The fighter has been struggling with financial problems for some time after maintaining a lavish lifestyle with his now ex-wife Linda Bollea and their two children, Brooke and Nick, for years.
In a pre-taped interview on U.S. breakfast show Good Morning America, which aired on Thursday (29Sep11), he said, "(I lost) hundreds of millions. There were houses being bought, cars being bought, vacations for family members... There were eight, nine, 10, 11 of them moving into our house."
He has since offloaded the excess material goods and is now living a more modest life with his new wife Jennifer McDaniel, who he wed in December (10).
Hogan is slowly recovering from his money troubles with new projects such as his latest reality TV show, Hulk Hogan's Micro Championship Wrestling, and he claims his personal difficulties have shown him that money can't buy happiness.
He adds, "They (financial troubles) are getting better. I'm living in a rental house. I'm not living in abundance. But I'm happy now. (Money) helps get through the day, it helps make things easier, but it is nothing to do with being happy."
Hogan and his first wife Linda split in 2007 and settled their messy divorce in 2009 after more than 20 years of marriage.