Burt Reynolds just sold his Florida party compound for a $12 million loss, let’s take a tour

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Burt Reynolds, the 79-year-old mustachioed star who auctioned off most of his junk last year, unloaded this $15 million party compound for a low $3.3 million over Labor Day weekend.

The Oscar-nominated actor of "Boogie Nights" and "Smokey and the Bandit," purchased the 3.39-acre waterfront estate in 1980 for $700,000. The property, located in Hobe Sound, Florida, was put on the market back in 2008 and has reached asking prices as high as $15 million.  However, the house went into foreclosure in 2010 after Reynolds stopped paying the mortgage.

The 12,500-square-foot "Burt Bungalow" has 5 bedrooms, seven bathrooms, a private theater, a helicopter pad (and license), a yacht dock and a two bedroom guest house. It also came fully furnished with all the Burt Reynolds memorabilia you could possibly ask for.

According to South Florida property gossip columns, the new owner is Charles Modica, founder and Chancellor of St. George’s University in Grenada. Apparently, Modica is letting Burt stay in the house as long as he keeps paying rent.

Photos via MLS 

Posted & filed under Arts and Events.

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