Paris loses out: Hilton fortune pledged to charity - Sitcoms Online Message Boards

TripperFan · 12-27-2007, 10:23 AM

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.

ThomasE · 12-27-2007, 11:50 AM

That's not hot!

waichingliu81 · 12-27-2007, 12:43 PM

hurrah! that ought to teach her a lesson

catlover79 · 12-27-2007, 12:54 PM

junecleaver · 12-27-2007, 01:57 PM

I think Paris needs to be thrown into the work force before getting any amount of inheritance

Janice · 12-27-2007, 02:49 PM

I think this is great, because of all the good that will be done with the money. Paris isn't the reason he did this. He would have simply disinherited her if that was the case. It's not that uncommon for the filthy rich to leave the bulk of their estates to charity. Warren Buffet, net worth 53 billion, announced last year that 83% of his estate is going to charity. Paris is worth millions already, and makes loads with her businesses. She earns a lot of money on her own. I give her credit for that. She won't be flipping burgers anytime soon.

Dean Winchester · 12-27-2007, 02:57 PM

well, love Paris or hate Paris, I think she has made more than enough on her own that she'll do just fine either way. I remember hearing she makes $6-$10 million a year anyways.

I personally prefer her to the Davis heirs. All of the tabloid blogs hate Brandon and Jason Davis. Remember when Brandon made the smug comment that Lindsay Lohan was "like someone on welfare" because she only has a networth of about eight million? At least Lindsay earned the eight million by doing movies and albums, what have either of the Davis brothers done except eat and forget to bathe?

TripperFan · 12-27-2007, 03:15 PM

Quote:

Originally Posted by Janice

I think this is great, because of all the good that will be done with the money. Paris isn't the reason he did this. He would have simply disinherited her if that was the case. It's not that uncommon for the filthy rich to leave the bulk of their estates to charity. Warren Buffet, net worth 53 billion, announced last year that 83% of his estate is going to charity. Paris is worth millions already, and makes loads with her businesses. She earns a lot of money on her own. I give her credit for that. She won't be flipping burgers anytime soon.

Oh for sure it had nothing to do with Paris. Once again, the media loves to read their own interpretation of a story and then release it as fact. I still think its good that both the girls learn to earn their own dough. Everyone should be like that. I sure wouldn't want to go through life just spending family money and not feeling like I actually earned it. (I do think paying celebrities to party at your hotel or casino is an absolute joke, but she's earned money in other things).

Not sure about the States, but here in Canada the very rich do the same because of the incredible tax breaks. It not only helps out where needed, it helps the family of the deceased - they actually stand to get just as much or more money because of the tax laws.

Ireneparalegal · 12-27-2007, 03:20 PM

That leaves 3 percent of $2.3 BILLION left to whom? That is still a lot of money to bestow upon someone, even if it is Paris. Besides, Paris makes $500,000.00 per appearance at some event, so it is not like she is going to be penniless or be "scraping by."

Janice · 12-27-2007, 03:23 PM

Quote:

Originally Posted by TripperFan

Oh for sure it had nothing to do with Paris. Once again, the media loves to read their own interpretation of a story and then release it as fact. I still think its good that both the girls learn to earn their own dough. Everyone should be like that. I sure wouldn't want to go through life just spending family money and not feeling like I actually earned it. (I do think paying celebrities to party at your hotel or casino is an absolute joke, but she's earned money in other things).

Not sure about the States, but here in Canada the very rich do the same because of the incredible tax breaks. It not only helps out where needed, it helps the family of the deceased - they actually stand to get just as much or more money because of the tax laws.

Yup, just more spewing from the jealous Hatorade crowd. Paris actually has been earning her own money for years, with a tv show, a small music and acting career, modeling, a best-selling book, a fashion line, perfume, jewelry, etc. It's more than a lot of people in her shoes would do. She's hardly waiting for Gramps to kick. Paris is also very charitable herself, and lends her name and works for a few organizations, most notably Toys For Tots and animal rights. So, she partied in her 20s. Who wouldn't, in her circle. I'm sure you're right about the tax break break deal. These rich folks know what they're doing. They structure their estates accordingly.

Ireneparalegal · 12-27-2007, 03:30 PM

Quote:

Originally Posted by Janice

Yup, just more spewing from the jealous Hatorade crowd. Paris actually has been earning her own money for years, with a tv show, a small music and acting career, modeling, a best-selling book, a fashion line, perfume, etc. It's more than a lot of people in her shoes would do. She's hardly waiting for Gramps to kick. Paris is also very charitable herself, and lends her name and works for a few organizations. So, she partied in her 20s. Who wouldn't, in her circle. I'm sure you're right about tax break break deal. These rich folks know what they're doing. They structure their estates accordingly.

Yeah that.

I posted above but you put it better than I did. Paris just has that face and other things going on. She is not hurting for money and I doubt she will for a long time. I am sure her parents will make sure she and her sister will be taken care of.

Dean Winchester · 12-27-2007, 03:47 PM

I think the reason a lot of people dislike Paris so much is because she represents everything that is vapid about celebrity in this tabloid-obsessed culture. I don't think she's a bad person at all, but it seemed odd that all she did was make a sex tape video and show her face at a few of the right parties in Hollywood and suddenly she was a "celebrity". Granted, she's an heiress but she was hardly a Prince William or Lisa Marie Presley that people were fascinated with from the moment they came out of the womb. Nobody cared who Paris was and then suddenly in 2003, she became this overnight superstar and most people never understood why or how.

