Awwww....Poor Paris

[The Dad Fisherman]

Paris loses out: Hilton fortune pledged to charity

December 26, 2007, 12:39 pm PST

Reuters

NEW YORK (Reuters) - 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 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 behavior 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, fueled 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)

[chief10]

Time to make another movie..Paris

[fishpoopoo]

donate 97% to charity or give 50% of it to fed.gov (estate tax)?

that's a no-brainer, Paris or no Paris.

[2boxers]

She has made enough cash on her own, for someone who plays dumb she has done well for her self in other business ventures, she owns a clothing line, Nightclubs, Restaurants, Jewelry, and perfume

[Swimmer]

Somehow I don't Paris will be getting any less. She is probably part of the 97% that is being donated to charity. I am sure she is in there somewhere. In between the two percentile mark and the nine-six percentilethier is a nice chunk of change earmarked for her and her family. Can we all say LIVING WILL?

[fishpoopoo]

Originally Posted by 2boxers

She has made enough cash on her own, for someone who plays dumb she has done well for her self in other business ventures, she owns a clothing line, Nightclubs, Restaurants, Jewelry, and perfume

yup, say what you will about the hilton girls, but they're making their own $$$ and will get a portion of the $69 MM not being donated to charity.

[PI guy]

Funny......I just did the math on 3% of 2.3 billion.......and it came out to $69,000,000. Ironic....I think not! Shes still smokin' hot in my book!

[EarnedStripes44]

I don't know about smokin' hot. I was thinking more like aging portable microwave. The backside like || as opposed to ( )

Can you dig me.

[The Dad Fisherman]

I still think her sister is hotter than she is

[Kierran]

Hot? No. Trashy? Yes. Also, with her it must be like throwing a hotdog down a hallway...

She's set for life. Who cares.

[Gloucester2]

Belated Merry Christmas Dad Fisherman

[basswipe]

As Nelson Muntz once said:

http://www.tk421.net/gallery/sounds/haha.wav