How Burt Reynolds Nearly Lost All of His $60M Net Worth

by Taylor Cunningham
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At the height of his career, Burt Reynolds was one of the highest-paid actors in Hollywood. And he amassed a fortune that is still enviable by today’s standards. However, he lost nearly all of his money by the end of his life, and he went so far into debt that he had to file for bankruptcy.

According to Celebrity Net Worth, the actor was worth about $60 million during his peak. Today, that would be equivalent to around $150 million. But despite the massive bank account, Burt Reynolds still managed to find a way to live outside his means.

The star owned not one, not two, but five mansions. His initial home was a massive Beverly Hills bachelor pad. And over time, he also purchased two houses in Florida, a giant beach-side estate and a 160-acre ranch where he kept 150 horses.

Reynolds owned a Georgia mansion as well. And when he married Loni Anderson in 1988, he went ahead and bought a second house in Beverly Hills. To top it off, he kept a private jet and a private helicopter to shuffle him to all of his lavish dwellings.

By the Late 1990s, Burt Reynolds Ended up $11 Million in the Hole

As one can imagine, keeping up with the lifestyle wasn’t easy. As a younger man, Burt Reynolds enjoyed life as an Alister, which proved lucrative. But during his later years, he had some trouble getting higher-paying gigs. Luckily, during the final few decades of his life, he managed to bring himself back to the top. In fact, his one and only Oscar nomination came in 1988 when he starred in Boogie Nights.

But during his less profitable years, he made some bad business deals that drained his savings. As Celebrity Net Worth continued, Reynolds tried three ventures that failed and cost him an estimated $20-30 million. The actor also made the mistake of borrowing millions from the bank before starting new shows thinking he would be able to pay it back once they reached syndication.

In the 1990s the financial disaster hit rock bottom. During that time, he went through a costly divorce. And when all was said and done, he had spent so much money that he was over $11 million in debt. So, he was forced to file for bankruptcy.

Burt Reynolds passed about in 2018, and there is no information saying if he turned his situation around. Nonetheless, he still went down as one of the most infamous actors in Silver Screen history.

Outsider.com