David Hasselhoff is telling his ex-wife and daughters he’s broke – despite being worth a cool $100 million!

The TV star, who’s working on a new reality series for the A&E cable net, offered his daughters only $3,000 a month to appear on the show because he says he’s "on a tight budget," The ENQUIRER has learned.

What’s more, he’s trying to pull $1 million equity out of the house he co-owns with his ex-wife Pamela Bach – and he’s asked her to co-sign the loan!

"He’s so cheap!" Pam fumed to a friend after she turned him down. "David is saying he’s broke. It’s just not true."

Pamela settled for a relatively paltry $1 million payout from David in their divorce, says a source. She’ll also receive half of the proceeds from the couple’s Encino, Calif., mansion once it’s sold.

She moved out of the home – and David has been living there while it’s on the market.

"He was asking $7.9 million. And without her permission, he reduced the asking price to $4.5 million," divulged the source. "She’s furious over that."

Hasselhoff’s rep told The ENQUIRER that the court has authorized him to set the selling price of the house. It is A&E, not Hasselhoff, that determines how much his daughters will be paid.

David, 57, left the NBC hit America’s Got Talent in January. He’s now in pre-production of 10 half-hour episodes of the yet-to-be-titled reality show, which will focus on his efforts to get his daughters into the recording business.

Pam warned them they’re being taken advantage of, added the source.

"She doesn’t believe he’s broke for a minute – she says he’s just cheap!"