Ex-NBA Star Larry Johnson -- Settles Up With Baby Mama ... Go Ahead, Take My House

Former NBA superstar Larry Johnson was nearly a million bucks in the hole with one of his baby mamas -- but he found a way to make her happy ... hand over the keys to a house!!

Laura Tate filed docs claiming the ex-Knicks and Hornets player was way behind in child support payments -- to the tune of around $900,000. She wanted the court to liquidate his assets so she could get paid, but we've learned Johnson hammered out a deal with her.

According to the docs he filed ... Larry will hand over his $800,000 home in Orange County, CA. He'll also pay Tate a total of $55k over time ... a loooong time. He's scheduled to make $1,500 monthly payments.

The last time LJ made anyone as happy as we imagine Tate is with this deal -- he was knocking down the legendary 4-point play in '99. Great times in NYC.