Petra Ecclestone and James Stunt have been granted a divorce and avoided a two-day hearing after they agreed terms within five minutes at a hearing on Thursday.
The 28-year-old fashion designer - who is the daughter of Formula 1 tycoon Bernie Ecclestone - and the 35-year-old billionaire were present at the Central Family Court in west London, where a judge approved their £5.5 billion divorce swiftly after the pair ironed out their issues.
However, the split has left James "devastated", because he still "loves" his ex-wife, with who he has four-year-old daughter Lavinia and two-year-old twins James Jr. and Andrew with.
And James has asked for "privacy" following the heartbreaking ordeal, so the former couple can focus on bringing up their young children the best they can.
Speaking in a statement after the hearing, which has been obtained by The Telegraph Online, James said: "I am devastated that my marriage has broken down.
"I love Petra and our children and I hope the press respect our privacy now as we carry out our most important responsibility of being mother and father to our wonderful children."
Although James has admitted he still has a soft spot for the blonde beauty, the divorce is believed to be the "desirable outcome" for the duo.
Commenting on the results, James' legal representative, Philip Cayford QC, said: "Clearly both parties have come to agreement which is an extremely desirable outcome."
James and Petra had their Decree Nisi approved immediately after a request from both of their lawyers who stated that they had signed off documents in front of the judge.
After the formalities were over, the judge said: "I pronounce decree nisi for divorce."
James and Petra's bitter divorce battle began earlier this year, when James signed a prenuptial agreement worth £16 million, which comes six years after they tied the knot during a £12 million ceremony that took place at a castle in Italy.
And it has been reported Petra and James have made an agreement on who will be given ownership of their £158 million home in Los Angeles and a property in Chelsea, London.