Paris Hilton's inheritance goes to charity

Dan Glaister in Los Angeles
Friday December 28, 2007
The Guardian


Barron Hilton, the son of the man who founded the hotel chain and made the family fortune, is to give all but a fraction of his $2.3bn to charity, in the latest philanthropic gesture by the dynasty.
His son, Steven Hilton, announced that his father would give 97% of his $2.3bn net worth to the Conrad N Hilton Foundation, the charitable organisation named after the dynasty's founder.

"Speaking for the family as well as the foundation, we are all exceedingly proud and grateful for this extraordinary commitment," said Steven Hilton, the foundation's head as well as one of Barron's six sons and an uncle to Paris Hilton.

Barron Hilton, 80, who is known to be unamused by his granddaughter Paris's tabloid antics, follows in the footsteps of his father, who left his entire estate, including his 27% controlling stake in the hotel group, to the foundation on his death in 1979.
Barron Hilton's wealth has grown in recent months thanks both to the sale of Hilton hotels to the Blackstone Group, and the pending acquisition of the casino and hotel corporation Harrah's Entertainment, in which Hilton owns a stake, for $17bn.

He pledged an immediate $1.2bn donation to the foundation, with the balance to follow after his death.

Barron Hilton is said to have been increasingly dismayed by the recent behaviour of his granddaughter Paris, who initially achieved fame thanks to an internet sex tape and has since used that notoriety to advance a career that thrives on public exposure, whether as a pop star, a reality TV star or simply someone who likes to go to nightclubs.




Her incarceration earlier this year on a drink-driving charge, and the subsequent media ballyhoo that surrounded her premature release and ensuing re-imprisonment, are thought to have strained already fraught relations within the Hilton dynasty.

Jerry Oppenheimer, author of House of Hilton, said that Barron Hilton "was, and is, extremely embarrassed by how the Hilton name has been sullied by Paris. He now doesn't want to leave unearned wealth to his family."

The gift, which will initially be given to a charitable trust before eventually benefiting the foundation, will increase the wealth of the Hilton foundation to $4.3bn and turn it into one of the top philanthropic bodies in the US.

The foundation, which describes its mission as "to relieve the suffering, the distressed and the destitute", provides funding for clean water, education, housing and drug projects. It also funds a project for Roman Catholic nuns in Los Angeles.

Barron Hilton is a noted society host, welcoming guests to his lavish Flying M Ranch in Nevada, a million-acre property near Reno renowned for its hunting and fishing. Guests arrive on a private landing strip using one of the hotel magnate's collection of aircraft.

Earlier this year the ranch was in the news when the businessman and adventurer Steve Fossett went missing after leaving the property in a small plane. He was never found, despite an extensive search of the surrounding desert.

Conrad Hilton was born in a small adobe house on Christmas Day, 1887, in what would later become the state of New Mexico. He was one of seven children born to a Norwegian immigrant father and a German-American mother. He began working in his father's general store and bought his first hotel, the 40-room Mobley hotel in Cisco, Texas, in 1919, before going on to create the largest and most profitable international hotel chain in the world.





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By Catherine Elsworth in Los Angeles
Last Updated: 1:07pm GMT 28/12/2007

Barron Hilton, 80, whose father Conrad founded the Hilton Hotel chain in 1919, will donate most of his fortune to the Conrad N Hilton Foundation. Only three per cent - $69 million - will be left to his heirs.

He has eight children and 23 grandchildren.

The future fortune of Paris Hilton, the hotel heiress, has taken a hit after her grandfather said that he would give 97 per cent of his $2.3 billion (£1.15 billion) wealth to charity.

Barron Hilton, 80, whose father Conrad founded the Hilton Hotel chain in 1919, will donate most of his fortune to the Conrad N Hilton Foundation. Only three per cent - $69 million - will be left to his heirs.

He has eight children and 23 grandchildren.


Paris, who had stood to inherit an estimated $100 million, will now receive about $5 million after tax.



Mr Hilton, the chairman of the foundation, said he was "proud to follow my father's example". On his death, in 1979, Conrad Hilton left 97 per cent of his money to the foundation he had founded in 1944. But his son challenged the will and reached an accord dividing ownership of the shares with the foundation.

Paris had no immediate comment. According to Forbes magazine, the socialite earned $6.5 million last year.

There have been conflicting reports about her relationship with her grandfather, who is said to be embarrassed by Paris, who gained notoriety for an internet sex tape and was jailed for probation violation in a drink-driving case.

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Seems Paris Hilton's inheritance has been reduced a tad.

Why?


Well, reports say her grandfather, Barron Hilton, has decided to give 97 per cent of his fortune, estimated to be nearly $2.3bn (around £1.15bn), to the Conrad N. Hilton Foundation.

His fortune will aid the foundation in helping the homeless, finding safe water in developing countries and helping with other causes around the globe.

So, how does this all relate to dear Paris?




Well, she's one of his heirs, and it's thought the remaining three per cent of his fortune, a meagre $69m (£34.5m), will go to said heirs.

The New York Daily News says that Paris, who apparently once stood to inherit $100m (£50m), could now inherit just $5m (£2.5m).

That's gotta hurt... only a couple of million squid?

A statement released by Barron mentioned he was proud to follow his father, Conrad, who also donated 97 per cent of his money to the foundation.

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Hilton 'pledges fortune to charity'
9 hours ago

Paris Hilton's grandfather Barron Hilton has apparently said he will give about 1.2 billion dollars to charity.

According to the Associated Press, the hotel heir said in an announcement he will donate the money to the Conrad N Hilton Foundation, a charity founded by his father six decades ago.

Any such move would mean Paris Hilton losing a considerable part of her expected inheritance.

The funds will reportedly come from this year's sale of the Hilton Hotels Corp. and the pending sale of Harrah's Entertainment.

It seems the money will go into a trust but eventually will find its way to the foundation.

The charity apparently said Paris' grandfather also intends to leave the bulk of his net worth to the foundation when he dies.

At present, he is worth an estimated 2.3 billion dollars.

Jerry Oppenheimer, author of a 2006 book about the Hiltons, has said the hotel magnate is embarrassed by the behaviour of his socialite granddaughter.

The 80-year-old Hilton has never publicly commented on Oppenheimer's remarks.