USAToday.com reports that Barron Hilton, son of the international hotel chain's founder, said Wednesday that he will donate nearly all of his fortune to his family's philanthropic foundation that supports housing for the homeless, safe water in developing countries and other causes worldwide.
Barron Hilton, 80, plans to donate to the Conrad N. Hilton Foundation a total of nearly $2.3 billion at his death, including $1.2 billion in proceeds from two recent corporate deals and 97% of his other $1.1 billion in assets. Hilton said in a statement that his father, Conrad, left 97% of his wealth to the foundation, "and I am proud to follow my father's example."
He couldn't be reached for further comment. But his publicist, Patrick Barry, said Barron Hilton will distribute to his heirs the remaining 3% of his personal estate. Hilton has eight children and numerous grandchildren, including granddaughter Paris Hilton, 26, a tabloid celebrity known for provocative photos, a reality TV show and a jail stint this year stemming from driving violations.
Barron Hilton's philanthropic gifts were announced as part of his estate planning, Barry said. The contributions will include $900 million in proceeds from the November sale of Beverly Hills, Calif.-based Hilton Hotels to The Blackstone Group and $300 million of stock he holds in Harrah's Entertainment, whose sale to private equity investors is pending. The proceeds are being placed in a trust and will be donated when Hilton dies.
Stacy Palmer, editor of The Chronicle of Philanthropy, noted that Hilton's gift represents one of the largest philanthropic contributions announced this year. "It's a huge amount of money," she said.
Some gossip floated around too that the donation was as a result of the billionaire's embarassment from grand daughter Paris whose many escapades have tarnished the Hilton name
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