Barron Hilton giving away 97 percent of fortune

27

December

Tbdbarronhilton122807 Barron Hilton wants everyone to remember it’s the season for giving, not receiving. That’s why the hotelier announced he will donate 97 percent of his riches to his dad’s charitable group, the Conrad N. Hilton Foundation.

How much are we talking about here? Well, 80-year-old Barron will give away $900 million from the November sale of Hilton Hotels to the Blackstone Group and another $300 million of stock he holds in Harrah’s Entertainment, which is in the process of being sold. He’ll also toss in 97 percent of his other $1.1 billion in assets after his death. That’s with a “b,” friends and neighbors.

Papa Conrad gave away 97 percent of his wealth when he died, prompting Barron to do the same, saying in a statement “I am proud to follow my father’s example.”

USA Today says the nearly $2.3 billion sum will likely be the third-largest charitable gift this year, behind gifts given by the late Helen Walton, wife of Wal-Mart founder Sam Walton, and New York hotel tycoon Leona Helmsley — who managed to give $12 million to her dog in the process.

The foundation, which runs programs for developing countries, the blind, the homeless and substance abuse prevention, makes out quite well; it currently holds a mere $1.1 billion in assets.

And what of Barron’s eight children and several grandchildren (including She Who Will not Be Named)? They’ll split the remaining 3 percent, which amounts to a paltry $6.9 million or so. Whatever will they do?

[Photo: AP]

[Last modified: Tuesday, May 25, 2010 9:30am]

    

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