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Genson Courtney, 23, was ambushed as he got into his car outside his girlfriend's home.
A gunman blasted him in the head and shoulder before escaping on foot.
Genson was taken to hospital where he was pronounced dead at 3.43am.
Cops suspect a major drug baron owed thousands of pounds by Genson ordered his killing just before 11pm last night in Greenwich, South East London.
Villains
His stepdad "Dodgy" Dave Courtney, who brought him up as his own son, and his singer mum Jenny were said to be devastated.
Debt collector and former actor Courtney has written a number of books about his underworld exploits in which he claims to have been shot, stabbed and had his nose bitten off.
He organised the funerals of East End gang bosses Ronnie and Reggie Kray and boasts he was the inspiration for Vinnie Jones's debt-collecting hardman in movie Lock, Stock and Two Smoking Barrels.
Courtney is a central figure in a loose collection of villains who refer to themselves as The Firm and revels in his image as a hardman.
The colourful self-proclaimed gangster lives in a house in Plumstead, South London, called Camelot. It is decorated with Union Jack flags and a large painted depiction of himself as a knight with a large knuckle duster.
Police are now braced for a wave of "tit-for-tat" shootings by Courtney's cronies hell-bent on revenge.
The Met's Operation Trident are investigating last night's shooting.
Detective Chief Inspector Mark Gower said : "At this early stage it is believed a male suspect may have run from the scene in the direction of Christchurch Way, SE10, shortly after the shooting.
"I am appealing to anyone who may have seen or heard anything suspicious to contact the police.
"I would like to reassure anyone concerned about contacting the police that Trident has great expertise in protecting witnesses and there are a huge variety of measures that can be put in place to protect you."
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