James Packer and his wife Erica Baxter have announced they are splitting up after six years of marriage.
"It is with great sadness that Erica and James Packer announce their separation," said a statement that was released to The Daily Telegraph on Friday.
"We remain deeply close friends and incredibly proud parents and our children are our priority going forward."
The Packers have three children Indigo, 5, Jackson, 3, and Emmanuelle, who turns one this month.
The couple had only just finished renovating their new $50 million mansion in Sydney's exclusive suburb of Vaucluse.
But Fairfax Media is reporting that Baxter, 36, is now living in Los Angeles with the children.
Packer, a multi-billionaire media and casino mogul, married the Gunnedah-born singer in a lavish ceremony in the south of France in 2007.
Rumoured to have cost upwards of $6 million, the six-day celebration was attended by the creme de la creme of Hollywood and big business royalty, including Tom Cruise and then wife Katie Holmes, Lachlan and Sarah Murdoch, Alan Jones and Shane Warne.
Packer and Baxter dated on-and-off for four years, before they married.
Packer, who spent his 20s dating a string of models, was also married to swimsuit model Jodhi Meares for three years. The three-year marriage ended in 2002.
Before Meares, Packer was engaged to model-turned-actor and the daughter of NSW minister Pru Goward, Kate Fischer.
Their torrid relationship ended in 1998.
Packer, the son of the late media baron Kerry, is one of Australia's wealthiest men and has extensive interests in casinos.
The Business Review Weekly this year estimated Packer's wealth at $6 billion - the third richest person in Australia.
Packer, who turns 46 on Sunday, recently had his new casino catering for high-rollers approved by the NSW Government.
His $1.5 billion luxury hotel and VIP-only facility at Sydney's Barangaroo will be the city's second casino after Echo Entertainment's The Star at Darling Harbour.
While his bank balances seem to keep growing, Packer himself has lost more than 35 kilograms over the past 18 months after undergoing gastric bypass surgery in the US.
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