Actor Burt Reynolds may lose his home in foreclosure.

Merrill Lynch Credit Corporation claims in a lawsuit filed on Aug. 9 that the 75-year old actor has failed to make payments on his waterfront home in Hobe Sound, Florida.

According to the lawsuit, the former 'Smokey and the Bandit' owes $1.2 million in past due payments that have stopped since August 2010. Court documents state that this is not his primary residence.

Originally built in 1975, the 12,538-square foot property features five bedrooms, seven bathrooms and luxury features, including a screening room, billiard room, gym and wine cellar. There is also a 2,000-square foot guest house, heated pool, dock and helipad on the three-acre property. It was put on the market six years ago at $15 million, but currently listed at near $9 million.

Oscar nominated Reynolds is currently filming Reel Love with LeAnn Rimes in Canada.