KATE GOSSELIN’ money-making cruise sunk faster than the Titanic on a one-way trip to Davy Jones locker!

Kate’s much ballyhooed event on a Royal Caribbean cruise ship has been canceled because of poor turnout and low ticket sales

 RadarOnline.com reported that Kate was slated to set sail August 12 to August 19 at a rate of $1,900-$3,175 per ticket, but now it’s not happening.

"Yes, that event has been canceled. We just didn't get the turnout that we desired and mutually we agreed that if we didn't get it, we would cancel," President of Luxury Cruises, who merged with the company originally organizing the event, Alice Travel, said.

"All ticket purchasers have been notified and everyone has been refunded. Some have chosen to continue on with the cruise, but everyone was given the choice."

But don't be so quick to point the finger at the Kate Plus 8 star, as we're told she felt horrible about canceling the cruise and reached out to everyone who bought tickets!

"Kate asked for everybody's names, addresses and phone numbers and reached out to each one personally," the spokeswoman said.

"It was nothing to do with her. We needed to hit certain numbers and they just weren't where they needed to be."

It was not revealed how many tickets were actually purchased.