The trouble started over Labor Day weekend, when the source says Prescott got cold feet about filming Gosselin's reality show, Kate Plus 8. He ended up canceling production plans just two days before the New York City shoot, after months of planning and preparation. The source adds that Prescott is protective of his three children from a previous marriage and didn't want the increased exposure, so his team advised him against filming with Gosselin.
But problems in the relationship were already brewing over the summer, the source also reveals, when Gosselin became "frustrated" with Prescott's inability to spend time with her, while he traveled the world. It was actually on those travels when the COO and co-founder of Dreamstime.com -- a microstock photography agency -- met his new girlfriend, a business major. And his new squeeze, who's based in Belarus and New York City, is apparently no slouch -- the attractive blonde is fluent in five languages, the source tells ET, and has plans to launch her own cosmetic line this year.
The May-December couple has also not been shy about their new romance. The two have already been spotted on two trips together, to both Las Vegas and Hawaii.
Our source says Gosselin is "devastated" by the breakup, as she believed she and Prescott had "a special connection."
News broke that Gosselin was dating the wealthy entrepreneur in January. In May, the two were still going strong, and were spotted on a PDA-filled date in Philadelphia. The pair was snapped enjoying an intimate dinner at high-end restaurant Talula's Garden, then enjoyed bottle service at a casino, a source told ET, while sneaking kisses and getting affectionate while gambling.
ET has reached out to Gosselin's rep but has received no comment.
Meanwhile, Gosselin's ex-husband, 38-year-old Jon Gosselin, has found love again. In July, the now-DJ stepped out with his girlfriend, Colleen Conrad, who he grew up with in Wyommissing, Pennsylvania. Watch below: