"housing for the mentally ill"
At least he's keeping as roof over PHs head.
Barron Hilton donates fortune to charity
There looks to be a possibility that highly-talented heiress Paris Hilton might one day have to work for a living following the announcement by her grandad Barron that he intends to donate 97 per cent of his $2.3bn fortune to charity. The cash will benefit the Conrad N Hilton Foundation, which "supports projects that provide …
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Friday 28th December 2007 12:33 GMT Ian S
Best Christmas Cracker to date
I haven't stopped laughing about this one since reading it on the BBC. Gutted doesn't quite cover how she must be feeling, although after her "promotional video" of the inside of a Hilton Hotel bedroom I'd have thought he'd have been a little more thankful.
One word of warning though, if she's not going to inherit her money this might force her to go back to her film, or worse still singing career!
God help us all!
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Friday 28th December 2007 12:48 GMT Anonymous Coward
Not all for her
The 69 million is what he's leaving, that's to be shared out between about 30 odd blood relatives, then they'll have to deduct tax. He might leave everything to her or nothing, families are funny things you never know.
@Mike Arthur. Her extensive portfolio of talents earned her $6.5 million last year, according to Forbes (via the Telegraph). So I doubt she's going to be poor any time soon.
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Friday 28th December 2007 13:51 GMT Anonymous Coward
$69,000,000 are you insane?
It's worth remembering she's his Granddaughter, not just that, but a granddaughter who he's severely embarrassed about and he has 8 children. Not sure how many children they all have. But that's a pretty big tribe that $69,000,000 is being spread across.
Hopefully that'll stop us hearing about her. We can only pray.
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Friday 28th December 2007 13:52 GMT John Bailey
Re: Reality check
Since the 3% is in the manicured hands of a brain dead bimbo who has no concept of living in the real world. Take away the "Hilton Heiress" angle, and you have yet another twerp in the public eye. Hardly celebrity material once her looks start to go a bit, and the next super spoiled little girl comes on the scene. The entourage and the cars and the clothes and the whole Paris image ain't cheap you know.
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Friday 28th December 2007 14:10 GMT Finlay
Where's the money?
You CANNOT fritter away the best part of 18 Billion. You'd have to be buying fleets of QM2s (21 of them at roughly 800m each) and then sinking them for fun with an Astute class attack sub at 725 Million. Even when Paris buys a Ferrari and crashes it while drunk, its either insured or at the least the parts are worth a good fraction of the original cost. Don't you remember Brewster's Millions? Has Holywood taught us nothing?
Is he just donating the liquid part of his estate?
Fin
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Friday 28th December 2007 15:34 GMT Gary Hay
What!?!?
@Finlay: What are you talking about 18 billion?
When the hilton chain was sold on, it was not a one man ownership, the shareholders and partners would have taken the bulk of the money.
Paris will make around $2m just from talking about this in mags and TV.
Hardly enough to keep her fed for the month.....
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Friday 28th December 2007 17:39 GMT MrWeeble
She'll still get plenty
Assuming the $69m is divided 8 ways to each of Barron's kids, Paris' Dad, Rick will get 8.625 million ignoring inheritance tax, which is not a huge amount. However, this will be added to the $300m Rick's apparently already worth. When this gets divvied up after death between his 4 kids, she'll be looking at at least $75m before tax, it will take her a while to spunk that up the wall, even ignoring of course her own income from whatever crap she is doing.
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Friday 28th December 2007 18:17 GMT Anonymous Coward
Full Circle?
I find the whole situation amusing seeing as how he's the one that contested his father's will. That's probably why he donated the 1.2bn right away; that way there's no chance of it being contested after he's dead. Perhaps he saw the wisdom in his father's decision after all these years.
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Saturday 29th December 2007 01:36 GMT Walter Brown
watch out for...
This is just great... all the rest of the hilton clan, the ones who chose a more private life, are all scrambling right now, in a state of panic and embarrassment! panicked because they are all about to be broke as shit! embarrassed because they all have to face the realization that the seemingly air-headed, dumb as a box of rocks blond, Paris (AKA Bangkok) was actually the smart one!
Now we get to watch out for an in flux of poorly made low talent porn flicks from the rest of the clan...
it worked for Paris...
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Saturday 29th December 2007 10:17 GMT heystoopid
The Problem Is
The problem is that with the super rich we tend to forget to run a huge chain of Hotels like the Hilton it is in reality a combination of both directly owned and a number of exclusive owner owned and operated franchised banner operations at the same time ! So effectively it allows for increase flexibility of limited capital with long term development loans on the core assets whilst simultaneously not over capitalising fixed assets called land and buildings and fixtures within the Hotel Chain itself !
We also tend to forget in large organization spread over the continents the assets of both the hidden partners and the franchised hotel owners tend to be lumped under one unifying banner and the figures are then arbitrarily assigned to one person to make their wealth look impressive , yet in real terms it is not wholly owned or operated by any one man but a series of partners , thus when this partnership is dissolved the wealth is disbursed accordingly because no one man held the entire chain assets in one hand anyway and it also allows for a large paper assigned numeric value to be put on the Banner Name associated with the entity in question !
One Classic example is Rupert Murdoch who owns a very small percentage of his media empire where it's full value is nominally assigned to him but he ensures that the dual shareholding system of dividend stock which is sold to the general public at the stock market is truly separate from the vested voting shares which he rigorously controls as to whom and where they are allocated ! Routinely we see him labelled as a billionaire and yet his divorce financial papers submitted for judgement with first wife Elizabeth show his wealth in a totally different light when compared to the so called Forbes Rich List Figures !
Ah figures can do many things including creating an artificial disguise from reality !
As for her claimed annual income , take it with a grain of salt , for the only real arbiter is your confidential tax filings in the various countries you have earned it thus and many countries have very high tax rates on exported incomes as well !
So it looks like she has to pay for the family Bentley after all !
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Sunday 30th December 2007 18:29 GMT Misha Gale
@Positive discrimination?
>Given that neither poverty nor lack of clean water is specific to Africa,
>has anyone else noticed how frequently Big Philanthropy seems to
>target that continent and not others?
I think it's called triage. We'll deal with the pandemic ridden, war-torn, famine and flood struck continent that was systematically raped and pillaged by it's richer neighbours first, *then* we'll run a telethon to fix the leaky roof in your council flat.
This topic is closed for new posts.
Biting the hand that feeds IT
