Burt Reynolds drops asking price of Hobe Sound 'Valhalla' home by $4 million

HOBE SOUND, Fla. — The price to live in Valhalla has dropped by $4 million.

The waterfront five-bedroom home of actor Burt Reynolds, which was for sale in August for $9 million and on which foreclosure proceedings began in August, can now be had for $5 million.

About 125 brokers and customers attended a showing 10 days ago after word went out that the price dropped at the gated home, said Robert Kairalla, owner/broker for JIC Realty, the Jupiter firm selling the home.

"It's a sign of the times," Kairalla said. "(Reynolds) is very motivated to sell."

Valhalla - named for the mythical place where the Nordic god of war Odin greets slain warriors - is three buildings on 3.4 acres along the Intracoastal Waterway. It includes the main home and two guest houses.

The property, which is in the 16000 block of Federal Highway, includes a movie theater, swimming pool, wine room, indoor waterfall, billiard room and boat dock.

The home has a market value of $2.4 million. Reynolds, the Emmy Award-winning actor who graduated from Palm Beach High School in 1954, bought the home in 1980 for $700,000, according to Martin County records.

Foreclosure proceedings were filed in August after BankAtlantic and Great Eastern Mortgage filed papers alleging Reynolds has not made a mortgage payment since Sept. 1, 2010.

"The lawyers are working that out," said Kairalla.

Like Reynolds, many high-end homeowners are dropping prices, said Bill Kollmer, a Juno Beach Realtor.

"They are feeling the effects of the lousy economy just like everybody else," Kollmer said.

Reynolds, 75, was looking good at the showing, Kairalla said.

"On a scale of one to 10, I would give him a 10," Kairalla said. "He was happy. He looked great."