Hearns Selling to Satisfy IRS

Thomas Hears signed gloveFormer eight-time world boxing champion Thomas “Hit Man” Hearns made over $40 million during his career.

Now he’s broke.

The 51-year-old Hearns and his wife are selling off personal possessions to help pay hundreds of thousands of dollars owed to the Internal Revenue Service.  The auction will take place this weekend in Detroit with Hearns in attendance, signing autographs for bidders.

The IRS says Hearns owes delinquent taxes.  His representative says it’s just a big accounting mix up.

The situation is serious enough that Hearns is facing foreclosure on his home.

Thomas "Hit Man" HearnsNo word on what happened to the fortune he accumulated as a boxer before retiring in the early 1990s, but word is he must pay back close to $400,000 to keep the government wolves at bay.

Many of the items scheduled to be sold aren’t things you can hang on the wall.  Cars, recreational vehicles and other household goods with value are on the block.  However, Hears will be selling off some of his boxing memorabilia including fight and training-used items and even a title belt or two.