The ruling follows a 10-year battle between the late Smith and the son of J. Howard Marshall, who was 89 when he married the 26-year-old model in 1994 a few years after they met at a strip club.
Smith had claimed that Marshall had promised her $300 million, and that his son, E. Pierce Marshall, used "fraud and undue influence" to have her removed from the will.
Friday's ruling confirmed an earlier ruling by a Texas jury that the money was not meant as a gift for Smith.
Smith died in 2007 from a prescription drug overdose. She is survived by her three-year-old daughter.
