| Time Magazine |
"It's true, and Larry is completely embarrassed and anguished by all of this," one source close to the situation tells PEOPLE of the alleged infidelity. "He doesn't know what to do." Another insider tells PEOPLE Shawn, 56, allegedly told Richard Greene that her marriage to Larry, 82, was over. (News of the affair was first reported by National Enquirer, and the New York Post's Page Six first identified Greene.)
Though Shawn and Greene allegedly briefly split, the insider says they have since reunited.
Shawn, a former singer and TV host, is Larry's seventh wife. The two tied the knot in 1997 and share two sons: Chance, 17, and Cannon, 16.
In 2010, Larry and Shawn filed for divorce, but later reconciled and filed petitions to stop the proceedings almost three months after the original filing.
"A lot of new things are happening to us, and we are happy to be together as a family with our children," Larry said in a statement at the time.