Simon Cowell has shaved off all his graying chest hair. The media mogul, who has just turned 49 last week, believes that his body hair doesn't hold the same appeal anymore now that it had lost its color.

He has been quoted by showbizspy.com as saying, "You can't dye chest hair and no one wants to see a gray chest, do they?"

"It had to go."

Cowell is known for his penchant of dressing in fitted shirts, revealing his chest physique.

Meanwhile, "American Idol" former boss Nigel Lythgoe has revealed that Cowell is earning $36 million annually on the show, which had fellow judge Paula Abdul seething as she is reportedly only getting $5 million to $8 million per season.

A source tells MSNBC, "Paula knew that Simon was getting paid more, but she never imagined it was this much more."

"This could really put her in a bad way."

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