Paul McCartney buys Heather Mills silence with a record divorce pay-off

Paul McCartney and estranged wife Heather Mills, have reportedly agreed to a record divorce settlement that’ll eventually pay out $110 million.

In the settlement, Mills, 40, is to take a lump sum of $40million and a further $5million a year for the next 14 years, until their daughter Beatrice turns 18.

A key part of this arrangement, Mills, will be barred from publicly discussing, in detail, the reasons behind the breakdown of the six-year marriage.

According to sources, the record annual payout includes a large share put aside solely to cover the cost of 24 hour security for Mills – whether Beatrice is with her or not after recently claiming she had been the target of “death threats”.

Heather will be Beatrice’s main carer but Paul, 65, will have equal visiting rights. There will be hand-overs every week and each parent will spend alternate weekends with Beatrice.

As part of the settlement, Mills also agreed not to seek to live abroad for at least the next five years, which would scrub any immediate plans she has of a full-time career as a media personality in America.

McCartney’s property portfolio – including the former marital home in North London and homes in Sussex, Scotland, New York and Los Angeles – remains his under the deal.

The whopping sum also reflects Heather’s success in arguing that Paul should clear an outstanding legal bill with Mishcon de Reya.

Despite being equivalent to only 7 per cent of Sir Paul’s estimated $1.6billion fortune, the sum will be the highest settlement given to a wife in Britain.

Sources on both sides said the pair have now agreed all the details of the settlement “in principle”.

Since Miss Mills currently has no legal representation, the pair are expected to spend much of next week having all aspects of the complex deal examined and approved in a closed hearing before High Court judge Mr Justice Bennett.

Mills and McCartney still have another 13 weeks under the two-year separation period required for a no-fault divorce before it becomes final, but it is understood that both parties are pushing for it to be finalised next week.