Paris Hilton’s future inheritance given away by Grandfather
Posted on December 27th, 2007 by Hot Momma
Paris Hilton’s potential inheritance dramatically diminished after her grandfather and hotel magnate Barron Hilton announced plans on Wednesday to donate almost all his fortune to charity.
The elder Hilton, 80, said he plans to give 97% of his $2.3bn estate to the Conrad N. Hilton Foundation, a charity his father founded.
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.
“We are all exceedingly proud and grateful for this extraordinary commitment,” said the head of the charity, Steven Hilton, who is Barron’s son and an uncle to Paris.
Jerry Oppenheimer, who profiled the Hilton family in his 2006 book “House of Hilton,” has said Barron Hilton is embarrassed by the behaviour 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. But this move seems to speak volumes.
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