Charles Ashton, 45, who earns �450,000 a year, also has to make payments of �110,000 a year for the upkeep of his ex-wife and two daughters.

Mr Ashton claimed the deal was too one-sided, but the Appeal Court refused to review his case on Wednesday.

Under the settlement Mrs Ashton was given the marital home in East Sussex.

In dismissing his application to appeal, Lord Justice Thorpe said Mr Ashton had already spent �200,000 on legal fees.

'Divided equally'

"That is a strong reason against creating yet another round of litigation," he added.

Mr Ashton married Helen, 44, in 1987 and they brought up their two daughters, now aged 12 and eight, at Park Cottage in Lye Green.

Their marriage came to an end in December 2002 after Mr Ashton started a relationship with another woman, with whom he now lives in a rented home in Surrey with her two children.

Under the divorce settlement in July 2004, Mrs Ashton was allowed to stay with her children in their �750,000 marital home.

She was also allowed to keep most of the assets built up during the marriage - which were worth �202,000.

But James Turner QC, representing Mr Ashton, said his client had been left in a precarious financial position and was left to build up funds from his income.

He said the judge should have ordered the marital home to be sold and the assets divided equally.