Despite Paris Hilton's hopes and dreams for growing her collection of pink Bentleys without much work, she will likely have to pursue that dream on her own. That's because the patriarch of the Hilton family, Barron Hilton, ended up leaving 97% of his estate to the Conrad N. Hilton Foundation when he died in September 2019. This decision left just 3% for his numerous heirs. This was not always the plan; Barron had once intended to bequeath his entire $4.5 billion estate to his family. However, he changed his mind in 2007, reportedly after feeling embarrassed by Paris's behavior, which he believed tarnished the Hilton name. The change in estate planning effectively doubled the holdings of the foundation established by his father, Conrad Hilton, who built the family hotel empire from scratch. This decision was great for humanity but bad for the Hilton heirs, who effectively lost out on $4.5 billion.
History of the Hilton Fortune
Conrad "Connie" Hilton, often depicted as a brash businessman in AMC's Mad Men, purchased his first hotel in Texas in 1919 after a failed bank deal. His timing was impeccable, as the ongoing oil boom ensured that rooms were often fully booked, sometimes turning over three times a day. He soon built the high-rise Dallas Hilton in 1925 and added three more Hilton hotels in Texas over the following five years. Although the Great Depression caused him to lose several hotels and nearly go bankrupt, this was merely a small setback in a remarkable career that would see his empire grow into the world's first international hotel chain. By 1966, his second son, Barron, succeeded him as president of Hilton Hotels.
In 1979, Conrad Hilton passed away at the age of 91, leaving each of his nephews, nieces, and daughter $10,000, and $500,000 to his two siblings. The majority of his estate went to the Conrad N. Hilton Foundation, which he founded in 1944. Despite being named president of the corporation, Barron contested his father's will after his death. A settlement resulted in Barron receiving 4 million shares of the enterprise, the Conrad N. Hilton Foundation obtaining 3.5 million shares, and the W. Barron Hilton Charitable Remainder Unitrust receiving 6 million shares.
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Disinheriting Paris: Barron was reportedly very embarrassed by the antics of his granddaughter, Paris Hilton. He felt that Paris and her sister Nicky had sullied the Hilton name with their sex tapes, numerous DUIs, reality shows, and general mischief. Thus, during Christmas of 2007, Barron announced a significant change to his will. Instead of leaving his multi-billion fortune to his family, he decided to allocate the bulk of his estate to the Conrad N. Hilton Foundation. He specifically modified his will to leave 97% of his assets to charity, with only 3% to be divided among approximately two dozen family members.
As a result, Barron effectively cut his entire family out of his personal fortune. Instead of the two dozen family members inheriting $4.5 billion, or about $190 million each, they would now split just 3% of that amount, totaling around $135 million, or approximately $5.6 million per person. OUCH! I bet those cousins are upset!
It has also been speculated that Barron completely excluded Paris from his estate. However, this isn't a significant loss for her, given her net worth of $300 million.
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The mission of the Conrad N. Hilton Foundation, as stated in Conrad Hilton's last will and testament, is to "relieve the suffering, the distressed, and the destitute" by addressing various needs—homelessness, substance abuse, mental illness, natural disasters, children in need, and much more. He emphasized that the foundation's directors should "shelter little children with the umbrella of your charity." The Conrad N. Hilton Humanitarian Prize, valued at $1.5 million, is the largest humanitarian award in the world and is presented annually to a non-profit organization that has made remarkable progress in alleviating human suffering.
Barron's $4.5 billion increased the foundation's assets to over $6 billion. So, in a way, the world should thank Paris Hilton for her actions over the years!
| Full Name | Date of Birth | Date of Death | Net Worth |
|---|---|---|---|
| Barron Hilton | October 23, 1927 | September 19, 2019 | $4.5 Billion (at passing) |
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