The 84-year-old Hall of Fame golfer and the South Carolina-based Gary Player Group reached a settlement last month in the Palm Beach County Circuit Court.
The group is operated by 60-year-old Marc Player, one of the champion golfer’s six children.
Marc runs The Black Knight, and the company designs golf courses and sells golf equipment, sportswear and wine.
The Black Knight is Gary Player’s nickname.
It is not clear what led to the family fallout.
The two sides reached a settlement last month, according to the AP.
According to the court documents, Gary was owed unpaid royalties from a five-year period (2014 to 2018) from the Gary Player Group, which is run by Marc Player.
Gary Player’s attorney Stuart Singer declined to give details in a statement, saying only there was a “contractual dispute” and that the $5 million was for royalties due to the golfer.
The group’s attorney did not respond to an email seeking comment.
The South African golfer is the only non-American to win all four major championships: three British Opens, three Masters, two PGAs and one US Open.
The golfing legend has won 24 PGA Tour titles overall, and then won 19 times on the Senior Tour.
Player lives in South Florida when he is in the US.
In January 2019, his 57-year-old son Wayne Player spent five days in jail after he was arrested for fraud after writing a bad cheque in Georgia, US.
He had reportedly rented a residence and paid with a cheque which bounced when the landlord tried to cash it.