David Vaughan, 52, and father of three, was a well-respected businessman in Cardiff until his marriage broke down, the Western Mail reported Thursday.
Vaughan allegedly bought the 26-year-old prostitute anything she wanted, but was arrested when he also bought her cocaine, the report said.
The pair had gone on a spree just like Gere and Julia Roberts in the Hollywood movie "Pretty Woman," the newspaper said.
But the staff at the hotel where they stayed became suspicious and the pair was found with cocaine in their room, the report said.
Vaughan later told police he spent nearly $1,700 a day on drugs for the two of them.
A judge fined Vaughan more than $25,000 but spared him from jail, saying the case already had become a "personal tragedy" for him.