Olympic legend reveals how one night cost him $1MILLION and saw his life spiral out of control

Michael Diamond has opened up on his difficult journey back to the Olympics after seeing his life fall apart.

Two-time Olympic gold medallist Diamond, 58, was hit with a high range drink driving charge and having a firearm and bullets in his car following a family dispute prior to the Rio Olympics in 2016. 

The three gun charges were dropped but Diamond felt the damage of the high-profile incident. 

He was given an apprehended violence order, restricting contract with his ex-wife Cathy and his brother John. 

Diamond had a long-running feud with John and did not patch things up before he died. 

Following the fateful night eight years ago, the 58-year-old has lost 15 kilograms in weight and has significantly cut back on his alcohol consumption - occasionally enjoying just one glass of wine.

'I live my life in moderation now,' Diamond told the Herald Sun. 

'I don't feel like having alcohol these days. I learnt from my mistakes and I will never – ever – repeat those mistakes again.

'There is no greater motivation than hitting rock bottom. I can tell you that from the horse's mouth. You have to show tenacity and get back up off the floor again and drive to a better day. I guess I had to go to that place to understand where I was heading to.'

Diamond is unable to hold a gun licence for Australia but will be in Paris this month as a coach for the Qatar team. 

Reflecting on the incident in 2016, Diamond said: 'I would say the moment that change me was when my brother rang the police.

'It was my birthday and it (the incident) was a mistake on my behalf but if I had not been intoxicated I would have handled the situation differently.

'I was not in control of myself and my emotions. When I am competing I was always in control. But that day I was out of control.'

Diamond revealed that he never touched booze until he was 28 years old, when he bought his first fishing boat. Court documents following the 2016 episode revealed that he lost approximately $1million in potential income as a result of his actions, although he estimates the real figure is higher.

'Life was very difficult. I lost everything. The only way I could make an income was taken away from me. You try and survive and it makes it tough but I have had to evolve and I have. I am doing far better now than I ever was.

'I had sponsorships at the time. I was a possible flag-bearer (at the Rio Olympics) and speaking engagements roll on from that and I would have renewed my contracts.

'My lifestyle changed because of my children. I have the best children in the world. For many years I had my hands tied because I could not make a living.

'My children changed my mindset. I had to provide for them. While I was competing I was fine. But for a while there it was very tough to make a living.

'I was not doing my part as a father. They were suffering and I could not have that any more. It was seven years of hardship when I was not able to earn enough money. It was a real tough trip but I survived it and the saying goes what does not kill you makes you stronger and I am definitely a lot stronger.'