Paris Hilton to lose fortune
Paris Hilton to miss out on a huge inheritance after grandfather pledges to donate 97% of fortune to charity.
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Thursday, 27, Dec 2007 03:11
Paris Hilton is to miss out on a huge inheritance after her grandfather pledged to donate most of his fortune to charity.
Barron Hilton is to donate 97 per cent of his $2.3 billion (£1.2 billion) fortune to a charitable trust to benefit the Conrad N Hilton Foundation.
That wealth includes the $1.2 billion (£600 million) earned from the recent sales of Hilton Hotels Corp and his casino company Harrah's Entertainment Inc.
The money will be placed in a trust to eventually benefit the foundation, which helps provide clean water in Africa, housing for the mentally ill and education for blind children. Its aims, based on Conrad Hilton's will, are to "relieve the suffering, the distressed and the destitute".
In a statement, the foundation said Barron wished to "contribute 97 per cent of his entire net worth, estimated today at $2.3 billion (£1.2 billion), including the created trusts, at whatever value it is at the time of his passing".
"Speaking for the family as well as the foundation, we are all exceedingly proud and grateful for this extraordinary commitment," added Steven Hilton, one of Barron's sons and president and chief executive of the foundation.
The 2006 book House of Hilton, by Jerry Oppenheimer, claimed Barron Hilton was embarrassed by the behaviour of his granddaughter Paris, believing she had tarnished the family name.
These claims have never been commented upon by Barron.
As well as embarking on reality TV, music and film projects, Paris served three weeks in jail in 2007 for a drink-driving offence.