investing

Celebrity investments gone sour

Investing » Celebrity Investments Gone Sour

Burt Reynolds
Burt Reynolds

The Investment: Burt Reynolds, the world's most popular movie star in the 1970s, invested in a restaurant chain ironically called PoFolks, opening outlets throughout California, Texas and Florida. By the late '80s, that investment made Reynolds a po' folk himself, costing him $15 million.

Combined with other bad investments, his diminished luster as a star and a costly divorce from Loni Anderson, the investment drove him toward a 1996 bankruptcy filing, at which time he was more than $10 million in debt.

The dive (or lack thereof): The Bandit always had a certain charm for lucking out of tough situations, and that didn't stop offscreen. Despite the bankruptcy, Reynolds was allowed to keep his $2.5 million mansion and all his personal property.

In August 2011, Merrill Lynch Credit Corp. filed a foreclosure lawsuit against Reynolds for failure to pay his mortgage since 2010 on his 4-acre Florida waterfront estate. Despite the price being lowered by more than half, as of 2013, the home was still unsold.

advertisement

          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

CDs and Investment

Start retirement savings at 24?

Dear Dr. Don, At age 24, I recently started a job working for a corporation. I'm interested in individual retirement accounts. I'd like to look at investing in stocks and bonds and learn more about choosing a 401(k) plan.... Read more

advertisement

Blog

Dr Don Taylor

Munis: If banks sell, do you buy?

Municipal bonds are debt securities issued by state and local governments to finance capital investment and other obligations.  ... Read more

Partner Center
advertisement

Connect with us