Model Stephanie Seymour and Peter Brant Withdraw Divorce, Are 'Reconciling'

VIDEO: Stephanie Seymour and Peter Brant fight over custody and 500 million.
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Former supermodel Stephanie Seymour and entertainment tycoon Peter Brant are ending their high-profile divorce proceedings and "reconciling" out of court, the couple said today.

"The parties have withdrawn their divorce action and are reconciling," the two told ABC News in a statement, asking that their privacy "be respected."

The couple was in a Connecticut court this morning and was expected to face off over custody of their three children and a fortune that includes lavish homes in some of the most exclusive destinations in the country.

Stephanie Seymour -- the former Victoria's Secret model who once dated Guns 'N Roses front man Axl Rose and graced the cover of Vogue magazine -- filed for divorce from her newsprint tycoon husband Peter Brant last year after 15 years of marriage.

Brant, 63, is a media mogul who is worth an estimated $500 million, who had accused Seymour of infidelity, drug and alcohol abuse, and spending sprees.

Seymour claimed Brant changed the locks on her, hired a nanny to spy on her and intimidated their children to turn them against her.

No Prenup; Gag Order

The couple's children are 16, 14 and 5.

At stake was an enormous fortune, complete with properties in Greenwich, Conn., the Hamptons and Palm Beach, Fla. There's also pricey art, including one statue with an annual maintenance cost of $75,000.

The couple did not have a prenuptial agreement.

Experts say high-profile divorces are becoming more frequent and more public.

Among the former couples who have feuded publicly and aired their dirty laundry even though they had children are Christie Brinkley and Peter Cook, and Denise Richards and Charlie Sheen.

Click here to return to the 'Good Morning America' website.

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