Billionaire Barry Diller has come out as gay – but insists he enjoyed a full sexual relationship with fashion designer wife Diane Von Furstenberg.

Diller, a renowned media exec who previously served as CEO for both Fox and Paramount, opened up about his homosexuality in a soul-baring article penned for New York magazine Tuesday.

The 83-year-old credited with creating the Fox channel wrote of Von Furstenberg: ‘While there have been a good many men in my life, there has only ever been one woman.

‘And she didn’t come into my life until I was 33 years old.’

Diller and Von Furstenberg enjoyed a jewel-encrusted existence after meeting in 1974, with the jet-setting pair splitting their time between ritzy New York, Connecticut, Los Angeles and Aspen.

They split during the early days of the disco era in the late 1970s, with Von Furstenberg subsequently hooking up with actor Richard Gere, whose movie American Gigolo was being produced by Diller at the time.

Diller told of how he bought Von Furstenberg with 29 diamonds for her 29th birthday – and ended up giving them to her in a Band-Aid box.

The pair enjoyed an on-off relationship and finally wed in 2001 – a union some dismissed as attempt to put to bed rumors of his homosexuality.

Diller has now confirmed that he is indeed gay and has always been attracted to men.