Levi Johnston on September 20, 2011. Credit: Michael N. Todaro/Getty Images

He's not the Thrilla From Wasilla anymore.

Bristol Palin's baby-daddy, Levi Johnston, is now penniless and living in his mother's Alaska home, a source tells Us Weekly.

"Levi made more than $1 million and squandered it on guns, boats and four-wheelers," the source says of Playgirl's winter 2010 cover model, 22.

The cash certainly didn't go to Palin, 21, for their 3-year-old, Tripp. "Levi hasn't paid child support in nearly two years," says another insider. "And he has little contact with Tripp."

Meanwhile, the onetime mayoral hopeful is expecting a daughter with girlfriend Sunny Oglesby. (They told Inside Edition they plan to name her Breeze Beretta, after the gun.) Says the first source, "Levi is confused about his life."

Levi Johnston's former rep Tank Jones--with whom he recently parted ways--counters that Levi is doing great.

"I wanted to work on other projects. This was a mutual decision," Jones tells Us of his decision to cease working with the Alaska native. "I would think he would want to do some different things too. I would never leave him at a low point."