Hip-hop mogul Russell Simmons has agreed to pay ex-wife Kimora Lee $480,000 in child support for their two daughters after their divorce proceedings have been finalized.

According to court papers filed in Los Angeles on Thursday, Lee, 33, won sole legal and physical custody of daughters Ming, 9, and Aoki, 6. Simmons, 51, will have monitored visitations.

The Phat Farm founder also agreed to provide a new car, worth at least $60,000, for the children’s use until they turn 16. The car shall be replaced every three years.

Lee, star of the reality TV show “Life in the Fab Lane” and former fashion model, married Simmons in December 1998. They separated in March 2006.

She is currently dating actor and model Djimon Hounsou.