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Paris in Poorhouse After Gramps Gives $$$ Away?

12/27/2007 9:00 AM PST BY TMZ STAFF

All the coin that Paris thought she was going to get from her Hilton inheritance? It could be gone, gone, gone -- and it's all her grandfather's fault.

Barron Hilton announced Wednesday that he would be giving 97 percent of his $2.3 billion fortune to charity, specifically to the Conrad N. Hilton Foundation, putting Paris' reported $30 million windfall in some doubt. (There will still be between $70M and $130M left, presumably for the family.)

A biographer has said that Grandpa Barron is "embarrassed" by Paris' behavior and supposedly even threatened to yank her inheritance entirely a few years back. Paris couldn't be reached for comment on the development.

Peeved Papa Spears a No-Show for Xmas


Britney and Jamie Lynn Spears' daddy is still so "furious" that their mama Lynne sold J-L's story to the glossies that he ditched his daughters for Christmas.

Us reports that Jamie Spears, a private chef, "didn't spend Christmas with [Lynne] or Jamie Lynn and instead stayed in L.A. to work." Unlike Lynne, says the mag, Jamie "doesn't get a dime from his daughters ... He busts his ass to take care of himself. That's why he's so furious with Lynne."

Jamie has, however, seen the Brit boys, Sean and Jayden, while in L.A., according to Us.

Party Favors: Yung Joc Finally Shows, Seven Hours Late ... New York – Yes, Her – Is Engaged! ... "Yule Log III" Fires Up More Masterpiece Theater


After a judge in Cleveland issued a warrant for his arrest, rapper Jung Yoc eventually showed up, seven hours late, for a court appearance on weapons charges. His lawyers said he had family obligations ... Start spreadin' the news: People reports that Tiffany Pollard -- better known to the world as the crazazy "New York" -- has finally found her man, after wading (literally) through 20 bachelors on her dating show "I Love New York 2." The, uh, lucky guy? George "Tailor Made" Weisgerber of Queens. New York had dissed his proposal before. ... That redoubt of electronic holiday traditions -- the video Yule Log -- is now in its third incarnation, and it's better than ever, reports Defamer.

78 COMMENTS

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31.

Catsy2    

I've said this a hundred times...Paris is no heiress -- in any shape or form.

2429 days ago
32.

Oh SNAP it's ME!    

It doesn't really matter if Paris doesn't inherit a lot or anything at all. She can still manage to make money on her own. She's got her own fragrance, handbag line, jewelry, plus she gets paid to make appearances, etc. etc. Don't get me wrong I don't like Paris at all, so I'm not trying to back up or defend her, I'm just saying she can still make money on her own.

2429 days ago
33.

FULGY    

30 mil dosent last long in So. California. Living a frugal life will last less than 10 years.
A very modest house sells for 5 mil .

2429 days ago
34.

nacho    

if Paris runs out of money she can simply make another porn tape. Two nights in Paris - the sequel!

2429 days ago
35.

Anon    

To #30 -- Oh Snap

That merchandise is not Paris'. She just leases her name to manufacturers who do all of the work. This is why she is often referred to as "Parisite." A well-deserved nickname for someone with no talent or education.

2429 days ago
36.

rminva    

Good for Grandpa Hilton!! Warren Buffet is leaving the bulk of his estate to charity as well!! More of the uber rich sould do the same.

As for him not "loving his family" that's rubbish: they seem to be doing OK as it is, and they have not been cut out entirely. More importantly, it's HIS money, his children are grown, and he has absolutely no obligation to leave anything to them....he can do with it what he wants.

2429 days ago
37.

Anonymous    

Good for Gramps! It's a lovely gift for charity and the money will be used well.

2429 days ago
38.

