Well Done, Mr. Hilton, Well Done!

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dveit

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(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.
By 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)

((michelle.nichols@reuters.com; +1 646 223 6117; Reuters Messaging: michelle.nichols.reuters.com@reuters.net i
Paris Burned: Hilton Billions Pledged to Charity - Newser
Hilton gives fortune to charity (not Paris) - Dec. 26, 2007
FOXNews.com - Barron Hilton, Hotel Magnate, to Leave Bulk of Fortune to Charity - Local News | News Articles | National News | US News
 
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Black Widow g2

*princess*
I was just talking about this the other day... I saw her 'Heiress' perfume and said 'wouldn't it be funny if her family left her nothing?'
 

TurboMirage

That’s how you get ants
VIP
yeah, who cares?

shes basically doing what most women do. the only difference is she is in the spotlight.
 

dveit

Well-Known Member
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Best news I've heard all year.
 

get_nick

These snozzberries taste like snozzberries...
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it wont change anything though. it's a moot point. i do think it's dumb to donate all that money to africa when the U.S. is still fucked up.
 

reikoshea

HS Troll...And Mod
Moderator
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it wont change anything though. it's a moot point. i do think it's dumb to donate all that money to africa when the U.S. is still fucked up.

the difference is that in africa, there is no way out of the hole. the people in the hole in america are those that dont have the strength to make it through hard times. the ones that have a viable reason to receive aid, already have ample amounts of it subsidized by the US govt.

id love to say "yes, lets keep that money here" but eventually we need to get out of the dream world and kick some people's asses to get them moving.
 

reckedracing

TTIWWOP
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hmmm, follow the money here

tax implication of 100% inheritance of 2 billion vs funneling the money into a "not-for-profit" charity

paris will never want for anything, except more cock
 
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