Burt Reynolds reportedly facing foreclosure on Florida mansion

The Smokey And The Bandit star allegedly owes nearly $1.2m in mortgage arrears, according to a foreclosure lawsuit filed in Martin County Circuit Court by Merrill Lynch Credit Corporation.

The veteran star has reportedly been trying to sell the 12,500sq ft house for $8.9m – after originally putting it on the market for $12m.

But property records show the home is valued at just $2.4m.

According to Merrill Lynch Credit Corporation, which is seeking a court order for the home to be sold to satisfy the debts, the 75-year-old actor has not made a payment on the four-acre Indian Hills estate in Hobe Sound, Florida, since 1 September 2010.

The property, which overlooks Jupiter Island, comes with its own dock and private cinema complex – and even has its own hair salon.

Reynolds, who in March 2010 underwent quintuple heart bypass surgery, bought the house with now ex-wife Loni Anderson.

In 2009, the former Out Of This World star reportedly blamed the US economy for making it difficult to sell his home.

He said: 'Every evening when I walk my dog down to the gate on US1 and back to the house, I think, 'Am I crazy?'

'This is paradise, so why would I want to sell it?'