An eccentric Texas millionaire has been accused of sexually abusing eight teenage boys.

Stanley Marsh 3, who is famous for burying 10 vintage Cadillacs nose-down in an Amarillo field in the name of art, is facing a raft of lawsuits alleging he supplied the boys with cash, cars and alcohol in return for sexual favours.

The lawsuits also claim the millionaire's wife, Wendy Marsh, and business partner David Weir, knew of the abuse and covered it up.

Mr Weir allegedly went as far as to force the boys to sign a waiver regarding his colleague's behaviour while they were in the office as employees or guests.

Mr Marsh, who inherited his grandfather's oil and gas fortune and previously owned TV station KVII, is set to challenge the claims, which label him as a 'serial abuser' in court,

But the allegations aren't the first he's faced relating to youngsters.

Nearly 17 years ago, he was arrested on charges of kidnapping and aggravated assault after he was accused of threatening a high school student with a hammer and locking him in a chicken coop. He paid a $4,000 fine and the assault and kidnapping charges were dropped.