Beyonce's father Mathew Knowles has dismissed rumours suggesting he is strapped for cash after selling off his superstar daughter's old memorabilia in a yard sale in Houston, Texas.

The Crazy In Love hitmaker's dad, who was let go as her manager in 2011, cleared out his Music World Entertainment firm's offices before Christmas (25Dec14) and offloaded a slew of souvenirs from Beyonce's early career, including massive posters and cardboard cut outs of her former band Destiny's Child, tour merchandise, clothing from her fashion line House of Dereon and various Cds and Dvds.

The sale prompted speculation Knowles was in need of a little extra money, but he insists that couldn't be farther from the truth, claiming he simply needed the additional office space to expand his business.

He tells local news station Click 2 Houston, "If I needed money, I wouldn't sell $5 T-shirts. I'd sell a Grammy or an MTV award. So that is insulting to think we need to sell $5 T-shirts...

"Somehow, (organising a garage sale) became, 'We are going out of business, homeless and selling all of Beyonce's stuff to stay alive', which, as you can see, it's just the opposite."

Knowles has faced financial issues in recent years after discovering he fathered a lovechild with Alexsandra Wright. He was forced to pay child support for her now four-year-old son Nixon, and was recently hit with a new setback after another woman, Taqoya Branscomb, proved he was the biological dad of the model's daughter following a 2010 affair.

The music manager's 31-year marriage to Beyonce's mother, Tina, collapsed in 2010 over his affair with Wright.