Hotel heiress Paris Hilton's potential inheritance dramatically diminished after her grandfather, Barron Hilton, announced plans on Wednesday to donate 97 percent of his estimated $2.3 billion fortune to charity.
You could say Paris Hilton has had the heir taken out of her balloon, so to speak. You could also say she put the "ho" in hotel heiress, so to speak. Eh?
The fortune in question includes $1.2 billion Barron Hilton stands to earn from both the recent sale of Hilton Hotels Corp., and the pending sale of the world's biggest casino company, Harrah's Entertainment Inc.
Poor Paris will be left to inherit merely a few million.
Barron Hilton, chairman of the foundation, intends "to contribute 97 percent of his entire net worth, estimated at $2.3 billion, including the created trusts, at whatever value it is at the time of his passing," the foundation said.
What on Earth will Paris and Nicky Hilton do? Continue to get paid $500,000 to show up at parties (Paris) or start their own businesses (Nicky)? Likely.
Perhaps Stavros Niarchos - Paris' on-again, off-again lover and heir to a Greek shipping fortune himself - will be back in her good graces after this news.
Paris, a symbol of celebrity privilege in America, first gained fame in 2003 when a sex tape featuring herself and then-boyfriend Rick Salomon was posted online.
She parlayed her notoriety, fueled by tabloid headlines about her partying lifestyle, into a celebrity career that has included a reality TV show, a book, an album, and film roles. This year she spent three weeks in jail for violating probation.