Rumors have been running rampant this week that actor Burt Reynolds is in financial ruin — but now the star is speaking out to confirm the reports are totally untrue.
"I want everyone to know that contrary to what all the news outlets are saying, I am not broke," Burt, 78, said in a statement to 'ET Online.'
Speculation arose after more than 600 items of the star's personal memorabilia went up for sale this month in Las Vegas through Julien's Auctions.
Ricky Jay, Jack Wallace and Burt in 'Boogie Nights.' (Photo Credit: Getty)
Instead, Burt explained he's selling the items, which include his 1998 Golden Globe for 'Boogie Nights' and the red jacket he wore in 'Smokey and the Bandit,' because his house has become a shrine to himself — not because he needs the money.
"Quite frankly," he said, "I am sick of so many pictures of myself in my own home."
Photo Credit: Julien's Auctions (2)
Burt's ex wife, Loni Anderson, 69, is similarly taking a collection of memorabilia to the auction block — including a nude painting of the actress — by selling every item Burt gave her during their 12-year marriage.
Despite being one of Hollywood's highest paid leading men throughout the 1970s, Burt has unfortunately faced financial strife in the past. He filed for bankruptcy in 1996 and has been fighting the foreclosure of his 12,500 square foot Jupiter, Fla. mansion since 2011.
Burt and Loni in January 1992. (Photo Credit: Getty)