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Since he filed for divorce from Mariah Carey last year, Nick Cannon has been spending money like crazy!

He books private jets for parties, hosts $2,000 dinners at five-star restaurants, recently bought his grandfather a $400,000 Rolls-Royce and just rented an $11,000-a-month mansion in Saddle River, New Jersey.

"Since January, he's spent $1 million," estimates an insider to Life & Style. "And Mariah thinks it's most of her money."

And the 34-year-old wants more! The insider says the America's Got Talent host is after a $50 million slice of Mariah's $500 million fortune. But the diva's fighting him, and it's caused their already bitter split to get even nastier.

"Mariah doesn't want to give Nick a dime over $10 million," the insider says. Now Nick is so furious, he's considering spilling all of her secrets. "It's her worst fear," says the insider.

While things couldn't be more tense between the couple of six years, friends believe the singer will ultimately give her estranged husband most of what he wants.

"They think Mariah's prepared to pay $30 million instead of the $10 mil she's been dangling," the insider tells Life & Style. "There's just too much at stake."