Tommy Hearns Auctions Treasured Possessions to Pay IRS

He's the former world champion who's now in the fight of his life. Tommy Hearns is selling off his treasured possessions, like his classic 1957 Chevy, a custom-made Harley Davidson motorcycle, a dozen all-terrain vehicles, his 47-foot fishing boat "The Knockout" and robes, trunks, and gloves from his legendary boxing career.

"[Money] does run out. And sometimes it runs out very quickly too," Hearns tells INSIDE EDITION.

Hearns was a seven-time world champ and his nickname is "Hitman."   

Now he's broke and selling everything to the highest bidder to pay a reported $450,000 in back taxes he owes the IRS.

He gave INSIDE EDITION a personal tour of the Detroit warehouse where the auction takes place tomorrow.

Hearns reportedly made $40 million during his career, but over the years it's been squandered and now he's facing tough economic times just like the rest of the country.  

Auctioneer Obi Moore hopes the boxing legend's fans will help him now, when he needs it the most.

"This story is not just Tommy Hearns, it's about where our society is standing right now, in bad times," says Moore.

To see some of the items Hearns is putting up for auction, visit www.theauctionblock.com.