It's a shocking story... has the grieving Travolta family been victimized by an attempted extortion plot involving the death of their 16-year-old son, Jett?

The original rumor says two men are attempting to extort up to $20 million from the grieving couple, threatening to go public with photos of Jett in an ambulance.

Sadly, that's true. Police are said to be investigating a blackmail plot, but it may not involve pictures.

John and Kelly's lawyers released a statement on the matter saying, "Regrettably, in a time of such terrible grief, there are often a few individuals who attempt to make false claims in hopes of making millions of dollars. We will never let that happen."

Jett died suddenly on January 2 during a family vacation.