The shock jock projects a wealthy image, but a month after being sacked he signed up to a second mortgage on one Sydney property charging an eye-watering rate.

The media company behind Kiis FM will be forced to pay around $5 million a year until 2028 to avoid costly and drawn-out litigation with its former star host.

The controversial broadcaster had been seeking up to $85 million, arguing the radio network had improperly torn up his decade-long contract.