The Situation I'm So Broke I'm Selling My Car Tires

12/3/2014 10:41 AM PST

The Situation -- I'm So Broke I'm Selling My Car Tires

Breaking News
Mike "The Situation" Sorrentino -- who was once rolling in cash -- is now so desperate for money he's literally selling the tires off his car.

Sitch is auctioning off the custom wheels on his Ferrari on eBay. There's a good reason he needs the money ... he owes millions in taxes and is being criminally prosecuted for tax fraud.

Under the category "every little bit counts," there have been 67 bids at the time of this post and the frontrunner is willing to shell out $4,050.

He wants more than that before he parts with the rubber, but unclear how much.

It has not been a very Goodyear.