Singer Phillip Phillips has shut down reports his family is struggling for money after his father put his pawn shop up for auction.

The American Idol champion was accused of refusing to help bail out his family after his father, Donnie, put the Albany Sporting Goods and Pawn store in Georgia up for sale recently with a minimum asking price of $200,000 (£125,000).

The move prompted speculation about the family's finances, but the Home singer, who worked at the store before finding fame on the U.S. reality show, insists his dad is selling up because he's keen to retire.

He tells New York Magazine, "My dad's had the shop up for sale for, like, eight years. He was trying to get rid of it for a certain price, but he's never gotten it. So he's kind of letting it go now. And I think my mum's retiring pretty soon, too. So they're kind of just ready to retire and go see the world a little bit."

The store is set to hit the auction block on 1 December (12).