I have never ever seen this kind of situation with Man in the Cave personally and I think it's hard to answer on this question being 100% sure, but I belive it is possible.
I guess that bosses don't have any exact spawn SQM, but may resp around particular area and sometimes unluckily they appear on a wrong level. Okay, but let me present some evidence that confirm this theory:
Zulazza The Corruptor is one of these bosses, that may spawn on the stairs SQM and appear on a floor below it should be. It happened to me once.
source: https://www.tibiabosses.com/forum/topic/profitable-raids/
On the other hand here we've got a screenshot (source: Tibiabosses.com gallery) with Xenia. Normally she should be upstairs, but due to a bug? mistake? she appeared on a level with undeads. It proofs, that these things happens very rarely, but still.
Hope one day we will be able to present a unique screenshot with Man in the Cave with some Ice Golems around him here :)