 Paris Hilton: Grandpa Barron Hilton donating fortune to charity
Hotel magnate Barron Hilton, grandfather of heiress Paris Hilton, has bequeathed $2.3 billion, or 97% of his net worth, to his father's charity foundation.
Barron Hilton's donation will effectively double the size of the Conrad N. Hilton Foundation, named after Barron's father, the man who built Hilton Hotels from scratch and great-grandfather of celebutantes Paris and Nicky Hilton. In a statement e-mailed to Fortune, Barron Hilton wrote: "My personal net worth today, including created trusts, is approximately $2.3 billion, and what ever value it is upon my passing, it is my intent to contribute 97% of my estate to the Conrad N. Hilton Foundation, following in my father's footsteps." He also intends to leave the bulk of his net worth to the foundation when he dies. Right now, he is worth an estimated $2.3 billion (€1.6 billion).
To put the gift in perspective, Hilton's $1.2 billion pledge should be the second-largest publicly announced donation of 2007, behind Leona Helmsley, another hotel magnate, who gave $4 billion to a foundation under her family's name.
The Hilton hotel chain consists of more than 500 hotels around the world. The family name has become gossip column fodder in recent years with the sex tape, red carpet antics and jail time of socialite and entrepreneur Paris.
No word yet from Paris Hilton's camp, although the celebutramp won't likely hurt financially because of her own business ventures that are said to be very profitable. Matthew Miller, an editor of Forbes magazine’s “rich list”, said the change was unlikely to crimp Ms Hilton’s style. “She is a celebrity in her own right.” Forbes estimates she earned $7 million last year from The Simple Life TV show, her perfume line, mobile phone games and appearances.  |
News / Gossips by joritter
