According to The Daily Telegraph, Michael – who won gold in trap events in 1996 and 2000 will be auctioning off the medals he spent his whole life striving to achieve.
Despite the devastating decision, the sports star says it is the ‘absolute last resort’ after finding himself in rent and car debts nearing $200,000 and having three daughters to support.
'I've got three beautiful young girls,' he said. 'That’s all that matters to me. Their schooling and upbringing.'
That’s why I’m prepared to make this sacrifice. It’s an absolute last resort.'
‘There have been thousands and thousands of athletes who have been to the Olympics over the years who have never won a medal, let alone a gold,' he said.
The medals are for sale from Lawsons Auctioneers in Leichhardt, and are expected to go for $100,000 each.
Michael was recently cleared of the three firearm convictions that eliminated him from last year's Rio Olympics, which would have been his seventh consecutive Games.
And after being found guilty of firearm and drink driving offences last year, he lost his two major sponsors - gun and ammunition companies in Europe.
This resulted in his financial situation and reputation being destroyed, the the Olympian describing the past 18 months as a ‘living hell’.
However he has vowed to throw himself into his port next year and train for the Tokyo Olympics.