Sam Magid's home stolen, Lindsay Lohan suspect in $100K jewelry heist

LA: Lindsay Lohan is now formally a suspect in the theft of $100,000 worth of watches and sunglasses ... law enforcement sources tell TMZ.

If you thought the depressing saga of Lindsay Lohan's legal troubles had come to an end, we have disappointing news for you. The actress is now reportedly a formal suspect in theft of $100,000 worth of finery from a mansion in the Hollywood Hills. TMZ.com says cops confirm the star and her assistant are suspects in a reported theft at the home of Sam Magid.

Magid reported the watches and sunglasses stolen a week ago. Although Magid has since recanted his story, police continue investigate the case. If Lohan is found guilty of more theft while on probation, she could face jail time.

Law enforcement sources tell us ... Lindsay and her assistant Gavin Doyle are both suspects in the theft.

Now here's the twist ... We're told Sam has recanted his story and now says nothing was stolen.  But our sources say cops are not closing out the investigation because they believe they have independent witnesses who can finger Lindsay and Gavin as the thieves.

Sources tell us ... LAPD detectives contacted the lawyer for Lindsay and Gavin today, asking for an interview with the two suspects but the lawyer rejected the request.

It's unclear why Sam -- who is insanely wealthy -- suddenly changed his tune.

One final thing ... This is really bad news for Lindsay, because she's on probation for the theft case involving the necklace at a Venice jewelry store.  She could go to jail if she violates probation by stealing more jewelry.