James Allen News Center

It seems like old Nicolas Cage cannot find a break in his financial situation. It`s not bad enough the man has such spending habits that he cannot afford to keep the things he owns - now he must also deal with a $13 million lawsuit from his ex.

Christina Fulton, mother of Cage`s eldest child Weston, is suing Nicolas for fraud and breach of contract. She claims she is tangled up in his financial mismanagement and is in debt for more than $1.2 million herself as a result.

In an October lawsuit, Cage said he faces financial ruin after allegedly being swindled by his former accountant, Samuel Levin. Cage currently owes $6.3 million in back taxes. He also recently defaulted on a $2 million loan.

Cage has built a reputation of being one of the craziest spenders in Hollywood, blowing his fortune on fast cars, diamond jewelery, yachts, castles and a collection of shrunken heads and dinosaur skulls. He has begun a massive sale of his possessions in order to prevent financial collapse.

Fulton, 42, is a former actress. She says she was given a home in L.A. years ago as payment for raising Weston. Until recently, she believed the home to be under her name. In September, Cage supposedly served her with a 60-day eviction notice.

Fulton argues that Cage and Levin's carelessness caused her to owe the IRS more than $1 million. That`s in addition to $250,000 in unpaid credit card debt she owes – a card she claims was supposed to be paid off regularly by Cage. Fulton says damages to her exceed $13 million.

Cage's attorney Marty Singer tells PEOPLE: "This lawsuit is ridiculous and absurd. Nicolas Cage has given her approximately three million every year for many years, even though he was only obligated to pay her six thousand a month in child support. We expect this lawsuit to be promptly thrown out."