The drawn-out legal battle over Polaroid is finally over.

Having failed last week to block the sale of the bankrupt instant-camera maker to a pair of private-equity firms, New York investor Lynn Tilton said she’s giving up on a court appeal.

Tilton’s investment firm, Patriarch Partners, were rejected last week in its request for a temporary restraining order to stop last month’s court-ordered sale of Polaroid to Hilco Consumer Capital and Gordon Brothers Brands, which agreed to pay $87.6 million.

Patriarch, which had proposed to keep Polaroid’s operations and employees, had bid nearly $500,000 more than its rivals. But creditors raised worries about guarantees related to the equity portion of its offer.

In denying the request for an injunction, a federal judge noted that Polaroid is “bleeding cash,” and said, “even a brief delay appears to be a lose-lose proposition” that would disrupt the cash-strapped company’s efforts to stay afloat.

“Even if we were successful on appeal, it would end up being moot,” a spokesman for Tilton told The Post.

Hilco and Gordon Brothers, which are slated to close their purchase tomorrow, expect to announce licensing agreements for Polaroid “in the coming weeks,” according to one source.