Greg Louganis, arguably the greatest diver in Olympic history, has made perhaps his most unexpected leap yet — cashing out his most prized possessions to fund a complete life overhaul at age 65.
The five-time Olympic medalist has relocated to Panama after selling his California home and auctioning off two gold medals and one silver medal for a combined $437,000, according to The New York Post, a windfall that exceeded expectations but highlights the financial realities even legendary athletes face decades after their glory days.
Money Drama and a Major Move
The diving icon’s dramatic pivot represents more than just geographical relocation — it’s a complete reinvention driven by both financial necessity and a desire for self-discovery that corporate sponsorships and coaching relationships had long overshadowed. For an athlete who dominated Olympic platforms in the 1980s, the move signals a stark departure from the American dream that made him famous.
“I have auctioned three of my medals, which sold, I believe, because I went against what the ‘experts’ told me last time when I tried the first time,” Louganis revealed in a candid Facebook post announcing his departure. “I told the truth; I needed the money. While many people may have built businesses and sold them for a profit, I had my medals, which I am grateful for. If I had proper management, I might not have been in that position, but what is done is done; live and learn.”
The champion’s financial struggles stem from a perfect storm of circumstances that began accumulating during his competitive peak. Unlike contemporaries such as gymnast Mary Lou Retton, Louganis received minimal endorsement opportunities throughout the 1980s, largely due to circulating rumors about his sexuality years before he publicly came out in 1994, The Guardian reports.
Corporate America wasn’t ready for openly gay spokespeople — when a reporter asked why he hadn’t appeared on Wheaties boxes, the company cited demographic concerns. He finally made the cereal box in 2016 as part of a legends series.
His financial challenges compounded after his HIV-positive diagnosis in 1987, just months before the Seoul Olympics. Annual treatment costs reached $100,000, but the psychological impact proved more expensive. Believing he had limited time left, Louganis spent freely without long-term financial planning.
“I blew through a lot of the money that I made because I thought: ‘I don’t have a future, I’m not gonna be here,'” he later admitted. “And then when I got to a certain age, it was like, holy sh-t, I’m gonna be here for a while. I gotta get a job!”
The most devastating financial blow came from his seven-year relationship with manager James Babbitt, which began shortly before the 1984 Los Angeles Olympics. The abusive relationship ended when Louganis discovered Babbitt had transferred most of his earnings into his own name, leaving the Olympic champion with just $2,000. By 2012, Louganis faced foreclosure on his Malibu home.
Olympic athletes face unique financial challenges that Louganis‘ story illuminates starkly. Unlike professional sports leagues with players’ unions and pension plans, Olympic athletes often find their medals among their few liquid assets during retirement. According to the Post, current athletes can access grants and health insurance through programs like the USOPC’s Athlete Career and Education initiative, but these benefits don’t extend to retirees from earlier eras.
Louganis’s relocation was partly inspired by friends who lost everything in California’s devastating wildfires.
“I know I am choosing to do this, but their resilience is an inspiration for me to start anew, with an open heart and an open door,” he shared. “I realized I often close myself off, shut myself down, and play small for the comfort of others. I don’t think I have realized or given myself credit for what I might be able to accomplish.”
The value of Louganis’s story extends beyond mere celebrity downsizing — it reveals how even Olympic gold can’t guarantee golden years, forcing even the greatest athletes to monetize their legacy when traditional retirement planning fails.