Burt Reynolds Denies He's Broke

Burt Reynolds says he’s not broke. So, why is he auctioning off hundreds of personal items? INSIDE EDITION has the story.

"I am not broke," says Burt Reynolds in response to reports that he's auctioning off his most precious belongings because he's facing financial ruin.

In a statement, Burt Reynolds said, "I am simply selling some of my memorabilia that I have enjoyed for so many years, but have no use nor room for them anymore. Quite frankly, I am sick of so many pictures of myself in my own home."

His mansion in Jupiter, Florida, features items such as a giant portrait of Reynolds in his prime, hanging in the living room.

The 78-year-old actor is also auctioning off the Golden Globe he won for Boogie Nights, and the red jacket he wore in Smokey and the Bandit. There are almost 700 items in all.

Reynolds did say, "I have been dealing with a business dispute for many years, as well as a divorce settlement."

Reynolds split from actress Loni Anderson in 1993.

One of the biggest stars of the 1970s, Reynolds made a rare public appearance at a college football game.

Other artifacts for auction include the cowboy boots he wore in Striptease with Demi Moore. There is also a personalized boxing robe.

INSIDE EDITION spoke to Martin Nolan, executive director of Julien's Auctions.

He told INSIDE EDITION, "When you are 78 years of age you reflect on your life and what you've achieved, and you realize these items are going to be dispersed worldwide. And so, yes, there is a touch of nostalgia, a touch of sadness. But, the decision was simplifying and downsizing."