William Lauder, Estee Lauder Companies' (ELC) Executive Chairman, has settled a 15-year legal battle against his former partner, US socialite Taylor Stein, over the couple's property in Los Angeles for an undisclosed sum.
Stein filed the lawsuit against Lauder in 2018, accusing Lauder of refusing to make annual payments for the former couple's mansion in Bel Air, California, as well as harassing and hiring a private detective to spy on her, according to The New York Post.
However, the 62-year-old heir to the US beauty empire counter-sued in 2020, claiming that he was exempt from making payments on the property after Stein had broken a confidentiality agreement in place since 2007.
Lauder had reportedly agreed to pay Stein $1m for every year that she did not publicly reveal that he was the father of her daughter, as well as preventing her from coming within 100 yards of any member of the Lauder family in Palm Beach, Aspen and New York in the US, according to a Forbes report.
However, this agreement was allegedly breached when the pair's daughter is said to have posted on Instagram about her parents' divorce.
Lauder and Stein's representatives have not revealed details of the agreement, while it is unconfirmed whether Stein will remain in the former couple's residence.
Boasting an estimated $3.5bn net worth, the son of Leonard Lauder took a 50% salary reduction in 2020 in an effort to put ELC in a stronger financial position during the Covid-19 pandemic.
