South African Sanders, who shocked Wladimir Klitschko to win the world title in 2003, was killed when gunmen entered a restaurant in the town of Brits, near Pretoria, where 46-year-old Sanders was attending his nephew’s birthday celebrations.
North West Police Brigadier Thulani Ngubane said: “I can confirm Corrie and his family were celebrating his nephew’s birthday, turning 21, and enjoying a meal last night.
“In the midst of the celebrations, at about 7.45pm in the evening, about three suspects came in.
“They were planning to commit an armed robbery.
“Then in the armed robbery they shot randomly.
“Corrie was shot in the hand and also the stomach.
“They fled with a digital camera and also a handbag of one of the people who was in the restaurant.”
Sanders was rushed to Kalafong hospital but died “in the early hours of the morning,” Brigadier Ngubane said.
There have been no arrests in the case, he added, but he said police are “in hot pursuit.”
Sanders retired in 2008 after winning 42 of his 46 fights.
After defeating Klitschko on that famous night in Hanover nine years ago, Sanders then vacated the WBO title in December 2003 to focus on challenging elder Klitschko brother Vitali for the vacant WBC strap, only to be stopped in the eighth round during their 2004 bout in Los Angeles.