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Paris' loss is charity's gain

Howard Lake | 27 December 2007 | Blogs

The BBC reports that 80-year-old hotel magnate Barron Hilton is to donate 97% of his $2.3 billion (£1.2 billion) fortune, to the Conrad N Hilton Foundation which was established by his father.
As a result it looks like his grand-daughter Paris is likely to enjoy a much reduced inheritance.
Hilton has begun by contributing approximately $1.2 billion of proceeds from the sale of Hilton Hotels Corporation and the pending sale of Harrah’s Entertainment into a charitable remainder unitrust that will eventually benefit the foundation.
The Conrad N. Hilton Humanitarian Prize, now in its 12th year, is the largest humanitarian award in the world at $1.5 million and is given annually to a charitable organization that is doing extraordinary work in relieving suffering.