Fred    

I agree with #9. This is very likely a ploy to escape the tax man. The rich have been doing it for years and blatantly bragging about it in good ol' Uncle Sammy's face. Leona said it best, "We don't pay taxes. Only the little people pay taxes."
The Spears family is one big train wreck led by that skeezy locomotive of a mother. Your 16 year old gets knocked up and you sell the story to the tabloids???? What an utterly disgusting piece of filth.

2429 days ago
39.

John    

#4 - What "one" mistake are you talking about? The sex tape? Paris has done far worse things than that... like a failing TV show for example.

Paris will be set financially whether she inherits B's fortune or not. She gets made almost half a million just to show up at night clubs to party. I think she'll be okay.

You don't know millions to secure a family and their education. Only a couple hundred thousand would do. It's her lifestyle that needs changing.

2429 days ago
40.

LongJohn69    

Things that make me go..."Hmm."

Paris better go back to giving gramps BJ's. He'll like her again real quick.

Brit & mommy make daddy bust arse, while they give arse away.

2429 days ago
41.

wasted days and wasted nights    

Good for Grandpa Hilton--helping charity and keeping the ho out of hotel.

2429 days ago
42.

JAMES    

FIRST, POSTER # (28), IS CORRECT, PARIS IS NOT AN HEIRESS TO ANYTHING!!!!. SECOND, THIS IS NOTHING BUT A "FREAKING TAX SCAM", FOR THE RICH!!!!. GO CHECK OUT THE BOARD OF THIS FOUNDATION!!!!, MOSTLY HILTON'S???, IMAGINE THAT. LET US NOT FORGET, YOU CAN NOT APPLY FOR A GRANT FROM THIS FOUNDATION, THEY HAVE TO COME TO YOU!. CAN YOU SAY "TAX SCAM FOR THE RICH". BUT WHAT REALLY, MADE ME LAUGH WAS HIS FATHER, LEFT "HIS", SELF MADE FORTUNE, TO THE CATHOLIC CHUCH,AS CHARITY, AND ONLY ($250,000), TO HIM, HE CRIED FOUL, AND WAS IN COURT WANTING ALL HIS FATHER'S MONEY, AND HE WON!!!.SO THINK ABOUT IT, HAD HE NOT PAID OFF THE JUDGE, PARIS WOULD BE WORKING AT (MICKEY D's), DURING THE DAY AND YOUR LOCAL STRIP CLUB AT NIGHT!!!, AND SOME PORN VIDEO'S ON THE WEEKEND!!!!

2429 days ago
43.

crazy girl    

omg i cant believe it,maybe paris was drunk..... :O

2429 days ago
44.

rosie    

If this is true, I say right on Grandpa Barron! Parents and Grandparents don't need to leave their off spring anything. You are not supposed to sit on your ass and wait for the older generation to die so you can receive a windfall and sit on your ass some more. It has nothing to do with love or not loving #4 Google. I am sorry but Paris Hilton, her sister and their mother Kathy are just rich bitch jokes. What can they really do that is worth while? If the Hilton fortune went completely down the toilet, what would they really be able to do? Yeah, give it to charity...give it all Pops Barron.

2429 days ago
45.

Trust me I know.    

I guess the public are fools.

Barron has to create/or give the money to a charitable trust in order to avoid paying taxes. Charitable trusts by law have to allocate a percentage of their worth to "charitable causes" in order to maintain a tax free status.

This means that Barron Hilton is putting his capital gains, which, if given to Paris under an inheritance, may have been taxed, into a trust that avoids the taxes. This then means that the Hilton family still control what happens with the shares, and other shares or securities may be traded by the trust without taxes (since the charity technically owns the shares.)

But who controls the charity? The Hiltons. So it's still "their" money, they don't pay heavy taxes and look "good" by using X% of the money for what are legally defined as "charitable endeavors."

The charitable trust can pay its "officers" i.e. the Hiltons, a "salary" for "working" for the charity.

In either case Paris is hardly in the poor house, and is completely set-up for the rest of her life. Poor her.

Amazes me when the public buys this story.

2429 days ago
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