The boy was born on Wednesday and is named Ace, an Ecclestone spokesperson to CNN confirmed.
The newcomer will be the billionaire’s first son and first child with Flosi, joining daughters Tamara, Petra and Deborah from Ecclestone’s previous marriages.
Ecclestone and Flosi were married in 2012, and in 2016, Flosi’s mother was kidnapped for ransom in Brazil. Aparecida Schunck Flosi Palmeira was released a week after her abduction.
Ecclestone raced Formula 1 for 40 years before being ousted in 2017.
Lewis Hamilton, six-time world champion and first and only black driver to compete in F1, called the “biggest stars” of F1 to “remain silent … in the midst of injustice”, and established the Commission Hamilton to increase diversity in motorsport.
Ecclestone praised Hamilton for the initiative, but told CNN he didn’t think it would have a tangible impact on F1.
“In many cases, blacks are more racist than whites,” he added.
CNN disputed Ecclestone’s claim, and it was unable to provide concrete evidence for this baseless allegation beyond saying that it had “noticed” it over the years.
Ecclestone joins an illustrious list of celebrities who fathered children later in life.
Charlie Chaplin was 73 when he and his wife Oona O’Neil welcomed their son Christopher to the world, while media mogul Rupert Murdoch was 72 when he had his daughter Chloé with his wife at the time, Wendi Deng , in 2003.
Oscar-winning actor Robert De Niro was 68 when he and Grace Hightower had their daughter Helen Grace, and Playboy founder Hugh Hefner was 65 when his son Cooper was born to his wife Kimberley Conrad.
CNN’s Aleks Klosok, Amanda Davies and George Ramsay contributed to this report.