Well, you said "output current is not important for me", so to use a transistor that is designed for currents in the neighborhood of 50A or more, is overkill (or put differently, if you are using this to drive something with currents that high, then that IS important, as the techniques for doing that are quite different.
So, answer me this, what value resistor did you use in the drain of your transistor?
Also, there is another reason the selected transistor might be considered "overkill": if you are using it to drive a very low current, then it might be that the transistor can never really turn off. If the 555 output is never quite reaching zero volts, then the transistor might still be "on" enough pull the drain down to near zero (this will depend on what value resistor you have on the drain).
Now, consider this: your "AC meter" is probably designed to read sinusoidal waveforms (probably at RMS), yet you are trying to read a square wave with it. Not sure what the expected result would be -- especially since you haven't divulged the frequency you are running this at. BTW: too high of a frequency could also be why your meter is reading nearly zero volts. Try dusting off the instructions for your meter and see what it's actually specified to measure.
Also consider that a square wave is more correctly classified as intermittent DC rather than AC. But, your AC meter probably has a capacitor in it, and, thus, would, technically, be converting the "intermittent DC" into "AC" and it could be called "AC" because the polarity _is_, after all, _alternating_, but, within the context of _measuring_ AC, a *sinusoidal waveform* is implied.
My suggestion is that you connect the gate of your transistor to the source of that same transistor (after you verify that it is, indeed, the "gate" and the "source") and then measure the voltage on the drain with a DC voltmeter. If it's working correctly, the voltage should be very close to 100V. Then connect the gate to 7.5 volts and see if the drain goes to near zero. Then, get your 555 timer going at around 3Hz and test the drain voltage with a *DC* volt meter. The voltage should shift from near zero to near 100V at whatever frequency the 555 is running at (presumably at or near 3 Hz). If you're not getting that kind of voltage swing, then connect the DC volt meter to the output of the 555 and see if it is swinging between near 0 and nearly 7.5V.
That, my friend, is how you troubleshoot a circuit without an oscilloscope