Paris Loses Out; Hilton Fortune Pledged to CharityOoh... that's hot!
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 fortune to charity.
That wealth includes $1.2 billion Barron Hilton stands to earn from both the recent sale of Hilton Hotels -- 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.
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.
Friday, January 11, 2008
Paris, A Simpler Life
Paris Hilton's "A Simpler Life" reality TV might turn out closer to becoming a reality after all. Her grandfather, Barron Hilton, pledged to donate a big chunk of his wealth to charity. Given Paris' high profile misadventures, I think any granddad would've done the same.