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Hollywood producer Jon Peters feels like an “old fool” after calling off an engagement to wed Pamela Anderson.

The couple was only married for 12 days and now Peters admits he feels awful after paying off his ex-wife’s debts only to get dumped.

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“There’s no fool like an old fool,” Peters, 74, tells the New York Post.

He agreed to go public about his disastrous marriage after reading an article which suggested he got hitched on a whim and Pam walked out because she found him “too controlling”.

He insists Anderson, 52, proposed to him in a text.

“Needless to say that when she texted me that she wanted to get married, it was kind of a dream come true even though I was engaged to someone else and the lady was moving in,” Peters explains.

“I dropped everything for Pam. She had almost $200,000 in bills and no way to pay it, so I paid it and this is the thanks I get.”

Peters and Pam wed in Malibu, California on 20 January (20) and announced they were splitting on 1 February.