To find the sale price of the item, we need to multiply the regular price by the discount percentage, then subtract the result from the regular price. In this case, the discount is 45% * $85 = $<<45*.01*85=38.25>>38.25. So the sale price of the item is $85 - $38.25 = $<<85-38.25=46.75>>46.75. Answer: \boxed{46.75}.