Paris Hilton Won't Get Grandad's Fortune

(AP)  Hotel magnate Barron Hilton will give $2.3 billion, the bulk of his fortune, to charity. Hilton's decision means that his granddaughter, socialite Paris Hilton, will be left out in the cold.

Hilton, 80, bequeathed the money to the Conrad N. Hilton Foundation, a charity founded by his father in 1944.

"We are all exceedingly proud and grateful for this extraordinary commitment," Hilton's son Steven M. Hilton, president and chief executive of the foundation, said in a statement.

"Working to alleviate human suffering around the globe, regardless of race, religion or geography, is the mandate of the foundation set by my grandfather ... and now reinforced by my father."

The funds will come from the sale of the Hilton Hotels Corp. to The Blackstone Group, and the pending sale of Harrah's Entertainment.

The money will go into a trust but eventually will find its way to the foundation. Hilton, the chairman of the foundation, pledged an immediate $1.2 billion donation to the charity, with an estimated $1.1 billion to follow after his death.

Hilton had indicated at a recent board meeting that he would follow in his father's footstep by leaving nearly all of his fortune to the trust when he died in 1979.

The charity has distributed more than $560 million for programs that house mentally ill homeless people, prevent substance abuse and increase access to safe water in Africa and Mexico. A significant portion of the money helps the work of Catholic Sisters.

[userverfied]

Paris is going to have to learn how to work? Now how does that make sense?

LOL

[frankbowers]

At the age of 70 I can remember better looking heads on some of the old stale beer basck in in Germany in 55 and 56 then this lady has.
Frank Bowers down in Austin, TX

[bill1fj]

Paris take the money she has now and invest in a nice double wide and a pick up truck.
Maybe a GOOD dog.

[gaye5]

Thankgoodness Paris''s grandfather has some brains..
I cant stand the woman and when her looks have gone she will have nothing, but I suppose some fool with money will come along and feel good at having her hanging off his arm, and Paris being Paris will use that to its fullest extent..
She is going to be a very unhappy old lady one day.. but by then it will be tooooo late...

[hsinco-2009]

Isn''t she getting a couple mill for a book?

[vastr-wcon]

.
3% of 2.3 BILLION is 69 MILLION. That''s the amount left after the gift to the foundation. Quite a haul for a useless bag of excre''ment like Paris.

.

[barbaraf4]

While the money still flows, Paris needs to decide on a career, get her high school diploma and enroll in college. She wouldn''t be the first (or last) celebrity to have to earn a living.

[neenga]

Little Paree has plenty of money. She has probably known all her life that Grandpa would do this, and surely her parents made sure she has more money in trusts than he makes in one year.

[gmond]

There are a lot of other Hiltons besides Paris. None of them will inherit that money either.

[kevzgrl]

Good for Grandpa!! Paris is an embarassment to ANY family (although Lynn Spears might like to have her, just to take the attention off Brit and Jamie Lynn for a sec). Yes, there will be tax breaks that we "little people" don''t get, but at least all that money will do SOME good.
Didn''t Paris say when she got out of jail that she has "grown up and wants to do good things for people from now on"? What GOOD has she done? Oh, yeah, she was going to do that trip to Rwanda to do God knows what, but she cancelled that, didn''t she??
Now, she won''t have the money to reschedule the flight - sooooo sad.....