(newser) – The woman who made "hotel heiress" synonymous with sex tapes and partying won't be inheriting the hotel fortune: Paris Hilton's 80-year-old grandfather, hotel magnate Barron Hilton, will give 97% of his $2.3 billion fortune to the Conrad Hilton Foundation, reports the Los Angeles Times. In doing so, Barron follows in the footsteps of his father, Conrad Hilton, who left nearly all his fortune to his foundation when he died in 1979. • Hilton will give $1.2 billion immediately to the foundation, which funds causes from drug treatment to drought in Africa, with another billion or so to come after his death. The money comes from the sale of Hilton hotels, and the upcoming sale of Harrah's Entertainment. No immediate word from Paris, who's been earning her own living from modeling, acting, recording and selling perfume.
The 80-year-old billionaire intends to leave his money to a charitable group founded by his father - sorry, Paris and Nicky.
Paris Burned: Hilton Billions Pledged to Charity - NewserBy Michelle Nichols
NEW YORK (Reuters) - 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 (1.16 billion pounds) 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 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.
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, fuelled 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.
(Editing by Daniel Trotta and Eric Walsh)
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Hilton gives fortune to charity (not Paris) - Dec. 26, 2007
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