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    Paris Hilton Will Not Get Her Inheritance From Barron Hilton

    Barron Hilton, the grandfather of Paris Hilton, who owns the Hilton hotels, has decided not to give his money to his granddaughters and grandsons (that does not limit to Paris and Nicky) “upon [his] passing”.

    When CNN writer Jia Lynn Yang first reported this news, she wrote: “The 80-year-old billionaire intends to leave his money to a charitable group founded by his father – sorry, Paris and Nicky.” Like as if Paris and Nicky need the money, anyway. Another one of those reporters who calls Paris and Nicky “celebutantes”.

    Barron will pass on the $1.2 billion to the Hilton family’s philanthropic foundation, like his father Conrad Hilton did.

    In an email, he wrote: “My personal net worth today, including created trusts, is approximately $2.3 billion, and what ever value it is upon my passing, it is my intent to contribute 97% of my estate to the Conrad N. Hilton Foundation, following in my father’s footsteps.”

    You can read the rest of the article here.

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    Comments

    Comment from Sabrinia
    Time: December 26, 2007, 11:26 am

    None of the Hilton family really needs the money. Paris’ parents have their own things going on, as does Nicky Hilton (her handbag line for example) and then obviously Paris has plenty going for her as well. But I wanna point out the same thing was reported back in the 80’s when the original Conrad Hilton passed away as well. Barron contested it and after a HUGE fight with the charity he got the money. So besides it’d be pretty messed up of him NOT leave them something considering how he fought for his dad money and they are his family after all. It’d make him look pretty bad imo.

    Comment from Sabrinia
    Time: December 26, 2007, 11:30 am

    Also I just noticed something in the article he says he wants to follow in his dad’s footsteps. If so then that’d mean splitting his money between the family and the charity foundation cause that is exactly what the original Conrad Hilton did with his money.

    Comment from Django
    Time: December 26, 2007, 1:34 pm

    Giving a considerable sum to charity is a good thing, but it does seem that he’s pissing on his family here by hardly leaving them anything and it is a bit two faced considering the past. Of course the media and haters will eat this up, ignore the facts and treat it as a direct snub and judgement of Paris. But I guess granddaddy won’t mind so long as he’s being seen as a great philanthropist after his death or in his last years.

    Comment from admin
    Time: December 26, 2007, 3:31 pm

    It’s becoming a big deal in the media. You can read such stupid articles at
    http://www.msnbc.msn.com/id/22400418/

    It’s incredible. People really think that Paris needs all that money. She’ll probably end up making way more than what she was supposed to get.

    I don’t think the media and haters understand that she’s already earning her own money, at least 60% of them, at this point, estimating from the comments on PerezHilton.com. Anyway…

    Comment from juju
    Time: December 26, 2007, 9:23 pm

    yeah, I also think barron is being a bit nasty. When Conrad passed, he left the lion’s share of his estate to his foundation and barron contested the will and won. He based his fight on the fact that he worked for hilton hotels for decades and thus earned the estate. (Francesa Hilton, Gabor’s daughter with Conrad also contested the will, but lost)

    Since then Barron hasn’t really allowed his sons or daughters to work for Hilton Hotels, perhaps in anticipation of preventing them from raising a similar issue if they contested his will. I think it’s pretty spiteful of him to then leave his family out in the cold, knowing full welll how the press would eat it up and blame paris. Despite recent rumours, he has never publically commented until now and previously led everybody to believe he loved and supported her, and now this. (remember, before she went to jail, the family gathered at his house and this is where she returned when she left jail.) It’s not the money, it’s the principle of the thing and this really is a slap in the face to his family. No two ways about that. Not allowing Hilton Hotels to remain in the family was an insult to his father and all future generations. I find that selfish to ruin his fahter’s legacy and to punish all future generations.

    yes, paris earns her own bucks and is comfortable. but she’ll probably never earn this kind of dough unless she invents the next new technology, etc. In any event, she earns millions now and her father, Rick, is worth over $400 million, so I don’t think she has to worry about finances as long as she is careful with her money. but that really is beside the point.

    The point is that he is being spiteful. and i still say shame on him for even going public if that is what he wants to do.

    Comment from Crazzzy
    Time: December 26, 2007, 10:51 pm

    Paris got 120 Mill. Dollar from her grandpa !
    here’s a better article (three month ago):
    http://www.spreadit.org/paris-hilton-granted-inheritance/

    Comment from Dawn
    Time: December 27, 2007, 7:58 am

    Paris Hilton’s father is a millionaie in his own right. His estimated worth at this time is around $300 million dollars.
    Paris inherits through him and that’s why she is called an “heiress”.

