The most common and most likely answer to this crossword clue is the 7 letter word ERMINED
I've seen this crossword clue in The Daily Telegraph
E
R
M
I
N
E
D
More clues leading to the result ERMINED
Buddy explains!

The straight part
We know that "bedecked in the Lords" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case bedecked in the lords = ermined.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.