Mark David reported in September 2015 that Reynolds had sold his longtime Hobe Sound residence for $3.3 million. The report said the estate had been offered at various prices over the years, reaching as high as $15 million before its last published asking price of $4.9 million.
