Burt Reynolds assures fans he is 'not' broke

Burt Reynolds, who is auctioning over 600 of his personal items with Julien Auctions in Las Vegas, has quashed the speculation about him being in serious financial need.

The 78-year-old actor said that he wants everyone to know that contrary to what all the news outlets are saying, he is not broke, CBS News reported.

The 'Boogie Nights' star added that he has been dealing with a business dispute for many years as well as a divorce settlement and he is simply selling some of his memorabilia that he has enjoyed for so many years but do not have use nor room for them anymore.

Reynolds continued that quite frankly, he is sick of so many pictures of himself in his own home.

The huge sale, which will take place at The Palms in Las Vegas on Dec. 11 and 12, will include not only Reynolds' awards, his embroidered Western shirt from his role in 'Smokey and the Bandit II,' and a pair of cowboy boots from his 1996 film 'Striptease.'

In the auction catalog, Reynolds explains that the fact of the matter is that it truly is the time to downsize and for these items that he has loved over the years find new homes where they can be cared for and appreciated.

The catalog further reads that Reynolds has collected so many things that he has truly adore but at this stage in his life he finds it very difficult to manage them all.