The 78-year-old star has a long history of financial difficulties, and declared bankruptcy in 1996. He sold the 150-acre ranch to the Palm Beach County school district in 1999, and the district sold the property to developers K. Hovnanian Jupiter LLC in 2013.
K. Hovnanian Jupiter plans to turn the ranch into a 30-home housing development, and the Palm Beach County Commission approved zoning changes for the project last week. 60 acres have been set aside as conservation land, and another 2 acres are being used as a community vegetable garden.
"This is going to be beautiful," County Commissioner Hal Valeche said in a statement.
Reynolds married Loni Anderson on the ranch in 1988, and their subsequent divorce in 1993 contributed to his growing financial problems. The property featured a Reynolds museum and gift shop, and a barn and petting zoo when the actor was the owner.