McCourt divorce settlement: Frank gives up all L.A. homes
Under a divorce settlement filed Thursday in Los Angeles Superior Court, Jamie McCourt kept four homes -- two in Malibu, one in Holmby Hills and one in Vail, Colo. Frank McCourt kept two homes, both in Massachusetts. The McCourts sold a second Holmby Hills home in August.
Representatives for Frank McCourt did not immediately return messages asking whether he intended to move back to Massachusetts, where his family is deeply rooted. After the McCourts separated in 2009, he moved into a Beverly Hills hotel, eventually failing to persuade the court that the Dodgers should be his and the homes should be hers.
Jamie McCourt has said she would "never" leave Los Angeles.
The financial terms of the settlement call for Frank to pay $131 million to Jamie by April 30, 2012, with Frank getting a discount of $1 million per month for early payment. Major League Baseball hopes the Dodgers can be sold by opening day, scheduled for April 5.
Jamie gets the first $131 million of net sale proceeds, unless Frank has otherwise has fulfilled his payment obligation. Until then, Jamie remains entitled to $225,000 a month in spousal support.
The Times reported last month that the McCourts had agreed on the terms of a settlement. By knowing how much he would owe Jamie, Frank could negotiate an agreement to sell the Dodgers, confident that an auction of the team would generate enough money to satisfy his debt and tax liability and leave him with a profit as well. That could require the Dodgers to sell for $1 billion or more, based on court records in California and Delaware.
-- Bill Shaikin
Photo: Frank and Jamie McCourt. Credit: Kevork Djansezian /Getty Images; Nick Ut / Associated Press