U.S. socialite Paris Hilton poses in Berlin Dec. 13, 2007.(Photo: Chinadaily.com/Agencies)Photo Gallery>>>
BEIJING, Dec. 27 -- 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 U.S. dollars fortune to charity.
That wealth includes 1.2 billion dollars 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 dollars, 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 dollars, 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.
(Source: China Daily/Agencies)
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