Here's a NYT article about his book. He told a different story back then.:
IN THE STUDIO WITH: Michael Reagan; On the Inside, Looking Surprised
(snip)
But it is understandable when you consider who Mr. Reagan was for most of his 49 years: by his own account, the woefully isolated, desperately insecure, chronically incompetent son of Ronald Reagan. He seemed to be the kind of celebrity child whose sole achievement would be a tell-all book.
Mr. Reagan's, a best seller after it was published in 1988 by Zebra Books, was titled "On the Outside Looking In." It told of childhood traumas: the divorce of his Hollywood parents, Ronald Reagan and Jane Wyman; his confusion upon discovering that he was an adopted child; his fear of telling anyone about being sexually molested by a camp counselor; his anger and loneliness as he was shuttled among boarding schools and his parents' homes.
The book described what he perceived as his parents' neglect, but it was not quite a "Mommie Dearest." As Mr. Reagan says he told his father before publication, "If anything, my book is a 'Michael Dearest.' " He was relentlessly self-critical in revealing his own problems, from his childhood bed-wetting to his inability to find a career, stay out of debt or get along with his parents.
After dropping out of college, he loaded freight, raced and sold boats, promoted chain saws, worked as a game-show host, acted in soap operas, gave motivational speeches and made headlines that embarrassed the White House. He was investigated, and exonerated, in a stock fraud case. He was criticized for using his father's name to help sell aerospace equipment. He became estranged from Ronald and Nancy Reagan after the Secret Service accused him -- falsely, he says -- of being a kleptomaniac.
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http://query.nytimes.com/gst/fullpage.html?res=990CE1D6133EF931A15751C0A963958260