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

Sept. 20, 2010 — -- 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"The parties have withdrawn their divorce action and are reconciling," the two told ABC News in a statement, asking that their privacy "be respected."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.