Paris Hilton is a bit less privileged

Paris Hilton’s future life may be slightly simpler than she planned.

Now that her grandfather, Barron Hilton, made the shocking decision to give 97 percent of his wealth to charitable causes instead of his family, it seems Paris may need to rely more heavily on the profits she’s generating from The Simple Life DVD sales than on her inheritance.
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The Conrad N. Hilton Foundation announced on Dec. 26 that Barron Hilton, its chairman, would contribute about $1.2 billion from the sale of Hilton Hotels Corporation and the pending sale of Harrah’s Entertainment to a trust that will eventually benefit the foundation.

According to the foundation press release, Barron Hilton also indicated his intention “to further follow in his father’s footsteps by contributing 97% 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 supports safe water development, services to the blind, housing for the mentally ill, early childhood development, substance abuse prevention and global work of the Catholic Sisters.

It was founded by Barron Hilton’s father, the late Conrad Nicholson Hilton, who willed the foundation 97 percent of his assets, in the form of 13.6 million shares of Hilton stock.

However, Barron Hilton contested the will, requesting the option to buy the stock for $165 million dollars. After a legal battle that lasted years, a settlement awarded 4.1 million shares to Barron Hilton and 3.5 million shares to the foundation. An additional 6 million shares were put in a trust managed by Barron Hilton.

Now, Barron Hilton will re-address his late father’s original wishes, returning the bulk of the family fortune to the foundation, ensuring that the money will be used for the charitable causes his father valued.

Jerry Oppenheimer, author of the 2006 book, House of Hilton, has said that Barron Hilton is embarrassed by his granddaughter’s very public behavior. The elder Hilton has not commented publicly on the issue. Not directly, anyway.

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