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Charity, Not Paris, Getting Hilton Fortune

By MICHELLE NICHOLS, Reuters
Posted: 2007-12-27 08:23:11
Filed Under: Paris Hilton
NEW YORK (Dec. 26) - Hotel heiress Paris Hilton's potential inheritance dramatically diminished after her grandfather Barron Hilton announced plans on Wednesday to donate 97 percent of his $2.3 billion fortune to charity.

That wealth includes $1.2 billion Barron Hilton stands to earn from both the recent sale of Hilton Hotels Corp. -- started by his father Conrad in 1919 when he bought a small hotel in Cisco, Texas -- and pending sale of the world's biggest casino company, Harrah's Entertainment Inc.


That money will be placed in a charitable trust that will eventually benefit the Conrad N. Hilton Foundation, raising its total value to about $4.5 billion, the foundation said in a statement.

Barron Hilton, chairman of the foundation, intends "to contribute 97 percent of his entire net worth, estimated today at $2.3 billion, including the created trusts, at whatever value it is at the time of his passing," the foundation said.

Paris Hilton was not immediately available for comment on her grandfather's plans for his fortune.

Jerry Oppenheimer, who profiled the Hilton family in his 2006 book "House of Hilton," has said Barron Hilton is embarrassed by the behavior of his socialite granddaughter Paris and believes it has sullied the family name.

Barron Hilton, who is 80, has not commented on Oppenheimer's remarks.

The foundation supports projects that provide clean water in Africa, education for blind children, and housing for the mentally ill. Its aims, based on Conrad Hilton's will, are "to relieve the suffering, the distressed and the destitute."

"Speaking for the family as well as the foundation, we are all exceedingly proud and grateful for this extraordinary commitment," said Steven Hilton, one of Barron's sons and president and chief executive of the foundation.

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Conrad Hilton established the foundation in 1944 and when he died in 1979 left virtually all of his fortune -- including, according to media reports at the time, a 27 percent controlling stake in Hilton Hotels -- to the charity.

But Barron Hilton challenged the will and after a nearly decade-long legal struggle reached an out-of-court settlement to split ownership of the shares with the foundation in 1988, The New York Times reported.

The hotel group was sold for $20 billion in October to private equity firm Blackstone Group, while the acquisition of Harrah's -- of which Barron Hilton was a board member until 2006 -- is due to be completed by Apollo Management and TPG Capital in early 2008.

Paris, a symbol of celebrity privilege in America, gained notoriety in 2003 when a home video of her having sex with a boyfriend was posted on the Internet.

She parlayed her notoriety, fueled by tabloid headlines about her partying lifestyle, into a celebrity career that has included a reality television show, a book, a music album, and film roles. Then this year she spent more than three weeks in jail for violating probation in a drunk-driving case.

Copyright 2008 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.
2007-12-26 16:11:59
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1355 comments

pineconelrp46 07:24:38 PM Feb 26 2008

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HEY IF COULD GET THE SAME AMOUNT OF (( COKE )) AS PARIS SNIFFED UP HER NOSE---- IN A BOX AND ADD WATER I BET I COULD USE IT TO SPAKLE THE WALLS IN MY HOUSE ******** GOD SHE IS ONE USELESS BITCH.

mrpiggy76 09:32:57 AM Feb 23 2008

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Ha Ha!!!! Good for you you UNDESERVING DISCUSTING bitch! Its about time you got whats coming to you!

dsbldmrcn 08:28:00 AM Jan 09 2008

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Is it More Like MURDER? Question?--- My Friend DIED not long ago ...He was only 51 years old.... March 24 2007.... He died because he did not have medical insurance. Simply because he could not afford medical insurance, or a Doctors visit. BUT, he paid into a system for others to have medical insurance so these people don't have to go through what he did. People like, Governors, Judges, police, city workers, county workers, federal governments, senators, congress, and the list just goes on and on. Yes my friend did work all his life. My friend died, HE COULD NOT AFFORD MEDICAL INSURANCE for HIMSELF, BUT HAD to PAY for OTHERS. Could he have lived longer if he had medical insurance, YES.

Did you know, 2,222 people die everyday in the United States of America because of this, and is reaching HOLOCAUST Numbers. Is one of these, YOUR family member? Good Morning OHIO. ..

ejclavelli 08:36:00 PM Jan 08 2008

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You sure can't take it with you. Giving it to charity is good. Paris still has more money than most people could ever spend in a lifetime.

stalemandms 04:37:00 PM Jan 08 2008

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It all going to benefit the Conrad N. Hilton Foundation is a small clue

StaleMandMs 04:36:00 PM Jan 08 2008

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Just a scam to avoid taxes

deserthmsplusc 07:18:00 PM Jan 05 2008

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SPENSA FOR HER LUCK THAT LITTLE TRAMP

senadhodzic1 01:37:48 AM Jan 04 2008

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DONT BELIEVE TO RICH PEOPLE WHATEVER THEY DO OR SAY

ceachef0013 11:45:17 AM Jan 03 2008

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He can do what he wants with his money. At least it is going to be used for good instead of supporting the cheap tramps lifestyle.

bluefish6 06:33:00 PM Jan 02 2008

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Barron is total creep. After disputing his father's will because his father left his money to charity, Barron turns right around and does the same thing his father did. Paris did as much to deserve her inheritance (nothing) as Barron did to deserve his inheritance (also nothing).

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