Heather Mills is set to become a very wealthy lady indeed - after her estranged husband Sir Paul McCartney agreed to a whopping $110m payout. Heather, 40, will reportedly receive a $40million lump sum with further $5million annual payments until their four-year-old daughter Beatrice reaches 18, Britain's Daily Mail newspaper has revealed.
The former glamor model, dubbed Lady Mucca by British tabloids, could not contain her excitement as she walked from the High Court in London smiling broadly yesterday.
As part of the deal, Mills - Paul's second wife - agreed to never speak publicly or write in detail about the collapse of their six-year marriage, according to the Daily Mail.
The deal came after Paul and Heather had gone head to head in court for five days last week. Heather represented herself; Paul was represented by Fiona Shackleton - the lawyer who negotiated Prince Charles' divorce from Princess Diana.
Mills will have main custody of daughter Beatrice, but McCartney, whose fortune is estimated at $1.6 billion, will have equal visitation rights.
The former Beatle also agreed to set up a $2 million trust fund for Beatrice that she can access when she turns 18.
Mills plans to live with Beatrice in the UK and either Poland or the Czech Republic, where she hopes to buy a home.
A source told the Daily Mail a verbal agreement was reached just before lunch yesterday.
"They have a settlement," a source said. "They have agreed on all points. Nothing much has changed this week. There was a deal at the beginning, but it was a complex one. There have been a few tweaks to the agreements, but those have been mostly changes Heather wanted made."
Mr Justice Bennett, who is presiding over the case, has set aside Monday in the Royal Courts of Justice for a continuation of the hearing.
A legal source said: "Heather has had no legal representation throughout recent weeks. If a deal has been reached, Mr Justice Bennett has to be sure of a few things to bind Miss Mills to the settlement. He needs to be sure she knows of and understands all the details of the agreement.
"He also must be sure that she not feel under duress to sign it.
"Also, despite Heather having been guided legally in court all week, Mr Justice Bennett will want to give Heather the weekend as one final chance to take legal advice on the final settlement. Whether she does is another matter. It all seems fairly cut and dry. But the judge will want to offer her this final opportunity."
A spokesman for the Royal Courts of Justice confirmed: "They have booked the court for Monday but we have been told they will probably not need it beyond then."
By Owen Williams, Feb 16 2008 © Copyright 2008 - Showbiz Spy
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