The British comedian and actor - who filed for divorce from the `Part of Me` hitmaker in December, just 14 months after they tied the knot - is surrendering his interest in the $6.5 million property the couple bought together while they were happily married.
According to a quitclaim deed acquired by TMZ, the 36-year-old star has given Katy all rights to the luxury Los Angeles mansion.
An insider said: "It`s all part of the property settlement agreed between Russell and Katy."
The couple didn`t sign a prenuptial agreement prior to their marriage in India, meaning Russell is legally entitled to half of Katy`s $44 million fortune.
However, the `Get Him to the Greek` star has claimed he doesn`t want anything from his estranged wife and is keen for their divorce - which will become official on June 30 - to be as amicable as possible.
Despite the split, Russell - who is now dating Nikolett Barabas - insists he is not holding on to any feelings of negativity.
He recently said: "I`m doing well. You don`t need to brush it off if you don`t get it on you in the first place.
"I don`t have to let anything go. I don`t hold on to anything negative. It`s the same as zero-ness.
"It`s not about letting it go. You can`t let go of something you don`t hold, you know. It`s meaningless, [and] much of our world is predicated on meaninglessness. And I don`t do that anymore."
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