But with success came lavish spending. The mustached movie star has had many run-ins with the Internal Revenue Service over the years. Until recently, he owed the state of California $225,000 in taxes going back to 1996, which put him in spot No. 247 of California's biggest tax scofflaws.
After bankruptcy, Reynolds made a comeback in 1997 with his role as a porn director in "Boogie Nights," which earned him a Golden Globe and an Oscar nomination.
The comeback was shortlived. Reynolds, who came to fame with 1972's "Deliverance," was relegated to mostly guest roles and brief appearances in television and film.
A series of health problems has compounded his financial woes.
In 2009, Reynolds checked into rehab after he developed an addiction to painkillers following back surgery earlier that year.
"After a recent back surgery, Mr. Reynolds felt like he was going through hell and after a while, realized he was a prisoner of prescription pain pills," Kritzer, Reynolds' manager, said in a statement to People magazine. "He checked himself into rehab in order to regain control of his life. Mr. Reynolds hopes his story will help others in a similar situation. He hopes they will not try to solve the problem by themselves but realize that sometimes it is too tough to do on their own and they should seek help, as he did."
The following year, Reynolds underwent quintuple bypass surgery.
Once a sex symbol of the 1970s -- he posed nude for Cosmopolitan magazine -- Reynolds has tried to hold back time with plastic surgery and a toupee to cover up his hair loss.
Facing foreclosure, he's trying for one more comeback. He's filming the television movie "Reel Love" with country crooner LeAnn Rimes. The movie, in which he plays her father, is scheduled to air on CMT this September.