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By Melissa Hunter

Extra reports that Billy Joel and his wife of five years, Katie Lee Joel have separated.

Both their reps released a statement (well, at least their lawyers are in agreement), "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 and Katie remain caring friends with admiration and respect for each other."

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He reportedly was considering buying his wife a restaurant in the Hamptons. Restaurants don't replace love, Billy. Any piano man worth his salt knows that.

Ex-"Top Chef" host Katie Lee is Billy's third wife and is 32 years younger than him. Wonder why those two couldn't make it work.

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One tabloid claimed that Billy was jealous of Katie's friendship with fashion designer Yigal Azrouel, and their close relationship was the breaking point for him. Hmm, a straight, sexy, much younger man that can design a girl haute couture gowns? I don't see the appeal.