Rumors were true - Russell Simmons is leaving Kimora for a 23 year-old model

Rap mogul Russell Simmons and his wife Kimora Lee Simmons are splitting, a rep for Kimora confirmed.

An announcement is expected later today. A spokesperson for Russell had no comment.

Russell, 48, and Kimora, 30, married in 1998 and have two daughters: Ming Lee Simmons, 6, and Aoki Lee Simmons, 3.

Both girls model for Baby Phat Clothing, Kimora's offshoot of her husband's Phat Farm clothing line. The former Kimora Lee, whose father is African-American and mother is Japanese-American, was a model, for Chanel and others, when she began dating Simmons, a cofounder of Def Jam Records.

The pair met in November 1992 during New York City's Fashion Week. She was 17 and about to finish high school; he was 35 and a self-admitted ladies man. The couple were married by Simmons's brother, Pentecostal minister and rapper Joey "Reverend Run" Simmons of Run DMC, on the Caribbean island of St. Bart's on Dec. 20, 1998.

Wonder who will get to keep their mcmansion in Upper Saddle River, NJ?