Burt Reynolds: 'I am not broke'

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Is Burt Reynolds Broke?

Burt Reynolds reacted Tuesday to speculation that his upcoming Las Vegas auction of more than 600 personal items -- including his 1998 Golden Globe for his role in Boogie Nights -- is a sign that the 78-year-old actor is in serious financial need, Entertainment Tonight reports.

"I want everyone to know that contrary to what all the news outlets are saying, I am not broke," he tells ET exclusively. "I have been dealing with a business dispute for many years as well as a divorce settlement. I am simply selling some of my memorabilia that I have enjoyed for so many years but do not have use nor room for them anymore."

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Burt Reynolds: 'I am not broke'
W.W. AND THE DIXIE DANCEKINGS (1975) BURT REYNOLDS; ART CARNEY, JOHN G. AVILDSEN (DIR) WWDD 001 MOVIESTORE COLLECTION LTD
SMOKEY AND THE BANDIT (1977) BURT REYNOLDS, SALLY FIELD COWBOY HAT SMBT 005
STROKER ACE (1983) BURT REYNOLDS, LONI ANDERSON STKA 004
BOCA RATON, FL - MARCH 12: Burt Reynolds attends the Student Filmmakers showcase at the 2015 Palm Beach International Film Awards on March 12, 2015 in Boca Raton, Florida. (Photo by Larry Marano/Getty Images)
BOCA RATON, FL - MARCH 12: Burt Reynolds attends the Student Filmmakers showcase at the 2015 Palm Beach International Film Awards on March 12, 2015 in Boca Raton, Florida. (Photo by Larry Marano/Getty Images)
BOCA RATON, FL - MARCH 12: Burt Reynolds attends the Student Filmmakers showcase at the 2015 Palm Beach International Film Awards on March 12, 2015 in Boca Raton, Florida. (Photo by Larry Marano/Getty Images)
CULVER CITY, CA - JUNE 08: Burt Reynolds speaks onstage at Spike TV's 'Guys Choice 2013' Awards held at Sony Pictures Studios on June 8, 2013 in Culver City, California. (Photo by Michael Tran/FilmMagic)
BOCA RATON, FL - MARCH 14: Burt Reynolds attends the 2014 Student Showcase of Films at Lynn University on March 14, 2014 in Boca Raton, Florida. (Photo by Larry Marano/Getty Images)
LOS ANGELES, Ca - June 09: Burt Reynolds is seen on June 09, 2013 in Los Angeles, Ca. (Photo by GVK/Bauer-Griffin/GC Images)
CULVER CITY, CA - JUNE 08: Mark Wahlberg (L) and Burt Reynolds speak onstage at Spike TV's 'Guys Choice 2013' Awards held at Sony Pictures Studios on June 8, 2013 in Culver City, California. (Photo by Michael Tran/FilmMagic)
CULVER CITY, CA - JUNE 08: Actor Burt Reynolds accepts award onstage during Spike TV's Guys Choice 2013 at Sony Pictures Studios on June 8, 2013 in Culver City, California. (Photo by Jason Kempin/Getty Images for Spike TV)
CHICAGO, IL - APRIL 15: Burt Reynolds partakes in a Q&A during the Burt Reynolds Film Tribute at Hollywood Blvd Cinema on April 15, 2011 in Chicago, Illinois. (Photo by Daniel Boczarski/Getty Images)
CULVER CITY, CA - JUNE 08: Actor Burt Reynolds accepts award onstage during Spike TV's Guys Choice 2013 at Sony Pictures Studios on June 8, 2013 in Culver City, California. (Photo by Kevin Winter/Getty Images for Spike TV)
BURN NOTICE -- 'Past and Future Tense' -- Pictured: Burt Reynolds as Paul Anderson (Photo by Glenn Watson/NBC/NBCU Photo Bank via Getty Images)
LOS ANGELES, CA - APRIL 27: Actors Ned Beatty and Burt Reynolds attend 'Deliverance' screening during the 2013 TCM Classic Film Festival at TCL Chinese Theatre on April 27, 2013 in Los Angeles, California. 23632_009_MB_1051.JPG (Photo by Michael Buckner/WireImage)
WEST PALM BEACH, FL - APRIL 28: Burt Reynolds attends dedication of 'Burt Reynolds Road' on April 28, 2010 in West Palm Beach, Florida. (Photo by Carlos Marino/Getty Images)
LOS ANGELES, CA - APRIL 27: Actors Burt Reynolds and director John Boorman attend 'Deliverance' screening during the 2013 TCM Classic Film Festival at TCL Chinese Theatre on April 27, 2013 in Los Angeles, California. 23632_009_MB_0989.JPG (Photo by Michael Buckner/WireImage)
PALM BEACH, FL - APRIL 23: Burt Reynolds receivesa Lifetime Achievement Award at the 15th Annual Palm Beach International Film Festival on April 23, 2010 in Palm Beach, Florida. (Photo by Carlos Marino/Getty Images)
LOS ANGELES, CA - APRIL 27: Actors Jon Voight and Ned Beatty attend 'Deliverance' screening during the 2013 TCM Classic Film Festival at TCL Chinese Theatre on April 27, 2013 in Los Angeles, California. 23632_009_MB_1055.JPG (Photo by Michael Buckner/WireImage)
LOS ANGELES, CA - APRIL 27: Actor Burt Reynolds speaks during the 'Deliverance' screening during the 2013 TCM Classic Film Festival at TCL Chinese Theatre on April 27, 2013 in Los Angeles, California. 23632_009_MB_1093.JPG (Photo by Michael Buckner/WireImage)
STUART, FL - AUGUST 16: (EXCLUSIVE COVERAGE) Burt Reynolds discusses 'Deliverance' Following 40th Anniversary Screening at Lyric Theatre on August 16, 2012 in Stuart, Florida. (Photo by Gustavo Caballero/Getty Images)
BURT REYNOLDS - US film actor in 2007
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"Quite frankly, I am sick of so many pictures of myself in my own home," he adds.

PHOTOS: Stars with Tax Troubles

Reynolds has filed for bankruptcy in the past, and has been in a foreclosure fight with Bank of America since 2011 over his 12,500 sq. ft. mansion in Jupiter, Fla., according to a CBS12 report in June. In 2006, his home was listed for sale for $15 million. The bank filed the litigation in 2011 after Reynolds allegedly fell behind on mortgage payments, claiming that the actor hasn't made a mortgage payment since Sept. 1, 2010.

Reynolds married his now ex-wife Loni Anderson on the estate in 1988. During the ceremony, the former couple rode in a stagecoach that is expected to bring around $20,000 during the auction.

The huge sale will include not only Reynolds' awards, but a few very personal items of his such as his embroidered Western shirt from his role in Smokey and the Bandit II, and a pair of cowboy boots from his 1996 film Striptease, co-starring Demi Moore.

"I have been in the auction community for 25 years and I've never seen an opportunity like this," Museum of Television president James Comisar recently told ET.

The auction will take place at The Palms in Las Vegas on Dec. 11 and 12.

NEWS: Burt Reynolds Auctions His Golden Globe

In the auction catalog, Reynolds explains, "The fact of the matter is that it truly is the time to downsize and for these items that I have loved over the years find new homes where they can be cared for and appreciated. ... I've collected so many things that I truly adore but at this stage in my life I find it very difficult to manage them all."

TUNE INTO "ENTERTAINMENT TONIGHT" THIS EVENING, DECEMBER 2, 2014, FOR MORE INFORMATION.

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