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    Michael Jackson's Mom in the Poorhouse? (Yeah, Right)

    Katherine Jackson Pool Photographer/Getty Images

    Calling Katherine Jackson financially strapped is pushing it.

    But the co-author of her new tome says that despite inheriting the bulk of her son's estate, Michael Jackson's mom isn't exactly raking in the dough and needs more cash flow.

    Howard Mann—who helped her pen Never Can Say Goodbye: The Katherine Jackson Story, which hit bookstores this week to coincide with the anniversary of Michael's death—tells E! News that the memoir will help Jackson pay off some major debts.

    And the King of Pop's assets couldn't do that?

    According to Mann, Katherine has "a deal more lucrative than any other author signed to a publishing deal before.

    "[But] the reality is that after having met her and spent time with her, she is not raking in the money, because the estate really has to service a tremendous amount of debt. I am sure the trustees and administrators are required to pay that first and foremost, and it just hasn't led to a substantial cash position for Katherine," says the scribe.

    That's the stark reality despite the fact the beloved family matriarch is tasked with taking care of Michael's three children, Paris, Prince and Blanket.

    Mann notes in that case, Jackson only receives about $9,000 a month, "not really giving her a chance to pay off her debts," which he says hover somewhere around $9 million or $10 million.

    The author, who last fall bought some 50,000-odd items of Jackson souvenirs from another man who got them off the auction block, says Jacko's mother wants to dispel the rumors and myths out there about the pop legend.

    "We felt that the fan base would be interested in hearing and seeing this," he says, denying that estranged hubby Joe Jackson was the one behind the book deal.

    "[Katherine] is an amazing mother and grandmother. Almost the entire process of putting the book together was done at her home in Encino," he says.

    We're pretty sure she'll do OK with this venture.

    A red-carpet event Saturday at the Beverly Hilton marking the anniversary of Jackson's death, hosted by the Jackson Family Foundation and VoicePlate Productions, will also serve as the official book launch party.

    ________

    Hard to believe it's been almost a year since his passing. Relive Michael Jackson's Memorial Tribute in pictures here.

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