Multi-millionaire Richard Caring, 68, who owns a string of London restaurants including The Ivy, is said to have moved out of the north London home he shared with his wife of 45 years.
It is alleged he has now moved in with his 35-year-old lover, Patricia Mondinni, with whom he has a young son.
They are said to be living in a £32 million ten-bedroom gated mansion in St John’s Wood, north-west London, which includes an indoor pool.
A friend of the Caring’s told The Sun: “Richard left Jacqui in February and is very happy with Patricia now. They had been living apart for some time before the split.”
A source told the newspaper: “He’s under no illusions. Splitting up and starting a new life will be costly. But he’s so wealthy his standard of living won’t drop by a millimetre. He can afford to do what he wants.”
Mr Caring, who is close friends with former BHS owner Sir Philip Green, made his fortune in the rag trade after leaving school at 16.
He is now worth an estimated £700 million after also investing in high-end restaurants and clubs.
One of the tycoon’s biggest pay days was during Sir Philip’s reign at BHS when he landed £93 million in share dividends.
Mr Caring, also a friend of Tony Blair, has been a major donor to both Labour and Tories and enjoys “non-dom” tax status due to his late father having been a US citizen.
He met former model Jacqui, the daughter of a retired British Army major, after meeting her at a catwalk show.
She gave up her modelling career three days after they were introduced and the pair went on to have two sons – Jamie, a vice-president of MTV Networks Europe, and Ben, who works for Soho House.
Jacqui is still living in their north London home – dubbed ‘The Versailles of Hampstead’.
Surrounded by ornamental gardens and high security fences, it has a 55ft ballroom, a private cinema, gilt and marble staircases and paintings by Degas and Matisse are hung on the walls.
Lawyers told The Sun that Jacqui could be entitled to half his money.
His spokesman said of the split: "No comment."