Family Wealth and Estate Planning News You Can Use
Paris Hilton could lose inheritance
Dec. 28, 2007 10:11 AM
Paris Hilton could lose out after her billionaire grandfather announced he is leaving the bulk of his money to charity.
'The Simple Life' star could potentially inherit a large share of hotel founder Barron Hilton's $1.2 billion fortune, but he will now donate 97 percent of it to the Conrad N. Hilton Foundation, set up by his father.
Barron's son Steven Hilton, Paris's uncle and president and chief executive of the foundation, said, "Speaking for the family, as well as the foundation, we are all exceedingly proud and grateful for this extraordinary commitment. "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."
"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."
Barron has reportedly grown frustrated by Paris' behavior, which included her spending 23 days in jail for driving offences and the leaked sex tape, 'One Night In Paris', which featured her having sex with her then boyfriend Rick Salomon.
Earlier this year, Jerry Oppenheimer, author of 'House Of Hilton: From Conrad To Paris: A Drama Of Wealth, Power and Privilege' said, "Barron Hilton was, and is, extremely embarrassed by how the Hilton name has been sullied by Paris."
Barron's money will now go to help the homeless and provide clean water in Africa as well as helping fund the work of Catholic nuns.
Despite losing her inheritance, Paris recently boasted of making of $200 million a year as it was so easy for her to make money.
She said, "I went to Austria and got paid $1 million to wave at a crowd and tell them why I loved Austria."
Asked why she loved Austria, she replied, "They pay me $1 million to wave at crowds!"
According to Forbes Magazine, Paris earned approximately $2 million in 2003-2004, $6.5 million in 2004-2005, and $7.1 million in 2005-2006.