Paris loses out: Hilton fortune pledged to charity

Posted on December 27, 2007 

Paris loses out: Hilton fortune pledged to charity

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.

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