    By the time of her father’s passing,Paris will most likely inherit between 60-100 millin dollars,depending on how the money has grown.
    Of course,she also makes her own money. The Hiltons are hardly hurting for cash.

    Comment from Sabrinia
    Time: December 27, 2007, 12:23 pm

    I find it funny people acting as if this news means somehow Paris is no longer an heiress. Um she will still be an heiress if for no other reason than because of her parents.

    Also juju I agree with your entire post. This news has really made me lost a bit of respect for Barron. I didn’t expect him to leave everything to his family but man this is such a slap in the face to them I think. And it’s also such a hypocritical thing for him to do considering what he did when the original Conrad Hilton died. Conrad supposedly wanted to leave (just like Barron’s trying to do) almost all of his money to charity and NOT with the family. Barron though contested that saying basically, “Oh no that was never his intention. He meant to split it up for evenly between the family and the charity” and eventually he won. How can Barron do such a thing after he fought his dad’s will for doing the same thing? Just ugh! But oh well. Paris is still well off.

    Comment from admin
    Time: December 27, 2007, 5:08 pm

    Crazzzy,

    This is not true. I reported this a few months ago, and we all came to the conclusion that Now magazine lied.

    Well, I reread Django, juju and Sabrinia’s comments. It’s funny, your comments didn’t cross my mind.

    I agree, I don’t think it’s wise to donate 97% of his money to charity, maybe 20% would be ok, although, it’s still a lot of money for good causes. Then again, Paris and other heirs and heiresses wouldn’t have received a lot of money because there are too many of them. So yeah, I’d also say it’s slap in the face, or maybe, Barron knows what he’s doing.

    I was thinking… Since the media considers this to be a bad news for Paris, perhaps from now on, they could stop calling Paris a “hotel heiress”. Well, she still is an heiress because of her parents, but people should concentrate more on her role and work in Hollywood.

    juju, send me an email, when you have time.

    Comment from Django
    Time: December 28, 2007, 4:03 am

    Enkil – I thought the story that was discredited was one about Paris being disinherited? I don’t remember anything about her recieving a lump sum advance (which would surely be the opposite of being disinherited or excluded from Barron’s will).

    Comment from admin
    Time: December 28, 2007, 11:08 am

    Django,

    Both stories are fake. The latest one is 100% true because CNN first reported it, and it was also confirmed by the AP.

    The old one about Barron cutting off Paris because of her behavior was completely invented by Daily Star (I think, but it was from the UK). Later, Barron confirmed to FOX News that it was indeed fake.

    Then, Wow magazine published an article on their website claiming that Paris received $120 million from Barron, but it was obviously fake. I’m trying to search the article on this website, but I can’t find it anymore. I saw it a couple of days ago, though.

    Comment from Dawn
    Time: December 28, 2007, 3:51 pm

    Barron Hilton is NOT giving his money away to charity per se.

    The grandfather is parking his windfall from the Hilton Hotels sale in in the charitable foundation controlled by the Hilton family – big difference.

    Charitable foundations in the US only have to give away 2% annually of their income in order to keep their tax exempt status.
    They also do not have to open their books to the public and the administrators can pay themselves generous salaries.

    It seems like a smart move. Had Hilton not done so, the taxes from the sale would have eaten into the profits.
    But I can guarantee you, none of the eight Hilton kids will be poor in the forseeable future lol.

    Comment from david
    Time: December 28, 2007, 4:34 pm

    Agree with some of your post and Paris will not be hurting $$$ in any event.

    Not to quibble with the tax analysis, but this move probably had very little to do with the windfall from the sale of the Hilton hotels. That sale would likely be subject to long-term capital gains taxes around 15-20%. Additionally, if it wasn’t a cash sale, then taxes would be further minimized as, for example, a stock transfer or the exchange of like-kind assets. The inheritance tax is the killer, which is around 50%. Anyway, it’s a long, boring , complex subject, but it’s not likely that the charitable donation will affect the capital gains taxes on the sale of the Hilton Hotels.

    Comment from Dawn
    Time: December 28, 2007, 6:03 pm

    It appears to be a cash transfer into a charitable trust first and into the Hilton foundation thereafter. Either way, Barron is staying in control.
    3% of whatever the money has built up to at the time of Barron’s death is a not inconsiderable sum. Especially if he lives for another 20 years LOL.
    I’m just going by what various news agencies are reporting.

    Comment from juju
    Time: December 28, 2007, 10:01 pm

    None of us will ever know the intricacies of any of these ttransactions. That’s as it should be becasue it’s really not our business.

