CHER is falling apart, friends fear.

The 66-year-old diva is dumping pricey real estate, she’s pushed her ailing 85-year-old mom to record an album and her health is failing, sources say.

“Cher is beginning to feel her age big-time,” said a source.

“Her back and knees ache constantly, making dancing – one of her favorite pastimes and stress relievers – difficult. She also complains that her memory is going, and she worries that she’s lost her creative spark.”

As The ENQUIRER has reported, the Oscar-winning “Moonstruck” star recently experienced severe chest pains, sparking a heart attack scare.

BUT THE SHOWBIZ LEGEND really set off alarm bells with pals when she sold a Hollywood Hills condo for $5.25 million, then relisted her Malibu compound for a whop­ping $41 million and a bungalow in Venice, Calif., for $1.89 million.

“Cher said she needed to downsize to make things more manage­able,” explained the source.

Pals are also scratch­ing their heads over Cher’s decision to push her mom, Georgia Holt, to release her first-ever album.

Titled “Honky Tonk Woman,” the country disc will feature a duet with Cher along with three songs that Georgia wrote herself. It’s due out May 6, the same day that Georgia will appear on her own Lifetime TV special.

Mother and daughter are set to promote the album on “The Ellen DeGeneres Show,” “The Tonight Show” and more – despite the fact that Cher recently revealed in a Twitter message that her mother was sick with pneumonia and has lost weight.

“Cher’s kids and friends were so befuddled by the fire sale of her homes and her encouraging Georgia to release an album, that they asked if she was having money problems,” noted the source.

“Cher denied being in a cash crunch. But it’s like she’s cracking up. Everyone is begging her to show down.”