Monday, October 15, 2012

Burt Reynolds $10 Million In Debt

Burt Reynolds $10 Million In Debt, Reynolds was $10 million in debt when he filed for bankruptcy after his 1996 divorce. Gary Busey filed for bankruptcy this week and many seemed stunned by the amount of money he owed. However, he is not the first Hollywood actor to go broke. During Burt Reynolds 1996 bankruptcy he claimed he was $10 million in debt. he made $5 million for Cannonball run alone.

MSNBC has an interesting article that charts several celebrities and their money woes.

The Investments that crushed the actor:

“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.”

Gary Busey’s Bankruptcy…

Busey’s documents indicate he has less than $50,000 in assets and he ticked the box showing he owes between $500,000 and $1,000,000 reports the UK Daily Mail.

Those Busey owes include the IRS, the UCLA Medical Center, bank Wells Fargo, LA County Waterworks Districts and a storage company, according to the paper.

Gary’ss manager Ron Sampson wrote in a statement that his client is on “a new and clear path” to personal and career success.
Title: Burt Reynolds $10 Million In Debt
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