In her defense, I do respect the fact that she has a sense of humor and doesn't take herself too seriously. I mean, she knew a lot of people didn't like her and even hyped her own death scene in House Of Wax because she knew a lot of people would watch the movie just for the moment she gets the dagger through her skull. Same with Simple Life, she was always having so much fun on that show and completely making fun of the public image she's developed.

Ireneparalegal · 12-27-2007, 03:51 PM

I loved the first two Simple Life shows.

*Pleasant Tomorrow* · 12-27-2007, 04:24 PM

lol

good for him though, what a nice thing to do with all of that money rather than to give it to a spoiled brat who really does not need it

TripperFan · 12-27-2007, 05:59 PM

Quote:

Originally Posted by Ireneparalegal

I loved the first two Simple Life shows.

So did I - I thoroughly enjoyed them. I've got to admit, I've gotten sick of seeing Paris all over the headlines, but wth, it's a free country, if she wants to capitalize on the interest people seem to have in her, then great! More power to her. Just wish I could have done it!

Yep, one way or another, I don't think we're going to see any of them living out of an old refridgerator box in an alley anytime soon.

12-27-2007, 10:23 AM	#1
TripperFan In God's Arms Now Forum Star Join Date: Sep 14, 2003 Location: Heartbreak Ridge Posts: 12,086	Paris loses out: Hilton fortune pledged to charity 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.
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12-27-2007, 11:50 AM	#2
ThomasE Member Moderator Forum Star Join Date: Apr 04, 2000 Location: New York, New York, U.S.A. Posts: 10,857	That's not hot!
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12-27-2007, 12:54 PM	#4
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12-27-2007, 03:20 PM	#9
Ireneparalegal LEGAL SPICE ;) Forum Legend Join Date: Jul 25, 2005 Location: OXNARD, CA - WHERE THE DALLAS COWBOYS TRAIN & PRACTICE Posts: 38,691	That leaves 3 percent of $2.3 BILLION left to whom? That is still a lot of money to bestow upon someone, even if it is Paris. Besides, Paris makes $500,000.00 per appearance at some event, so it is not like she is going to be penniless or be "scraping by."
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12-27-2007, 04:24 PM	#14
Pleasant Tomorrow Member Forum Addict Join Date: Feb 19, 2003 Location: New York Posts: 69,525	lol good for him though, what a nice thing to do with all of that money rather than to give it to a spoiled brat who really does not need it
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12-27-2007, 12:43 PM	#3
waichingliu81 debbie allen Forum 4000 Club Member Join Date: Dec 28, 2006 Location: london, england, UK Posts: 4,347	hurrah! that ought to teach her a lesson

12-27-2007, 01:57 PM	#5
junecleaver Member Senior Member Join Date: Jun 28, 2003 Location: i'm a southerner! :D Posts: 1,298	I think Paris needs to be thrown into the work force before getting any amount of inheritance

12-27-2007, 02:49 PM	#6
Janice Retired Admin - Hollywood Swingin' Forum Legend Join Date: Aug 03, 2001 Location: Beantown Posts: 36,388	I think this is great, because of all the good that will be done with the money. Paris isn't the reason he did this. He would have simply disinherited her if that was the case. It's not that uncommon for the filthy rich to leave the bulk of their estates to charity. Warren Buffet, net worth 53 billion, announced last year that 83% of his estate is going to charity. Paris is worth millions already, and makes loads with her businesses. She earns a lot of money on her own. I give her credit for that. She won't be flipping burgers anytime soon.

12-27-2007, 02:57 PM	#7
Dean Winchester Member Forum Star Join Date: Sep 28, 2003 Location: Louisville KY Posts: 14,803	well, love Paris or hate Paris, I think she has made more than enough on her own that she'll do just fine either way. I remember hearing she makes $6-$10 million a year anyways. I personally prefer her to the Davis heirs. All of the tabloid blogs hate Brandon and Jason Davis. Remember when Brandon made the smug comment that Lindsay Lohan was "like someone on welfare" because she only has a networth of about eight million? At least Lindsay earned the eight million by doing movies and albums, what have either of the Davis brothers done except eat and forget to bathe?

12-27-2007, 03:47 PM	#12
Dean Winchester Member Forum Star Join Date: Sep 28, 2003 Location: Louisville KY Posts: 14,803	I think the reason a lot of people dislike Paris so much is because she represents everything that is vapid about celebrity in this tabloid-obsessed culture. I don't think she's a bad person at all, but it seemed odd that all she did was make a sex tape video and show her face at a few of the right parties in Hollywood and suddenly she was a "celebrity". Granted, she's an heiress but she was hardly a Prince William or Lisa Marie Presley that people were fascinated with from the moment they came out of the womb. Nobody cared who Paris was and then suddenly in 2003, she became this overnight superstar and most people never understood why or how. In her defense, I do respect the fact that she has a sense of humor and doesn't take herself too seriously. I mean, she knew a lot of people didn't like her and even hyped her own death scene in House Of Wax because she knew a lot of people would watch the movie just for the moment she gets the dagger through her skull. Same with Simple Life, she was always having so much fun on that show and completely making fun of the public image she's developed.

12-27-2007, 03:51 PM	#13
Ireneparalegal LEGAL SPICE ;) Forum Legend Join Date: Jul 25, 2005 Location: OXNARD, CA - WHERE THE DALLAS COWBOYS TRAIN & PRACTICE Posts: 38,691	I loved the first two Simple Life shows.