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RUSSELL SIMMONS EXPLAINS CUSTODY AGREEMENT: Also, Kimora Lee puts L.A. house on market for $7.75 million June 30, 2008

Filed under: Uncategorized — Ryann Hayman @ 2:26 pm

Russell Simmons says he’s happy to pay $20,000 per month for each of his two children in a divorce agreement with his former wife, Kimora Lee Simmons.

 

      The amount was made public last week with the reporting of his child custody arrangement regarding 8-year-old Ming and 5-year-old Aoki Lee.  Kimora won sole custody of the girls, while Russell gets his daughters one week out of every eight, plus extra time for summer vacations and holidays, according to court documents.

 

       As previously reported, the monthly $20,000 per child ends when each reaches the age of 19 1/2, or until the daughter is emancipated, married, becomes self-supporting, joins the armed forces or stops living with their mother.       

       Russell is also required to buy or lease a car valued at $60,000 or more for the girls once every 24 months.

 

       In a letter addressed to critics, Simmons defends his child support ruling and explains the reasons he thinks it’s appropriate. He stated the following:       

        Friends of mine have forwarded me gossip online about my custody agreement details with Kimora. The fact is, we’ve had a pretty good partnership at sharing the girls in the past.        

        There have been a few bumps in the road, and those bumps have led us to negotiate a minimum amount of time I’m guaranteed to see my kids. That deal is as follows: I have the girls one full week out of every eight, half of the summer, half of all the holidays, a full week at Christmas, and half of Spring Break.        

        Like in all good partnerships, contracts are meant to protect the partners but are usually not the only way the partners work together. If I show up in L.A., where she now lives, unannounced, I can call up Kimora and she will most likely send them right over. The same goes for when she comes to New York.        

        We have always had a school in New York and a school with the same curriculum in L.A., so when the girls are with me in New York, we can spend quality time together. I can get up with them, take them to school and just be together. Kimora consults with me about doctors or schools for the girls, but she’s always had final say in those areas. If we had an argument about a school, guess who’s going to win?        

        But there are other stipulations in our agreement where we have to make final decisions together. Anything having to do with business decisions pertaining to my kids cannot be done without my consent. I’ve also seen a lot about people reading into the supervised visits stipulation. Kimora travels with a security guard and a nanny.         

        In the past, she’s gotten really nervous that I never travel with security, so if it makes her more comfortable to have her security and a nanny with us when I’m with my kids, that’s OK with me. Finally, I want to say Kimora is an excellent mother and is doing a great job with them. My kids are studying a couple of foreign languages, they travel around the world, they practice yoga, ballet, swimming, karate and piano, among other things…sometimes I think they do too much, but I trust in Kimora on this because she IS a good mother.        

        Regarding the money, my kids live a tremendous life. They do have lots of security, nannies, educators, special programs, travel, chefs, on and on. Their mother manages all of those luxuries and I’m happy to provide for that.

With great love all things are possible.
Russell Simmons

Kimora Lee Simmons

 

 

       In other Simmons news, Kimora has just put her Beverly Hills home on the market for $7.75 million, reports the Los Angeles Times.      

       The 6,000-square-foot, guard-gated, country-style home has five-bedrooms, eight-bathrooms, and a private courtyard entry with a sitting area and a fireplace. It also has a two-story entranceway, a formal living room with a fireplace, a formal dining room, a bar and a new gourmet kitchen with top-of-the-line appliances.       

       There are dark hardwood floors, a spacious master bedroom suite and leaded-glass windows. Outside, there is a swimming pool and room for a tennis court.

 

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