Markets

U.S. open in 18 hrs, 57 mins

DJIA

8,280.74

-223.32

2.63%

NASDAQ

1,796.52

-49.20

2.67%

S&P 500

896.42

-26.91

2.91%

10yr Note

96.906

0.3438

0.36%

FTSE 100

4,236.28

2.01

0.05%

Nikkei 225

9,816.07

-60.08

0.61%

Hang Seng

18,203.40

25.35

0.14%

Euro (in USD)

1.396

0.0014

0.10%

Yen (per USD)

96.03

0.13

0.14%

Gold

932.40

1.70

0.18%

Oil

65.63

-1.10

1.65%

BUSINESS NEWS

INVESTING

Financial Glossary

PERSONAL FINANCE AT WALLETPOP

SMALL BUSINESS

Charity, Not Paris, Getting Hilton Fortune

By MICHELLE NICHOLS, Reuters

Posted: 2007-12-27 06:30:07

NEW YORK (Dec. 26) - 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.

Paris Hilton's World

Benji Madden and Paris Hilton arriving at Eva Longoria Parker's restaurant 'Beso' Los Angeles, California - 04.06.08 Credit: (Mandatory):WENN

Paris Hilton and Benji Madden arrive for Nicky Hilton's 25th Birthday Celebration at PURE Nightclub on October 4, 2008 in Las Vegas, Nevada..Nicky Hilton's 25th Birthday Celebration at PURE Nightclub, Las Vegas.PURE Nightclub.Las Vegas, NV United States.October 4, 2008.Photo by Jordan Strauss/WireImage.com..To license this image (55888667), contact WireImage.com

WireImage.com

Paris Hilton arrives for Nicky Hilton's 25th Birthday Celebration at PURE Nightclub on October 4, 2008 in Las Vegas, Nevada..Nicky Hilton's 25th Birthday Celebration at PURE Nightclub, Las Vegas.PURE Nightclub.Las Vegas, NV United States.October 4, 2008.Photo by Jordan Strauss/WireImage.com..To license this image (55888657), contact WireImage.com

WireImage.com

Paris Hilton and Nicky Hilton arrive for Nicky Hilton's 25th Birthday Celebration at PURE Nightclub on October 4, 2008 in Las Vegas, Nevada..Nicky Hilton's 25th Birthday Celebration at PURE Nightclub, Las Vegas.PURE Nightclub.Las Vegas, NV United States.October 4, 2008.Photo by Jordan Strauss/WireImage.com..To license this image (55888640), contact WireImage.com

WireImage.com

Paris Hilton arrives to Celebrate her sister Nicky Hilton 25th Birthday Shindig at Pure Nightclub inside Caesars Palace on October 4, 2008 in Las Vegas, Nevada..Nicky Hilton Celebrates Her 25th Birthday at Pure Nightclub.Pure Nightclub.Las Vegas, NV United States.October 4, 2008.Photo by Bruce Gifford/FilmMagic.com..To license this image (55887816), contact FilmMagic.com

WireImage.com

Paris Hilton and Nicky Hilton arrive to Celebrate Nicky Hilton's 25th Birthday Shindig at Pure Nightclub inside Caesars Palace on October 4, 2008 in Las Vegas, Nevada..Nicky Hilton Celebrates Her 25th Birthday at Pure Nightclub.Pure Nightclub.Las Vegas, NV United States.October 4, 2008.Photo by Bruce Gifford/FilmMagic.com..To license this image (55887805), contact FilmMagic.com

WireImage.com

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.

Copyright 2008 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.

2007-12-26 16:11:59

Must Read?

0 %

0 VOTES

Recent Comments

Post Your Own

1 - 10 of 25

25 comments

nickkosmitis 09:22:02 PM Mar 01 2008

Report This!

Does that really knock her down a notch? Will we have joy in her pity of her down fall... is Lohan smiling a little right now?would 5 million 45mil 200mil of us trade places with her still? Will she hve to hire a PR guy to tell her not to be the Butt of Havards jokes and not show up to confirm the jokes on person

JulieOMD 12:26:42 PM Feb 24 2008

Report This!

smart guy!

RjgCAPUTO 11:18:58 PM Feb 23 2008

Report This!

IF PARIS FINDS A HUSBAND, MAKE SURE SHE SIGNS PRE-NUBS!

RjgCAPUTO 11:16:13 PM Feb 23 2008

Report This!

besides being a generious man he evenidently reads the news now and then and didn't want to waste a life of hard work on a silly,not to bright, reitive. i sure will get enought to get by on, so don't cry, she'll still be better off then most of us, and for what, being switch in the baby ward in the hospital.

Jdelaney73 02:20:50 PM Feb 20 2008

Report This!

to richardkitthawk
Anyone is worth whatever they can accomplish and someone is willing to pay.
I bet your a democrat that thinks that eveyone owes you. I'll bet you don't donate any money to anyone

Sapjip 04:52:46 PM Jan 16 2008

Report This!

So who cares!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

FEV2inc 03:29:14 PM Jan 10 2008

Report This!

I save money by shopping at www.WESTPORTGLAMOUR.com for upscale name brand fashions, and I go to www.DISCOUNTMOTORCARS.net when I want a vehicle.

FilmDianne 07:00:00 PM Dec 30 2007

Report This!

My trust fund's almost gone, but I have skill and a degree from a private university at least. Paris has her celebrity and that will probably carry her on. Lord help us.

CatherineParkC 06:31:00 PM Dec 30 2007

Report This!

Well the little drunk driver who could of hired a driver in a limo, now has to take a taxi. Well will she or will she drive drunk again?

RidnAIntrudr 05:23:00 PM Dec 30 2007

Report This!

I am not feeling a bit sorry for Paris although Gramps could have left a few billion to charities here in the United States to feed and house the destitute right here under his own nose, in a country that helped to make him his fortune. Everyone seems to be too busy helping all these other countries, who is helping ours? I do charity work and there is definitly not enough funding for right here at our own back doorstep.

1 - 10 of 25

25 comments