    However, I still think Barron has basically pissed in his family’s face! Hid it, he did it publically and he did it at Christmas time. Bad enough individually, but all together, that’s really bad. Beyond crass, it’s malicious. His children and gradnchildren now know what he really thinks of them. He sold away their birthright and legacy of his father’s accomplishments. Conrad never meant to sell of the hotel chain. If so he would have done that in addition to establishing his foundation. No, he wanted Hilton Hotels to continue, but now it probably won’t.

    Also, as with my previous post, Barron was pretty cagey and must have been planning this for years. He never allowed any of his kids to work for Hilton Hotels in any role substantial enough to challenge him or his will the way he did his father’s. Plus, he sold off the hotel chain, which means no future Hilton can ever be more than an employee, unless they can buy it back. Fat chance.

    There goes the security of knowing that any Hilton adult or child can always have a safe, secure place to stay at a moment’s notice anywhere in the world. Hell, the Hilton name may even disappear from the hotel and travel industry. Again, depends on the terms of the sale. I’m sure Bluestone will keep the name for awhile because it’s a great brand, and worth more than the “bricks and mortar” of the individual buildings, but may eventually rename anyway as time passes in order to establish themselves. They may even further break up the company.

    Anything can happen and everything Conrad worked for will be gone. Ever future person born of Hilton blood is left out in the cold. They will have all of the responsibility of the Hilton name and none of the perks or even the security. Yes, even financial secuirty. And we all know the downside of being a Hilton can be devastating. I think any rationale person knows Paris only went to jail for a silly traffic offense becasue her last name is Hilton. Paris Smith would have done community service.

    So I think the next family gathering at Barron’s estate my be a bit downcast as his kids and grand kids try and handle what he’s done to them. Thanks, Grandpa for publically giving me the finger adn signalling your lack of love and support for us. Oh boy, talk about waving another red flag inviting all the bullish hilton haters to pounce again with no fear of waking a sleeping giant!

    Comment from enbis78
    Time: December 30, 2007, 10:10 am

    I agree with most of the comments above. It is a big, public smack in the face to the family, and especially to Paris, as it gives ammunition to haters at a time when the whole family should be rallying behind her and supporting her after the horrible year she’s had.

    Of course, Paris will be fine, as she has her dad’s inheritance and all the many millions she’s made herself, but for me it is a matter of principal. There was certainly no need for this ridiculous public announcement of what should be a private matter. Just seems like a bitter old man spiting his family just to feel that he has power.

    Comment from ph4567
    Time: January 5, 2008, 3:44 pm

    I think there is somehting that is completely being missed here. Conrad Hilton basically disinheirited his entire family. He did not intend for any of them other than Barron who was CEO to have any role in the company. He left 100% of the stock to the Conrad Hilton Foundation to support children and the work of nuns in the developing world and the US.

    He only left his grandkids $10,000 each and his kids $100,000 each. Barron challenged the will because the US does not allow a chartiable foundation to own more than 20% of a public company. The stock he was transfering was 27% so Barron sued and argued they were not entitled to it.

    Conrads will did say if the foundation could not accept the shares he had the right to buy them over 10 years. Rather than buying the extra 7% he argued he was entitled to buy the whole thing years into the litigation after they had tripled in value. The foundation won at first, then he appealed and they eventually split the shares with Barron getting a little more than half.

    I think he is not so much trying to get back at his famlily as he is trying to make up for feeling guilty about not honoring his fathers original wishes. He is not completely disinheiriting his 8 kids as he is leaving them $69 Million to split amoungst the family. This is far more than Conrad left his kids. It is worth noting that one of Barron’s sons (Steve Hilton) does run the Conrad Hilton foundation and the money is being left to it so they will still control the money and only are required to pay out 5% per year to maintain exempt status.

    Also probably should be pointed out that other than Rick’s family the rest of the family is not substantially wealthy so this is a big hit. Rick’s family also does not have anywhere near the $300 Million or $400 Million some have reported. The real number is less than $100 Million but they are still well off and Paris and her family should never have to worry about being poor.

    Comment from Kane98122
    Time: March 29, 2009, 3:34 pm

    Why does the media keep calling Paris “Hotel Heiress” the hilton family does not own hilton hotels any longer and has 6% total stock in the public traded company, which is now owned and controlled by “blackstone group”. barron hilton her grandfather is the current chairman only and is a paid employee, they keep him around due to his name, he will be the last hilton to be on the board.

    Comment from shanta
    Time: July 1, 2009, 10:35 pm

    what ever may happens,paris is still a heiress!

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