Famed astrologer Walter Mercado says he has emerged from a near-death experience and will create a charitable foundation in Puerto Rico to help children and teenagers.

The flamboyant psychic said Tuesday he will auction hundreds of ornate capes he wore during his lengthy TV career that attracted a cult-like following across Latin America to raise money for the Shanti Ananda Foundation.

He said the organization named after him will target children with spina bifida, pregnant teenagers and young adults who need help or guidance.

Mercado said he is shedding the elaborate capes that defined his TV persona after nearly dying from pneumonia and a heart attack in January.