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)

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good for her!

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LMAO

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i guess more sex videos are in the making now...

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she is makin her own money now...i guess anoda sex tape for next yr wud be ok 2 pay her bill rite...lol..just joking..

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What about the remaining 3% of the fortune?Does that go to her?If so,na still better cash o.

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She is not the only one in that family...her sister dey and talkless of her alive parents too...that remaining 3% will not do jack.

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for normal humans like me, that 3% will take care of me and my extended family, i'm pretty much sure they will be alright, they probably have investments and stuff.

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abeg, we are not speaking of normal people like you and moi now....but of those who are use to spending heavy cash all the time....but like you rightly said, their investments and stuff might help. However, it will still be a big blow to them.

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"God determines who walks into your life....it's up to you to decide who you let walk away, who you let stay, and who you refuse to let go. If God brings you to it, He will bring you through it."

Paris must be wanting to die...

she better go and ask Burger King or one of those places where she and Nicole worked, to get a job.

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...oh please God NO....whatever she has out now's enuff...if U wan see a log of wood just laying down I'd go into a rain forest..thank U..
Pa

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Pa

You guys only see the other side of Paris that media wants you to see..

This is the girl that went to jail just for 22days and got paid a million dollar to talk about going to jail...

Paris doesn't have to depend on her grandfather money to be successful even despite her tarnished image..

Paris Hilton has worked as a model, actress, musician, and businesswoman. According to Forbes Magazine, she earned approximately $2 million in 2003–2004, $6.5 million in 2004–2005, and $7 million in 2005–2006.

And this is the girl with GED and w/out in College.

Excerpt from wiki Paris Hilton - Wikipedia, the free encyclopedia

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...granted she ain't going broke anytime soon...but a cut of $70M is still a far cry from $2.5B...but hey...I guess for a lucky few life's a party....not fair but it is what it is..
Pa

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Pa

Ehn no yawa now, she can plan to commit crimes once a year, go to jail and then come out and get paid to talk about it. As in what a wonderful future ambition for Paris Hilton.

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