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The Hiltons -- We Can Explain Our $10 Million Move!

6/7/2011 2:15 PM PDT BY TMZ STAFF

FEAR NOT -- the Hilton family is NOT poor ... in fact, Paris' parents tell TMZ the fact they can take a $10 million equity line out of their Bel Air mansion shows they've still got TONS of cash.
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TMZ broke the story -- Rick and Kathy Hilton got approval for a $10 million credit line last month ... and we all wondered why the hell such a super-rich family would need the extra dough.

But yesterday at LAX. they explained the whole thing -- saying, "You do these things for investment purposes." Rick says the move is a "good thing" ... because, "That means we have a lot of equity in our home."

58 COMMENTS

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16.

sparced    

coverup.... bankruptcy soon

1237 days ago
17.

Rogue Warrior    

They should have told TMZ to mind their damn business and to quit stalking them......

1237 days ago
18.

janet    

Still running on inherentence, the HILTON NAME.

If this is done all the time, why would this even be mentioned? It's only 10 million, chump change for the Hiltons or is it?

Sounds like they have to keep up with appearances. Cash poor?

1237 days ago
19.

Holly    

Flying Commercial.
Smoke and mirrors. Kathy & Rick would like you to believe they have the Barrons money. Truth is, they work for Paris

1237 days ago
20.

John    

Thanks for that info. I'll sleep better tonight.

1237 days ago
21.

Anonymous    

Yeah, of course they wouldn't want anyone to think they're poor. To them, that's probably the ultimate insult and worst thing that could possibly happen. Just like the Kardashians, their money is the only thing they have to make them feel good about themselves.

1237 days ago
22.

Jasper    

Remember when LaToya Jackson was begging for charity money from Kathy Hilton?

Others were contributing hundred thousand dollar checks. But Kathy Hilton managed to dig deep and offer up a whole $1,000!

What great folks the Hiltons are.

1237 days ago
23.

mikensnowmass    

ten million when you own a business let alone are born w/a silver spoon, well it isn't that much. for example our construction company i make deposits twice that much weekly, granted it is gross,...i guess everything is relative. with luck they won't be investing in another home here in co. at the end of the day it isn't any of our money so i could care less.

1237 days ago
24.

Holly    

"HAD" a lot of equity in our home

Hello Nicholas Cage

1237 days ago
25.

JM    

A little off topic, I was looking for an article I read a few years ago about the Hilton's, about how they had no money, they rented out their summer home for extra cash. I couldn't find it but found this nugget about Kathy Hilton, she's just as bad as White Oprah but the Hilton's are sneaky about covering their tracks..

Hilton observers all have their favorite story about Kathy's curious lack of appropriateness. For former Daily News gossip columnist Lloyd Grove, it was this: "When Paris went on Saturday Night Live after the release of her sex tape, in 2003, she did this bit with Jimmy Fallon where he wasn't allowed to discuss the sex scandal, but he asked her all these double-entendre questions about 'the Pari******on [Hotel],' like 'Is it hard to get into the Pari******on?,' 'I may need to go in the back entrance,' 'I'd love to have my balls held by the Pari******on,' etc., etc. And wouldn't you know, Kathy and Rick were there with their two young boys. Afterwards, Kathy was saying, 'Wasn't your sister great? Wasn't she funny?'—and these two boys, who were barely teenagers, had to listen to this whole thing about their sister being in a porn tape.… It was just so awful."

1236 days ago
26.

GG    

The Hilton's statements make no sense. Why would they pull out that much equity in their house for investments ? It seems to me that it would make much more sense to liquidate assests to raise cash for additional investments. Why create more debt ?

1236 days ago
27.

anni    

Puckett, my sweetness, wealthy people do not pull equity loans on their homes for investment purposes. They will on other investment properties, businesses, and numerous other factions of their holdings. Their home is never leveraged. Imagine it being taken away! Both of Paris' parents have led a sheltered and vapid life. You then are only as smart as your advisers. Poor advice, bad economy, hello mortgage! As Holly said.....hello Nicholas Cage!

1236 days ago
28.

who dat    

They should have Anthony Weiner write their press releases, his are more believable.

1236 days ago
29.

rhbjorn    

No it makes sense, remember they did not draw on it, if they have the equity in the house, take out what you can and invest it in the house again. esp if the housing market is looking better.

That way they will likely make a decent amount, with minimal risk. And have a nicer place as a bonus

1236 days ago
30.

who dat    

Their 21 year old son was held guilty today (by a jury) in the amount of 4.2 Million. Seems he got drunk when he was 18 and ran over a gas station attendant. The punitive damages portion of the trial begins Thursday. Possibly the amounts will be above their insurance policy coverage. That would explain this credit line.

1236 days ago
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