charlie sheen
Charlie Sheen with his former wife, model and actress Denise Richards. Getty

Former Two And A Half Men star Charlie Sheen may have once lived the life of Riley on and off screen, but it appears times have changed for the notorious party figure, who reportedly needs to slash child support payments to his ex-wives.

The Daily Mail reports that the 50-year-old actor has reached an agreement with Brooke Mueller and Denise Richards to reduce instalments from $55,000 (£41,000) to $25,000 (£31,000) for each of the four children involved.

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Sheen and Richards, 45, have two daughters together, 11 year-old Lola Rose and Sam, aged 12. The pair married in 2002 and split in 2006.

The Platoon star met Mueller, 39, the same year of the divorce and the couple had twin boys, Bob and Max, aged seven. The actress split with Sheen in 2011 after three years of marriage.

It is understood Sheen has offered alternative compensation, with a source telling TMZ: "Charlie threw in some real estate for Brooke and Denise and committed to doing a show with Denise."

It has been a tumultuous few years for Sheen. The star first went off the rails in 2011, getting himself sacked from Two And A Half Men for erratic, often insulting behaviour, even coining his infamous "Winning!" catchphrase in a bizarre TV interview.

Just as he seemed to settle down, Sheen was told by doctors that he was HIV positive. The actor revealed the news last year at a London press conference, admitting he had been living with the diagnosis for four years.

The Wall Street movie star appears to be facing the battle in typically dry-humour, saying: "I'm not dating, I'm spending a lot of time with my family.

"Right now I couldn't get laid in a women's prison with a handful of condoms. It doesn't give me a great opening line: 'Hey, I've got HIV - busy later?"'

Sheen has been single since ending his eight-month engagement to adult film star Brett Rossi in October 2014. However, the actor is looking to make a big screen comeback in Nine-Eleven, due for release next year.