Sad news for fans of music legend Billy Joel — the singer and his wife of five years Katie Lee Joel have decided to go their separate ways.

In a statement released to Extra, a rep for the couple says:

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

This was the third marriage for 60-year-old Billy. He was first married to business manager Elizabeth Weber Small from 1973 to 1982 and then went on to famously marry supermodel Christie Brinkley in 1985. That union ended in divorce in 1994.

Billy and Katie, 27, were married in Oct. 2004.

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