A joint statement released Tuesday said that Prejean and the organizers of the pageant had reached a confidential settlement.

According to TMZ, Carrie Prejean had demanded over a million dollars during her settlement negotiations with the Miss California USA Pageant until the lawyer for the Pageant gave her a copy of a sex tape of which she allegedly is the star.

Not that there's anything wrong with that, unless of course you are traipsing around the USA at so-called "values summits" selling yourself as courageous for sticking up for the big guy in the sky.

And the video (Solo), which has never been released, was apparently so graphic, not even TMZ wants to release it.

The reports on the web say it took her around 30 seconds to withdraw her demands and accepted basically nothing. CNN has confirmed them here.  She received a $100,000 payout, all of which conveniently covers the cost of her lawyers. Remember, the lawyers always get paid.

Not only has she lost money and future opportunity, but she has also lost all credibility.

Somewhere Perez Hilton is getting the last laugh.