Wednesday, February 6, 2008

That's Hot! Foundation Getting Most of Paris' Inheritance

Paris Hilton might someday actually have to get a job. Well, probably not.

The woman who made being famous for being famous a fulltime occupation likely won't be seeing as many zeros in her inheritance. Her grandfather, Barron Hilton, plans to donate 97 percent of his net worth ($2.3 billion) to the Conrad N. Hilton Foundation.

Paris, 26, will have to make due with her share of the remaining 3 percent, a paltry $69 million, to split amoung Hilton's eight children and numerous grandchildren.

The 80-year-old Barron Hilton, chairman of the foundation, plans to donate $1.2 billion of the proceeds from the $900-million sale of Hilton Hotels Corporation and $300 million in stock of Harrah's Entertainment into a charitable remainder unitrust. It would be one of the largest charitable contributions made in 2007 and boost the foundation's totaly value to $4.5 billion.

The foundation expects to increase staff from 19 to 100 once the bequest goes into effect, according to Fortune magazine, so who knows, Paris might yet get a job.

- Mark Hrywna

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