Crocodile Dundee star Paul Hogan has finalised his divorce, with Linda Kozlowski receiving a lump sum and joint custody of their teenage son.

Kozlowski will get $US5.775 million ($A6.25 million) and keep living in their Venice Beach house until 2018, or until she remarries, according to TMZ.

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Hogan cast the American actress as his love interest in 1986’s Crocodile Dundee, a romance blossomed and Hogan split with his first wife Noelene soon after.

Hogan, 74, and Kozlowski, 56, were married for 23 years and have a 15-year-old son, Chance.

The agreement also allows Hogan to keep the rights to the Crocodile Dundee character and the film company that produced the movies.

Kozlowski also has the option to buy their Venice Beach house for $US1.59 million, the original purchase price.