A bank says he hasn't made a mortgage payment for his Florida home in about a year, so it wants to foreclose on the property.
Merrill Lynch Credit Corp. is asking the court to order the home sold to satisfy debts.
When Reynolds tried to sell the 12,500-square-foot house two years ago, he was asking for almost $9 million.
It's currently appraised by the county at $2.4 million.
Reynolds said in a statement through his publicist Wednesday that he was surprised by the lawsuit.
The Associated Press contributed to this report.