Olympic diving legend Greg Louganis sold three of his five Olympic medals for $430,000 to fund his move to Panama after admitting he needed money due to poor financial management.
The 65-year-old American diving champion announced the decision in a Facebook post Friday, saying he also sold his California home to pay for the relocation.
“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 wrote. “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.”
Louganis sold his silver medal from the 1976 Montreal Olympics and gold medals from the 1984 Los Angeles and 1988 Seoul Games. He kept his remaining two gold medals.
The four-time Olympic champion won both the 3-meter springboard and 10-meter platform in 1984 and 1988, becoming the only man to sweep diving events in consecutive Olympics.
“If I had proper management, I might not have been in that position, but what is done is done; live and learn,” Louganis said, and also announced he sold his California home. “I am VERY happy with whom I sold it to. I thanked and blessed the house to bring joy, love, peace, happiness, and a sense of safety to those who entered the house.”
“I had many friends, people I was close to, lost everything in the Woolsey Fire, and then the Palisades Fire just this year,” he wrote. “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.”
The move is part of what Louganis calls a spiritual journey to rediscover himself.
“So, as life moves forward, what are you prepared to leave behind?” he wrote. “I am 65 years old, and I am asking just that. I am no longer who I used to think I was.”
“Now I get to discover who is Greg Louganis? Without the distraction and noise from outside,” he continued. “At least this is my goal, and hey, I may not find that. I think I may find it at times, in moments, my goal is to live it! Discover, allow, and nurture that human spirit through the experiences of life.”
The diver previously tried to auction his medals in 2022 and 2023 but failed. This time he rejected expert advice and took a direct approach.
Bobby Livingstone, founder of Cllct.com which handled the auction, said the strong prices showed market demand for Olympic memorabilia.
“When an Olympian decides to part with their hard-earned medals, it’s typically a significant personal decision, and we’re proud to have achieved such strong prices for Greg,” Livingstone said.
Louganis came out as gay in 1994 and revealed he was HIV-positive in 1995. He competed HIV-positive in the 1988 Seoul Olympics, famously hitting his head on the springboard but continuing to win gold despite bleeding into the pool.
He confirmed his arrival in Panama City with his dog G in an Instagram video Saturday. “Will be checking in from Panama!” he wrote.
After retiring, Louganis worked as a television analyst, motivational speaker, and diving coach. He appeared on “Splash” and wrote the bestselling autobiography “Breaking the Surface” in 1996.