Paris Hilton's potential inheritance diminished!

[Zeus]

Paris loses out: Hilton fortune pledged to charity

[SIZE=2]Reuters[/SIZE]

[SIZE=2]NEW YORK - 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. [/SIZE]

[SIZE=2]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.[/SIZE]

[SIZE=2]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.[/SIZE]

[SIZE=2]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.[/SIZE]

[SIZE=2]Paris Hilton was not immediately available for comment on her grandfather's plans for his fortune.[/SIZE]

[SIZE=2]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.[/SIZE]

[SIZE=2]Barron Hilton, who is 80, has not commented on Oppenheimer's remarks.[/SIZE]

[SIZE=2]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."[/SIZE]

[SIZE=2]"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.[/SIZE]

[SIZE=2]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.[/SIZE]

[SIZE=2]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.[/SIZE]

[SIZE=2]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.[/SIZE]

[SIZE=2]Paris, a symbol of celebrity privilege in America, gained notoriety in 2003 when a home video of her having *** with a boyfriend was posted on the Internet.[/SIZE]

[SIZE=2]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.[/SIZE]

Source: ABS CBN News.com
Dec. 27, 2007


Di kasi matino kaya yan ang napala

[uls]

Dapat mag ipon na sya...

malaki naman kinikita nya e...

aside from her TV show and music and merchandise, she gets paid hundreds of thousands of $$$ by club owners just to party at their clubs.

[theveed]

Anyone who thinks someone with that lineage will be without some form of passive investment securities will be silly...

[Mguy]

She's rich by her own right as well. No need for the billions. Ok rin ang mga billionaires ngayon and the amount they give to charities. However, it is still just a dent in solving world poverty and hunger yan.

[Flagg]

Take note it's a family foundation, so, of course, first beneficiary is the family.

[buriroy]

Kaawa-awa naman si Paris! Imagine mga $60 million na lang
ang mamanahin niya! I'm sure feeling purita na siya ngayon!

Life talaga is so relative. $60M for Paris is a mere pittance,
but to most of us that would be a windfall indeed!

[badkuk]

following in the footsteps of warren buffet and bill gates

[explorer]

i remember Oprah was shocked when she interviewed Paris one time...that lady didn't even know that clothes are washed and reused...she doesn't even knew that there is a machine that is used to wash the used clothes.

[mazdamazda]

Who cares... it's their money anyways.

[Isuzoom]

i remember Oprah was shocked when she interviewed Paris one time...that lady didn't even know that clothes are washed and reused...she doesn't even knew that there is a machine that is used to wash the used clothes.

Dumb blonde.