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
Product Rate Change Last week
1 Year CD 0.89%  0.01 0.88%
2 Year CD 1.01%  0.02 1.03%
5 Year CD 1.59%  0.07 1.66%
 
View Rates in your area Search
advertisement
CD & INVESTING NEWSLETTER

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

CDs and Investment

How can I pay myself first?

Dear Dr. Don, You often advise readers to "pay yourself first." It sounds like a fine idea. But I'm wondering how that actually should work. I'd like to know how much or what percentage of my income should be set aside... Read more

advertisement

Blog

Sheyna Steiner

Investing: Sometimes less is more

A sixth grade class played along in an investing throw down among college-level clubs and easily beat all their returns.  ... Read more

Partner Center
advertisement

Connect with us