Russell Simmons and his ex-wife Kimora Lee have finally came to terms for their child support payments. Russell will have to shell out $480,000 a year to Kimora, according to the deal. A Los Angeles superior court judge signed off on the agreement yesterday (2/26), giving Kimora Lee Simmons sole custody of the couple's two daughers, 9-year-old Ming and 6-year-old Aoki.
Russell and Kimora Lee's divorce was finalized in January after Kimora Lee filed for the divorce back in March of last year, citing irreconcilable differences. The Def Jam Records and Phat Farm clothing founder also agreed to provide a new car, worth at least $60,000 and replaced every 3 years, for the children's use until they turn 16.