Report - Billionaire hedge fund manager and wife said divorcing

Ice Crack Split

This could get expensive.

Billionaire hedge fund manager David Tepper and his wife Marlene, who have been married nearly 30 years, are divorcing, according to a report in the New York Post .

The head of $20 billion Appaloosa Management has a personal worth estimated at $10 billion and made a reported $3.5 billion in 2013 alone, setting up what could be a very costly proceeding.

"They have separated and are telling friends the marriage has run its course. They hope to settle things quickly, quietly and amicably," a source told the Post.

A separate source contacted by CNBC.com declined to confirm or deny the report.

Read More Tepper on the market: 'Don't be too fricking long'

In addition to massive personal wealth, the Teppers are known for their extensive philanthropy. Marlene Tepper is a member of the board of overseers at Rutgers University, where the couple donated $3.4 million to the Mason Gross School of the Arts, a gift that stipulated a $3 million endowed faculty chair. A decade ago, the Teppers donated $55 million to his alma mater, Carnegie Mellon, which was the largest gift ever to the school.

The two live in Livingston, N.J. and own an opulent mansion in the Hamptons. They have three grown children.

To read the full report, go here.

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