The estranged wife of James Woods is suing the actor for jewelry worth $40,000, including a three-carat diamond engagement ring.

Woods, 41, co-starring in the film "The Hard Way," with Michael J. Fox, dropped the ring into the champagne glass of horsewoman Sarah Owen in a Los Angeles restaurant, dropped to one knee and proposed to her.The couple separated in December 1989 after five months of marriage. Owen, 26, said in a lawsuit filed in Los Angeles Superior Court Friday she had tried repeatedly to recover the jewelry, including a heart-shaped pendant with 46 diamonds and a wedding ring.

Owen is asking for $40,000 plus interest and unspecified punitive damages.