Royal Gaekwad family finally ends acrimonious billion dollar feud

India's most well-known royal Gaekwad families' multi-billion dollar dispute over palaces, diamonds and other valuable items has been settled.

Members of the Gaekwad family have signed a memorandum of understanding putting an end to more than 20 years of family feud, the BBC reports.

The dispute includes the Laxmi Vilash Palace, which is reportedly four times the size of Britain's Buckingham Palace, and is owned by the members of the Gaekwad family from Vadodara.

The Vadodara royal family dispute began in 1991 between Sangramsinh Gaekwad and his brother, Ranjitsinh Gaekwad, and continued even after Ranjitsinh's death in May 2012, with his son Samarjitsinh Gaekwad taking over the feud, the report added.

According to the ruling, Samarjitsinh and his family will keep the famous Laxmi Vilas Palace, and surrounding 600 acres estate, which also includes a golf course.

He will also control the museum at the palace with its paintings, diamonds and valuable jewellery, the report added.

Sangramsinh and his family will assume control of private companies, along with land and real estate, including the Indumati Mahal palace in Vadodara, and the property in Mumbai.

Other properties, estimated to be worth three billion dollars, will be divided between the four Gaekwad sisters.