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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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46.

Damon    

A jury is about to decide punitive damages for Barron Hilton's underage drunken car-crash, where he hit a gas station attendant, and are not paid by the insurance company that is already paying a judgement of over 4mil.

1235 days ago
47.

Damon    

BTW, the Hiltons no-longer own the Hotels.

Blackstone, a real estate holding company does, the Hiltons simply own stock in the company like every other person that owns stock.

1235 days ago
48.

Marlena    

"Debt is dumb, cash is king and the paid off home has taken the place of the BMW as the status symbol of today." Dave Ramsey.

Maybe they know they couldn't sell the place for $10mil so they mortgaged it and then they will walk away in a few months and let the bank forclose - who knows.

1235 days ago
49.

Anthony     

All I can say give some of that money back and invest in life....! One Luv...

1235 days ago
50.

dreamon    

Uh, OK the value of 20 million dollar properties is dropping. You can puit this money offshore for or in a another investment and earn much more....

BTW, who would since when, would someone share detailed info with paps on the street?

1235 days ago
51.

Puckett    

Sociopaths are Sad 6 hours ago
@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.

----

Your about as clueless as the come. Remind me again, i care about your insults why? Oh that's right, i don't.

1235 days ago
52.

cv    

If they have so much cash...why are they flying commercial out of LAX. Shouldn't they be flying on a private jet?

1235 days ago
53.

CyndiChainsaW    

Blah. Douchebags who cares!

1234 days ago
54.

JulieN AZ    

One thing it is definitely NOT for....feeding the poor. Oh, or housing them, or employing them, I actually could go on and on here, but you get the point. These people are the kind I loathe: the have-too-much's. When there continues to EXIST homeless children in the yr 2011-it ought to be against the laws of society. No one NEEDS that amount of money. Excess is nauseating.

1234 days ago
55.

rick    

i'm not suppose to say anything... but paris and nicky are getting married on the 4th of july and it's gonna be a great party.

1234 days ago
56.

Nostradamus    

Yep, that's why they could only cough up a grand on Celebrity Apprentice.

1234 days ago
57.

Bill Leslie    

wow - the fact that these 2 idiots responded at all pretty much proves that they are flat broke.

1232 days ago
58.

Jason Rhodes    

The Hilton's are very smart people... Not to mention, their daughter, Paris, is one the the wealthiest people in entertainment in her "peer." If you look it up, you can only borrow what you can pay back - you still have to get approved. Apprentely they did... Also, I'm sure their family fortune would never allow them to fall. Mind you own business.

1191 days ago
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