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After not fighting for two years, he lost a one sided-decision to his successor as champ, Ezzard Charles, in 1950. He then retired for good when Rocky Marciano knocked him out in the eighth round in 1951. Louis' boxing career earned him close to 5 million dollars, but most of his money was lost due to his extreme generosity...
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The IRS, however, did not believe in such generosity and demanded a reported 1.2 million dollars back in taxes, interest and penalties, and he suffered the public humiliation of competing as a pro wrestler to help pay off some of his debts. Following several stays in hospitals, due to some drug addictions and paranoia, he became an "official greeter" at Caesars Palace in Las Vegas...
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