investing

Celebrity investments gone sour

Burt Reynolds
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 off-screen. 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. In 2014, a judge threw out Reynolds' request to remove the foreclosure, allowing Merrill Lynch Credit Corp. (now Bank of America) to proceed with the lawsuit.

advertisement

Show Bankrate's community sharing policy
          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

DIY retirement investing

Dear Senior Living Adviser, For the past 16 years, I have let someone else manage our accounts, and for the past 5 years my investments earned nothing, even as the U.S. stock market tripled. We could have done so much better.... Read more

advertisement

Blog

Sheyna Steiner

Last week a bunch of 401(k) investors freaked

Goosed by stock market losses last week, some 401(k) investors sold out of stocks and bought fixed-income investments, HR consultant Aon Hewitt reported.  ... Read more

Partner Center
advertisement

Connect with us