Jay Penske — son of billionaire racing mogul Roger and owner of Web sites Deadline, Movieline and Hollywood Life — was busted with his brother Mark during a wild Nantucket night during which the media mogul allegedly urinated on a woman’s shoes. The pair was picked up by cops before 2 a.m. yesterday at the Nantucket Yacht Club after they’d been urinating in the parking lot, a local paper says. Two women allegedly confronted the peeing pair, and Jay “turned and continued to urinate on [one of the women’s] boots. He then proceeded to grab her arm and push her,” Nantucket’s Inquirer and Mirror quotes a police report as saying. The paper added that one woman said that Mark pushed her and that the brothers “then ran to [a residence] on yacht club property,” where they are not members. Two residents saw the Penskes enter their property before police collared Jay, 33, “attempting to run away,” the report says, while Mark, 35, a financial adviser, had “fallen down [a] staircase, suffering several cuts on [his] right arm.” The women who caught the brothers with their pants down declined to press charges. But the Penskes spent the night locked up and were arraigned on breaking-and-entering charges, “with intent to commit a misdemeanor.” A rep for Jay’s company, PMC, said, “These so -called ‘facts’ published by various media outlets are erroneous, and PMC has been assured that the misdemeanor charge for trespassing against Jay Penske will be resolved.’’ The Penskes’ dad — worth $1.1 billion, according to Forbes — has a Nantucket home.