Schadenfreude - Paris Hilton department
He had talked about it before,
here and
here.
Last July, Paris Hilton's grandfather, Barron Hilton threatened to take her inheritance away and then relented a day later.
Well, about six months later, he has gone back to his original idea with a very nice twist...
From
Yahoo News/Reuters:
Paris loses out: Hilton fortune pledged to charity
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 fortune to charity.
That wealth includes $1.2 billion 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, 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, 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.
No shit Sherlock!
Jerry Oppenheimer, who profiled the Hilton family in his 2006 book "House of Hilton," has said Barron Hilton is embarrassed by the behavior of his socialite granddaughter Paris and believes it has sullied the family name.
Putting the money into the foundation is wonderful -- from the article:
The foundation supports projects that provide clean water in Africa, education for blind children, and housing for the mentally ill. Its aims, based on Conrad Hilton's will, are "to relieve the suffering, the distressed and the destitute."
A bit more:
Conrad Hilton established the foundation in 1944 and when he died in 1979 left virtually all of his fortune -- including, according to media reports at the time, a 27 percent controlling stake in Hilton Hotels -- to the charity.
But Barron Hilton challenged the will and after a nearly decade-long legal struggle reached an out-of-court settlement to split ownership of the shares with the foundation in 1988, The New York Times reported.
To think that she might actually have to get a job... Heh...
She makes a decent chunk of change by appearing at parties and such but now that she is no longer the naughty billionaire heiress but only the trailer-trash bitch with a couple million bucks, I am betting that her social cachet will plummet and she will be doing Supermarket Grand Openings in a year or two. In Gary, Indiana.
We do not stand alone, we are all connected to the web of life and in the greatest sense, we are truly responsible for the results of our own actions.
The goal is to recognize this truth before a Supermarket in Gary, Indiana makes you an offer that you cannot refuse...
Posted by DaveH at December 26, 2007 8:55 PM
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