Hotel magnate Barron Hilton, grandfather of heiress Paris Hilton, has bequeathed 97% of his estimated $2.3-billion net worth to his father's charity foundation, officials said Wednesday.
The contribution to the Conrad N. Hilton Foundation, to come from the sale of Hilton Hotels Corp. and the pending sale of Harrah's Entertainment Inc. after the money is placed in a trust, is the largest in the foundation's history and will bring its value to about $4.5 billion.
...Barron Hilton, 80, pledged an immediate $1.2-billion donation to the foundation, with an estimated $1.1 billion to follow after his death.
"Working to alleviate human suffering around the globe, regardless of race, religion or geography, is the mandate of the foundation set by my grandfather . . . and now reinforced by my father," Hilton's son Steven M. Hilton, president and chief executive of the organization, said in a prepared statement.
That's very admirable.
It's an enormous donation and very generous.
Don't think that Paris Hilton and Barron's other 23 grandchildren will be left wanting.
Billions of dollars minus 97% leaves a fortune.
Paris won't be out begging in the streets, at least not for money. Paris won't be stiffed, not by Grandpa Barron anyway.
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