Paris' loss is charity's gain

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.

www.hiltonfoundation.org