Burt Reynolds is broke and selling many of his belongings — including his Emmy and Golden Globe awards — to raise cash. I understand how very, very rich people can turn into very, very poor people but I don't understand how very, very rich people can turn into very, very poor people.
Let's say Burt was at some point worth $25 million. I don't think that's an unreasonable guess given the success of some of his movies and TV programs. Then one day, he's worth $24 million and later on, he's worth $23 million…and the day comes when he's at $10 million. Well before that moment, don't you say, "Hmm…I'm doing something wrong in the way I handle my money"? A few years ago, it was reported that he was trying to sell his home in Florida for $8.9 million but appraisers said it wasn't worth more than $2.5 million. He was being sued by his bank for not paying his mortgage and by his ex-wife (Loni) for not paying his alimony.
Years ago, a prominent Hollywood business manager — too prominent to have me as a client, certainly — explained to me that these kinds of situations can be explained in one word: Overreach. He said, "The star has $20 million and somehow, that's not enough for him to live on. He wants a bigger mansion and more cars and whatever. So he invests $10 million and those investments go bad and he chases them with more money, like a losing gambler trying to get even…and there goes the bankroll." That sounds like what probably happened with Burt.
I knew an actor who was on a series. When he got it, he felt he had to live like a Big Star even though — deep, dark secret — he really wasn't making the kind of dough everyone assumed. But he tried to live at that level, flying First Class, picking up checks, throwing parties, loaning money to friends in financial distress (he had a lot of friends in financial distress)…so he didn't sock much of that income away for himself. Then his series was canceled, that income stopped and he felt he still had to live at or around that level. For a while, another series or some movie offers seemed right around the corner…
But he was never quite able to turn that corner.
I always liked Burt Reynolds…I mean, from afar. He seemed like a guy who didn't take himself that seriously. I suspect that if I ever got to know the real person, I'd find plenty to dislike but he was in some good movies and he was often quite funny when on with Carson. So I'm sorry to see him selling his awards and wardrobe and hairpieces and whatever else is going on the block — and especially sorry to hear he has serious medical problems. I know there are people out there who derive great Schadenfreude when a Big Star takes a big fall. They're probably grinning about this and also about Doc Cosby's downfall. I just think it's sad…and an important reminder that it can happen to any of us, even if we aren't and never will be rich like that.