Poor Paris Hilton
I'm sure she'll still never have to do a day's work in her life time.
NEW YORK (Reuters) - 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.
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.
NEW YORK (Reuters) - 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.
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.
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That is too sad.... That means we have all been subjected to the antics of just another nobody.
Oh, wait! That is what I have thought all along!![8D]0 -
Good for him! ... show's him to be a class act!
[:D]0 -
I'm sure she'll still have enough money to buy that trailer of her dreams. 0 -
quote:Originally posted by LaidbackDan
I'm sure she'll still have enough money to buy that trailer of her dreams.
You beat me too it[:D]0 -
this story came out a few months ago and apparently its not true. also, paris hilton has enough money through her own means to be well off for some time. 0 -
Darn, you could have let me be bliss in my ignorance![:D]
Mike0 -
From Paris Hilton to Green Acres[B)] 0 -
Leave Paris alone!!!!!!!!!!!!!! 
[:D][:D][:D]0 -
I'd hit it![:D][}:)] 0 -
She is not my type! I prefer a little conversation.[}:)]
Oh, heck I guess if I were single and needed money maybe I could look past the waifish figure.
Mike0 -
That still leaves $69,000,000 ++++
I think that they should still be OK.
Side note, I think Paris is attractive... but darn that girl needs a nose job.0 -
I thought foundations were instituted to protect the wealthy's money from taxes. Not to really give it away. One only needs a couple of hundred million to live on. The rest only needs to be controlled. 10th grade US history. 0 -
it must sux to be a hilton [;)]
what to do with all this $$$$$ it just keeps coming in making me have to deal with it all ,when will it stop!!!!![:(!][:(!] poor poor me[:(]
if i had her pocket change nobody would see me id vanish.[:p][:p]0 -
Threads like this always amuse me. Human nature, being what it is, is fairly disgusting. Here is a woman that no one knows personally, has done no one here any wrong, is beautiful and privledged, yet some find glee is hearing bad fortune has fallen (or just imagined) upon her.
It's like the Velveeta and sardine crowd meets the Brie and caviar crowd. Don't worry because it will never happen.[;)]0 -
I'm guessing she'll get along just fine ...
... it'll be more interesting to look back in 20-30 years and she where she is.0 -
quote:Originally posted by peon
I'm sure she'll still never have to do a day's work in her life time.
Why do you expect such a beautiful descendant of Richard The Lionheart to have to work for a living?0 -
There is a saying, "Sandals to sandals in three generations."
It means, a guy comes along and is so poor he cannot affort shoes. He can only afford sandals. He works his ass off and acquires a fortune.
His sons are raised wealthy, but he manages to instill some values to them.
Then his grandchildren are so spoiled by the wealth that they are ruined, and they waste all their money, and in old age are reduced to wearing sandals again.0 -
weeeee ! ! ! ! ! playboy hear she comes[:D] 0 -
Playboy? Download her infamous video. 0 -
PanzerSlayer2 Posted - 12/27/2007 : 4:12:55 PM
Playboy? Download her infamous video.
Yes Please0 -
quote:Originally posted by Gibbs505
I'd hit it![:D][}:)]
Hip hip hurray[:D] +10 -
quote:Originally posted by SG_Niner
Leave Paris alone!!!!!!!!!!!!!!
[:D][:D][:D]
That'd make a nice Valtrex advertisement.0 -
I's snap it off in'er... 0
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