The lavish-living couple owned eight homes, including swank mansions.
Jamie McCourt keeps four of them under the agreement: a Holmby Hills estate, two properties in Malibu and a condo in Vail. A second home in Holmby Hills was sold to pay legal bills.
Frank McCourt gets two properties at upscale addresses in Massachusetts.
The settlement acknowledges Jamie McCourt's role in building their wealth and acquiring the Dodgers. The partnership hit the rocks in 2009 when Frank fired her as the Dodgers CEO.
In the approved deal, Frank McCourt will pay Jamie McCourt spousal support of $225,000 per month.
But he'll write a far bigger check this spring. Under the settlement, Frank McCourt must give her $131 million on or before April 30 - the date he must sell the Dodgers by.
Prospective owners, including Joe Torre, Magic Johnson, Larry King, Mark Cuban, Disney, are now preparing their bids for a franchise that is valued at more than $1 billion.
Major League Baseball reportedly would like the team sold by opening day on April 5.
One potential snag is the real estate surrounding Dodger stadium. Though McCourt must give up the team and the grounds, the parking lots will still be his. He could reportedly lease them for $14 million a year.
But a future team owner may want a major overhaul of the property, which would mean having to buy the lots from McCourt at an unknown price.