NEW YORK (CNNMoney) -- Burt Reynolds could lose his waterfront mansion in Florida after failing to make mortgage payments for almost a year.
According to a lawsuit filed on Aug. 9 in Martin County, Fla., Merrill Lynch Credit Corporation issued a foreclosure summons to the "Smokey and the Bandit" star after he stopped making mortgage payments on his Hobe Sound, Fla. estate.
The lawsuit claims Reynolds has not made a mortgage payment since August 2010 and owes the bank nearly $1.2 million.
The 75-year-old star originally put the 12,538-square foot estate on the market in 2005 for $15 million and has slashed the price significantly a number of times, according to the TCPalm, a local newspaper. It was most recently listed at $8.995 million.
The waterfront home has five bedrooms, seven bathrooms and luxury features, including a screening room, billiard room, gym and wine cellar. There is also a 2,000-square foot guest house, heated pool, dock and helipad on the three-acre property.
The Mediterranean estate was originally built in 1975. Although Reynolds once shared the home with his former wife Loni Anderson, it is no longer his primary residence, according to the court filing.
|What we want Apple to unveil at WWDC|
|Millennials squeezed out of buying a home|
|7 traits the rich have in common|
|Big Data knows you're sick, tired and depressed|
|Your car is a giant computer - and it can be hacked|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.79%||3.64%|
|15 yr fixed||2.94%||2.76%|
|30 yr refi||3.78%||3.69%|
|15 yr refi||2.96%||2.81%|
Today's featured rates: