News hit the web yesterday that Billy Joel had bought a restaurant in Sag Harbor for his much-younger wife, ousted Top Chef host Katie Lee Joel. But either that story was false or that restaurant’s gonna have to be returned with a receipt, because today we learn that Billy and Katie are over.

“After nearly five years of marriage, Billy and Katie have decided to separate,” reps for the pair said in a joint statement. “This decision is the result of much thought and consideration. Billy and Katie remain caring friends, with admiration and respect for each other.”

Riiiight. They have so much respect for each other that Katie’s been boinking hottie Israeli chef Yigal Azrouel for the better part of a year. And sources inside Katie’s camp say Billy’s been no better: “It wasn’t like he was a monk when he was on tour.” They’ve both retained lawyers already, although apparently there was a pre-nup.

This is Billy Joel’s third marriage to disintegrate.

Luckily, his daughter Alexa Joel is just a few years younger than Katie. I’m sure she has a friend or two Billy can marry.

Yay! It appears Miss Kate Bosworth is continuing to eat like a normal human being, and she looks fantastic! It’s great to keep seeing pictures of her looking healthy and happy.

Kate showed up at the Whitney Museum’s Art Party on Wednesday night, along with many other celebs. Sarah Michelle Gellar and hottie hubby Freddy Prinze Jr were there, along with Rosario Dawson, ousted Top Chef host Katie Lee Joel, who may or may not be leaving her grandpa husband Billy, Ivanka Trump, and the always fabulous Holly Dunlap, the designer behind the celeb-favorite Hollywould brand (I imagine her outfit is from her latest collection).