Russell Simmons Agrees To $40,000/Month Child Support

Hip-Hop entrepreneur and millionaire icon Russell Simmons has agreed to a $40,000 per month child support settlement for daughters Ming Lee and Aoki Lee. The agreement comes after his divorce with Kimora Lee was finalized on January 30, 2009.

The large hunk of cash will hardly hurt Simmons as he is estimated to have a net worth of $325Million. Regardless of how much he is worth Simmons has not gone unaffected by the economic recession. His 49,000 square-foot Saddle River, New Jersey mansion was estimated at $23,888,000 but can now barely sell it for half price.

Source: Associated Press/Wikipedia

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