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Frank McCourt Must Pay Ex-Wife $131M By April 2012

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(credit: Kevork Djansezian/Getty Images)

(credit: Kevork Djansezian/Getty Images)

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LOS ANGELES (AP) — Court documents show Los Angeles Dodgers owner Frank McCourt must pay his former wife, Jamie, $131 million by the end of April as part of their divorce settlement.

The terms of the binding settlement were filed in Los Angeles Superior Court on Thursday. If he comes up with the money before April 30, 2012, $1 million per month will be shaved from his tab.

Frank McCourt and Major League Baseball reached an agreement this week to sell the team. The Dodgers filed for bankruptcy protection in June after the league rejected a television contract that McCourt needed to keep the team afloat.

As part of the settlement between the McCourts, Jamie will retain two beachfront homes in Malibu, a house in Holmby Hills and a condominium in Vail.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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