Barron Hilton to donate 97% of his 2.3billion dollars to charity

[LynneSin]

http://www.usatoday.com/money/2007-12-26-hilton-donate_N.htm?csp=34

Hilton to donate bulk of fortune to foundation

Barron Hilton, son of the international hotel chain's founder, said Wednesday that he will donate nearly all of his fortune to his family's philanthropic foundation that supports housing for the homeless, safe water in developing countries and other causes worldwide.

Barron Hilton, 80, plans to donate to the Conrad N. Hilton Foundation a total of nearly $2.3 billion at his death, including $1.2 billion in proceeds from two recent corporate deals and 97% of his other $1.1 billion in assets. Hilton said in a statement that his father, Conrad, left 97% of his wealth to the foundation, "and I am proud to follow my father's example."

He couldn't be reached for further comment. But his publicist, Patrick Barry, said Barron Hilton will distribute to his heirs the remaining 3% of his personal estate. Hilton has eight children and numerous grandchildren, including granddaughter Paris Hilton, 26, a tabloid celebrity known for provocative photos, a reality TV show and a jail stint this year stemming from driving violations.

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According to my calculations that leaves about 70mil that will be divided amongst Barron Hilton's 8 kids and all their grandkids. Perhaps the senior Hilton realizes that his children & especially his grandchildren probably won't put that $2.3 billion to good use. Good for him to give the money to charity that can do good across the globe

[bullwinkle428]

1. It seems like this story surfaced several months ago

and then was denied shortly thereafter for some reason - I don't think it was Hilton himself that actually said anything. Nice to see this come straight from the horse's mouth! Looks like Paris better start saving those residuals from "House of Wax"... :evilgrin:

[Neshanic]

2. Paris has a future of irrelevance and will be the poster child for a very strange period of culture

She just better start saving.

[SteppingRazor]

3. Why should she start saving? She already has millions of her own...

through endorsement deals, TV appearances, club appearances, her perfume, her clothing line, etc., etc., etc.

The truth is, she didn't need Barron's money.

[LynneSin]

5. But she did

How do you think she got all those endorsements and celebrity status if not for the wealth of her family?

[SteppingRazor]

6. Oh, I'm not disputing that her family's wealth played a huge role in her getting to where she is.

I'm just saying that, regardless of how it happened, she's already got her own millions, so the fact that she's not raking in a huge amount from Grandpa Hilton doesn't mean she's bound for the poor house. That's all.

[no name no slogan]

4. That's hot