Billy Joel to divorce his young wife Katie Lee

In a joint statement, released from both of their reps, Joel, 60, and Lee, 27, acknowledged they have parted ways and filed for divorce that would draw an end to their five years of marriage.

"After nearly five years of marriage Billy Joel & Katie Lee Joel have decided to separate," the statement reads. "This decision is a result of much thoughtful consideration. Billy & Katie remain caring friends with admiration and respect for each other.”

Split brewing for quite a while
The couple’s split news didn’t come with surprise as rumors about trouble in their relationship have been circulating for months. However, the two repeatedly denied reports that their marriage is on the rocks.

On her dad’s split from his much much younger wife Katie Lee, Joel’s 24-year-old daughter Alexa Ray Joel said she, in fact, was aware of their split for some time.

Before heading into the Wayuu Taya Foundation Fundraising Gala in New York City on Wednesday, Alexa told Access Hollywood: “This is old news for me,” adding that “I heard this a while ago. I was the first to know.

“OK, I’m his daughter, but you know what? I’m completely supportive of my father and very protective of him… I’m behind him 100%. So I’m just there for him right now.”

The much-married Joel
It's the third marriage for the Piano Man. Joel was first married to his business manager Elizabeth Weber Small and then to model Christie Brinkley, with whom he has his only daughter, Alexa.

Joel had married Lee, who is 32 years younger than him, at his 15-acre waterfront Center Island estate in Long Island on Oct. 2, 2004. Alexa was the maid-of-honor at his father’s marriage to Lee, a TV food critic and cookbook author who was the host of "Top Chef" for its 2006 season.

On news that her ex has decided to separate from his third wife, Joel’s second ex wife Brinkley said: “My heart goes out to them.”

She went on: “It’s sad news, but Billy is a great dad and a great friend, so of course, I wish him the best.”