Paris Hilton Won't Get Grandad's Fortune
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.
© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. 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.
LOL
Frank Bowers down in Austin, TX
Maybe a GOOD dog.
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...
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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.
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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.....