As a means of paying off his debts, he will auction off a lifetime of memorabilia given to him by A-list celebrities.
"There is some really interesting memorabilia that you would probably only find in the collection of somebody who was very well-known and well-positioned in the Hollywood community," said Catherine Williamson of Bonham's, the company hosting the auction.
Michael Jackson was one of Klein's long-time clients and friends. Jackson gave Klein a number of gifts, including a hat he wore after an accident that set his hair on fire and a signed poster that mentions Debbie, the mother of two of Jackson's children and who formerly worked in Klein's office.
Klein was also close friends with Elizabeth Taylor who gave him a rare image of herself made out of diamonds. Klein also has Cher's former Bentley, which even bears her name on the license plate. Each item is expected to fetch about $120,000.
The unique part of this collection is that there are very personal items, things friends would give to other friends.
"You're getting it from a source that you can easily know knew these people and was great friends with them. That's what's rare is singling in on a collection that is so integrated and so into the Hollywood business," said Bohnam's Stephanie Connell.
The public can view these items beginning Friday and they go up for auction on Monday.