U.S. 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 (1.16 billion pounds) 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.
Source: Reuters
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December 27th, 2007
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Does that mean she’ll go after rich guys more? oh no!!!
This news has really made me lost a bit of respect for Barron. I didn’t expect him to leave everything to his family but man this is such a slap in the face to them I think. And it’s also such a hypocritical thing for him to do considering what he did when the original Conrad Hilton died. Conrad supposedly wanted to leave (just like Barron’s trying to do) almost all of his money to charity and NOT with the family. Barron though contested that saying basically, “Oh no that was never his intention. He meant to split it up for evenly between the family and the charity†and eventually he won. How can Barron do such a thing after he fought his dad’s will for doing the same thing? Just ugh! But oh well. Paris is still well off. She has plenty of money coming in from her business deals, modeling, acting, singing, etc. Her parents also have money coming in. And contrary to what some people wanna say Paris is still an heiress because of her father.
And I think people getting joy out of this news is just cold, mean spirited, and just leaves me speechless. What the heck did Paris ever do to those people? It’s just sick.
um why have you lost respect for him? he is donating to charity! thats awesome! paris and her already mega rich family dont need any more money. others do. so i think its GREAT that he is putting it toward charity.
Not to worry.Barron did not really give his money away to charity per se.
Instead, he put the windfall from the sale of Hilton Hotels into the charitable foundation which is controlled by the Hilton family.
Charitable foundations in the US are tax exempt and they only have to dole out 2% of their annual income to charity,in order to keep their tax exempt status.
They also are not required to open their books to the public and the administrators can pay themselves hefty salaries.
Moreover, Rick Hilton is a millionaire in his own right and Paris will inherit through her father.
Paris will never be wanting for money lol.
Plus, she also makes her own millions.
Sabrina, you really need a reality check. First of all, TMZ caught up with Nicky Hilton last week about the news and she was fine - even happy about it. Second off NO ONE needs the amount of money the Hilton’s have. My family probably has 50 times less the amount of money they have and I’m still considered being well off (relatively). How selfish of you to think that Paris (who is a business woman and makes millions a year on her own) needs that money more than people suffering is beyond unbelievable and it’s kind of mind boggling.
Jesus Christ I hope some of you wake up to the horrors that are alive and well today. What about those starving orphaned Cambodian children? Or that people in Africa who are dying on a daily basis because they can’t afford simple medicines. Barron is doing something very very honorable that will help so many.
People get joy off this news because of all those people that are being helped! Sure there are some people who just like to see Paris “suffer” but they would find a million other excuses to rag on her even if this news had never come out!