Hulk Hogan blew "hundreds of millions" of dollars on palatial homes and fast cars.
The wrestling legend - real name Terry Bollea - admitted he wasted the vast sums of money he earned during his years in the WWE and WCW and is now living in a rented home after slashing $16 million off the price of his Florida mansion in order to get a quick sale.
The WWE Hall of Fame inductee told 'Good Morning America': "There were houses being bought, and cars being bought, and vacations for family members. There was eight, nine, $10 million, $11 million going out, so it got way off."
Despite his financial troubles, Hulk seemingly announced his retirement from professional wrestling on TNA TV show 'Impact Wrestling' last night (29.09.11), claiming he wanted to break the news to his fans first because they always stuck by him through the major difficulties in his life, including a divorce from wife Linda in 2007.
However, speculation is rife his retirement is a 'work' - part of a wrestling storyline - and he will step inside the squared circle again against Sting at upcoming pay-per-view 'Bound For Glory'.
Meanwhile, Hulk has run into trouble after attempting to boost his finances with his latest venture, a reality TV show on US network TruTV featuring miniature wrestlers, after midget competitor Steve Richardson - aka 'Puppet the Psycho Dwarf' - accused him of stealing his idea.
He said: "I have no ill feelings toward Hogan, but loads of his wrestlers are the guys I fired. They're using all the ideas everything I came up with. There's no individuality. They're following the same concepts. It's a violation of intellectual property rights."
MCW wrestling owner Johnny Greene said: "We had this idea first, but they rushed to Spike TV to get their show on the air first, figuring whoever got on the air first would capture the audience.
"But their show sucked. They were doing midgets and Jackass, and ours is a real wrestling show. Puppet's just trying to jump on the bandwagon because their business is dying."