LOS ANGELES (AP) _ ''Dynasty'' star Joan Collins and her ex-husband Peter Holm settled their bitter property battle Monday with the actress agreeing to pay Holm $180,000 while he gives her back a half interest in a house in the south of France.

''It's taken a long time, but it appears to be an equitable settlement,'' Miss Collins told reporters after a 4 1/2 -hour negotiating session behind closed doors between attorneys for the warring parties.

''Joan and I faced the facts and we both decided 'Let's call this mess quits,''' said Holm, who contended he could have gotten more money from Miss Collins but it wasn't worth the effort.

As part of the agreement, announced in court by attorney Marvin Mitchelson, who represents Miss Collins, Holm gave up any claim to spousal support from his ex-wife.

He had made headlines when he demanded $80,000 a month in alimony to support the lifestyle to which he said he had became accustomed during their brief jet-set marriage. Holm went into the courtroom Monday asking for half a million dollars from his ex-wife.

Miss Collins, 54, and Holm, 40, a onetime rock singer in his native Sweden, were married in 1984 and split 13 months later. Their court battles over the divorce, which became final last August, and division of assets ultimately lasted longer than their time together.

Outside court, mobbed by photographers, Miss Collins said she was ''tremendously relieved and pleased.'' Asked if she had learned any lessons from the ordeal: ''Yes. Don't get married again.''

The prolonged negotiations on Monday avoided a trial that had been scheduled to begin Wednesday.

Under the agreement, Miss Collins is to pay Holm $98,000 in management fees for the period during which he supervised her career and an additional $82,000 as a property settlement.

He will be required to return over to her the deed to their jointly owned home in Port Grimaud, France. She also will give him a $40,000 Spartan automobile.

Holm also agreed to return to Miss Collins any of her personal property which he has or can locate. He agreed to a payment schedule in which he will receive all of the cash by May 15.

Asked whether either party came out a winner in the settlement, Holm's attorney, Frank Steinshriber said: ''No one is the winner. They're both angry.''

Holm told reporters he is writing a book about his famous marriage and hopes it will have a wide audience.

As the couple left the courthouse, Holm shouted after his ex-wife, ''Bye, Joan. All the best, Joan.''

She responded with a clipped ''Thank you.''