Dr. Dre to Pay Ex-Wife Nicole Young $100 Million in Divorce Settlement

Andre "Dr. Dre" Young and Nicole Young have settled their divorce.

The producer, 56, has agreed to pay his ex-wife $100 million, court documents obtained by PEOPLE show. Dr. Dre will pay Young, 51, in two installments of $50 million as part of a property settlement agreement. He will pay the first half this year, and the second half next year, TMZ, who first reported the news, posts.

Dr. Dre, who is worth $820 million, has agreed to give "over more than one-fifth of his fortune and roughly half of his liquid assets" in the settlement, Rolling Stone reported.

An attorney for Dr. Dre did not immediately respond to PEOPLE's request for comment.

Additionally, Young must move out of the former couple's Malibu beach house by the end of December, according to Rolling Stone. She will keep four vehicles — Rolls Royce, Range Rover, Escalade limousine and Spyder motorcycle — plus her jewelry.

Dr. Dre will keep seven properties in the divorce, and will keep six vehicles, according to TMZ. He will also retain full rights to his master recordings, as well as stocks in Apple, which owns his Beats Electronics company.

Young and Dr. Dre share two adult children: son Truice, 24, and daughter Truly, 20. Their settlement denies Young spousal support, TMZ reports.

Young first filed for divorce from Dr. Dre in June 2020 after 24 years of marriage. Young accused Dr. Dre of abuse in court documents, alleging he "held a gun to my head" on two instances in 2000 and 2001, and that he "punched me in the head/face" in 1999 and 2000, PEOPLE reported in January. She also alleged Dr. Dre "kicked down a door" while she hid "from his rage" in 2016.

Young said she suffered post-traumatic stress syndrome from the abuse. Dr. Dre denied the claims, telling the court, "at no time did I ever abuse Nicole or threaten her physical safety."

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

Earlier this month, Dr. Dre celebrated becoming legally separated from Young. The Beats mogul posed for a photo in front of balloons spelling out "DIVORCED AF."

Dr. Dre's friend, music executive Breyon Prescott, posted the photo to Instagram, writing in the caption, "Hey Well My Brother @drdre Just Told Me It's Final !!! Congrats 🍾 Still Dre 🐐 💪🏾💪🏾💪🏾."