Domino's Pizza founder Tom Monaghan has sold virtually all of his 90 percent stake in the nation's second-largest pizza chain for an estimated $1 billion, and has announced he will devote his life to Catholic charities and education efforts, the Detroit Free Press reports.

"I plan to die broke," the 61-year-old Monaghan told the paper after announcing his company's pending sale to the Boston-based investment firm Bain Capital.

Monaghan began the Domino's chain in 1960 while an undergraduate at the University of Michigan. The chain has grown to more than 6,100 stores worldwide, with $3.2 billion in sales last year, the paper reports.

Monaghan has become more active in charity work in the past few years. He has supported Catholic preschools, elementary schools and academies, and recently founded the Ave Maria Institute, a liberal arts college in Ypsilanti, Mich.

He also supports Catholic church- and mission-building activities in Honduras and Nicaragua, and was the founder of a group of Catholic business executives, the Associated Press reports.

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