He's also been a force for visibility as a gay athlete with HIV.
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Now, Louganis is auctioning off more than 50 of his most prized possessions, with the proceeds going to charities that serve LGBTQ youth and people with HIV/AIDS.
He says parting with these items is a "release."
"I gave everything. It's blessing and gratitude of what it meant, what it was at that moment in time and what it will become," Louganis says.
"Some of these charities are very meaningful for me -- from Children's Rights to the Damien Center. Some people are doing some amazing work out there. This will allow me to help them and open up a new chapter of my life."
From his Team USA Speedo to the gold medal he won in 1988 in Seoul, South Korea, despite hitting his head on the diving board, there are moments in history up for auction.
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Some of the proceeds will also help people who need the help he needed along the way: from foster care and adoption to brain injury and concussion.
Louganis plans to personalize each purchase, even handing over some items in person and taking the winners to lunch or dinner.
The auction closes Sunday. Click here for more information.
As for his next chapter, Louganis plans to focus on health and wellness, social justice and inclusion.