" Despite Reynolds optimism, some say, the house is only the tip of the iceberg. "He runs up bills and ignores them," a source familiar with Reynolds' financial state told ABCNews.com. "He owes millions of dollars to people. It's a sad state of affairs."
"The paper said the Mediterranean-style home, which has a swimming pool, private beach, boat dock, cinema and its own hair salon, is valued at $2.4 million. Reynolds put the 12,500-square foot home on the market in 2009 for $8.9 million but got no takers.
The source familiar with Reynolds' money problems claims the house is "falling apart" and "the land is what's worth the money." If so, the house seems to be a reflection of Reynolds current financial state, which the source claims is also in shambles. "Unfortunately, it's history repeating itself," the source said. "It sounds to me as if he's going to go bankrupt again."
Reynolds also lost a lot of money in a restaurant venture. I have written before how starting a business can be a costly mistake, particularly if you have partners in the venture who are robbing you blind. He should have stuck to acting and left ancillary businesses alone.
Sadly, this also happens to athletes, such as Vince Young, who go from millionaire to bankrupt, in a matter of a few years.