December 27, 2007 03:20:34 GMT
Paris Hilton's grandfather Barron Hilton has decided to donate 97 per cent of his $2.3 billion fortune to his father Conrad Hilton's foundation.
Paris Hilton's billionaire grandfather Barron Hilton announced Wednesday, December 26 that he's donating 97% of his $2.3 billion fortune to his father's charity foundation, the Conrad N. Hilton Foundation.
Barron Hilton, 80, has had an infusion of cash from two recent private equity deals; the sale of Hilton Hotels Corp. to Blackstone for $26 billion or $47.50 a share back in July and the pending sale of the world's biggest casino company, Harrah's Entertainment Inc., to Apollo and Texas Pacific Group for $15 billion.
Barron reportedly holds roughly 5% of the Hilton hotels' shares and is said to earn $300 million from the sale of Harrah's.
In a statement e-mailed to Fortune, Barron 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."
Barron pledged an immediate $1.2 billion donation to the foundation, with an estimated $1.1 billion to follow after his death. He is the foundation's chairman.
The Conrad N. Hilton Foundation was established in 1944 by Barron's father Conrad Hilton who left nearly all his fortune to the organization when he died in 1979. The charity itself supports projects that provide clean water in Africa, education for blind children, and housing for the mentally ill. Its aim, based on Conrad Hilton's will, is "to relieve the suffering, the distressed and the destitute."
Paris was not immediately available for comment on her grandfather's plans for his fortune.