Andre "Dr. Dre" Young, a legendary figure in the music industry, has recently finalized his divorce settlement with his ex-wife, Nicole Young. The producer, aged 56, has agreed to pay Young, aged 51, a staggering $100 million as part of the property settlement agreement, according to court documents obtained by PEOPLE.
Dr. Dre, whose net worth stands at an impressive $820 million, will pay Young in two installments of $50 million each. The first installment is set to be paid this year, followed by the second installment next year, as reported by TMZ.
In this high-profile divorce settlement, Dr. Dre has agreed to part ways with over one-fifth of his fortune and approximately half of his liquid assets. This significant agreement underscores the complexity and magnitude of the divorce proceedings.
The settlement also includes provisions regarding the division of assets and properties. Young is required to vacate the former couple's Malibu beach house by the end of December, as reported by Rolling Stone. However, she will retain ownership of four vehicles, including a Rolls Royce, Range Rover, Escalade limousine, and Spyder motorcycle, along with her jewelry.
Dr. Dre, on the other hand, will retain seven properties and six vehicles, according to TMZ. Additionally, he will maintain full ownership of his master recordings and stocks in Apple, the parent company of Beats Electronics, which he co-founded.
Despite their long history together, the divorce settlement denies Young any spousal support, as reported by TMZ. The former couple shares two adult children, son Truice, aged 24, and daughter Truly, aged 20.
The divorce proceedings were initiated by Young in June 2020, following 24 years of marriage. In court documents, Young alleged instances of abuse by Dr. Dre, including claims of physical violence and threats. Dr. Dre, however, denied these allegations, stating that he had never abused or threatened Young.
Earlier this month, Dr. Dre celebrated his legal separation from Young, as depicted in a photo shared by his friend, music executive Breyon Prescott, on Instagram. The photo captured Dr. Dre posing in front of balloons spelling out "DIVORCED AF," marking the end of a significant chapter in his life.
As Dr. Dre moves forward from his divorce, he continues to leave an indelible mark on the music industry, with his influence and legacy extending far beyond the realm of personal affairs.
