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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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31.

RogerWithTigerStripes    

Guess mommy and daddy are gonna be fitting the bill for their other genius child, Barron's reckless DUI accident which requires a payout of $4.6 million to the guy whose back was broken when he hit him...Good thing they took out a little bit more, cause punitive damages haven't been established. I'd be so ashamed if these were my kids.

1048 days ago
32.

Cujeaux    

Ha! They must have been cut off years ago. It does seem like they feed off of Paris' non-existent career as a thang. They must be saving all of the money from their talk show appearances and still don't have enough for 'home improvements.' Yeah right.

1048 days ago
33.

Anonymous527496    

Sure...Rick. Not! But I think they are broke..I didn't even recognize Kathy Hilton, she looked just like trailer trash..But I bet they just say that. Remember Grandpa Hilton donated like Idk exactly how much but he left most of his fortune to chaities.

1048 days ago
34.

Art    

This is such a sicko situation. The rich use a credit line to get richer and the poor pay in the long run...SICK SICK

1048 days ago
35.

Stump    

@ who dat and Rogerwithtigerstripes

The insurance company is on the hook for all the expenses, the Hilton family will not have to pay anything.

Insurance companies almost always appeal and that can take as much as 10 years before they have to get out the checkbook. Usually when this happens the victim settles for a fraction of what the court gave them.

1048 days ago
36.

glittzz    

soundz like they have 99 problems, like the rest of us

1048 days ago
37.

PhillipP    

Something must have happened and the family is having cash flow problems. As someone who works in finance I can tell you the explanation they gave makes absolutely no sense.

1048 days ago
38.

CyndiChainsaW    

I wonder how much of their gazillions they really do offer to charity.

1048 days ago
39.

Sincerity    

What they're doing really isn't surprising. Many people on much higher socioeconomic levels are strapped for cash. Very few people anticipated the complications in which both the stock and real estate markets would both go "belly up" at the same time. Since the "Great Recession" set in, several very well respected "high end" money managers have been arrested for embezzlement. Many of their former well-to-do clients are too embarrassed to admit just how "raggedy" their finances really are. Before it's over, you'll be surprised how many other supposedly wealthy people will find themselves in the same predicament. It takes "cash" to manage assets especially if they're "NOT" income producing.

1048 days ago
40.

Billy    

These guys are broke and they are just telling a lie like Weiner did.

1048 days ago
41.

Carl    

Seems fishy to me. It is true that pulling equity out of your home for investment purposes makes sense if you are very wealthy. BUT... the stock market is in a downturn that started about a month ago and looks to stay that way for several months at least. Investing right now doesn't make much sense, so something else may be going on.

1048 days ago
42.

steven katona    

i'd work for the hiltons in a minute! but i aint workin for their kids! forget it!

1048 days ago
43.

TheHOLETruth    

yep, they're hurt'n cert'n... they were hoping that messed-up [nice word] show of Paris was going to pull them out the hole... but that this is DOA... and why are they freaking out when asked a PRIVATE question as that.. I would have said, "what's goes down in the Hilton stays in the Hilton"

so I guess the countdown starts now, before they have to fess up that they're hurt'n.... THE COUNTRY IS HURTING... THE WORLD ACCORDING TO REALITY-PEOPLE ARE LOOKING FOR JOBS AND THERE ARE NONE TO BE HAD... TOUGH TIMES

1048 days ago
44.

Sociopaths are Sad    

@Puckett: LOL what's with the ass-kissing of Herpe******on?

Herpe******on is do***ented as being dumb as a doorknob by EVERY SINGLE PERSON THAT HAS EVER INTERVIEWED HER OR INTERACTED WITH HER. I even know of one person who has met her at a club in Toronto - the girl is DUMB.

Now, she happens to come from a wealthy family who owns hotels...made a porn tape that got into the wrong hands and was sold by some SOLOMAN guy and they had to give Paris a cut. Because it was still a novel idea at the time, she LUCKED OUT but having endorsement deals out of it.

That is not being smart. That is ******* RANDOM MEN AND GETTING HERPES IN THE RIGHT PLACE AT THE RIGHT TIME.

Do you understand that Phukett? (Probably not).

As for the Hilton parents who just took out 10 million...yadda yadda their equity bla bla....they are losing cash, no matter what they say. Wouldn't be surprised if this is a harbinger of things to come.

Paris doesn't get the lucrative endorsement deals for screwing random strangers anymore - she's out of fashion now and her luck has run out. And because she is dumb as a box of *****, she will lose her money soon - if she hasn't already.

But really phuckett...you really have no concept of DUMB LUCK, do you? LOL. Oy. What a dumbass you are. And desperate.

And one more thing...my friend who met Paris....apparently she's snotty as all hell and would not even look your way if you ever happened to be in the same club as her...which you never would...because I can tell you don't get out much.

1048 days ago
45.

Sociopaths are Sad    

Nope. Just the FACT that these Hiltons need to explain their situation to a lowly PAP tells me that they are hurting financially. Not buying what they are selling.

P.S: Kathy you look like CRAP. And your husband looks like he is cheating on you. Just sayin'.

1048 days ago
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