The Hiltons are Less Rich

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Barron Hilton, Kathy Hilton’s father-in-law, the hotel magnate with an estimated net worth of $3.5 billion, announced yesterday that he will be leaving 97% of his fortune as a charitable trust to the Conrad N. Hilton Foundation, leaving his children and grandchildren the remaining 3% (a taxable $69 million). Instead of a reported $100 million, his family will only receive approximately $5 million each. New York Daily News reports:

The whole family will be devastated, particularly [Paris’ mom] Kathy,” a pal of the clan told the Daily News last night. “Some of them could be likely to contest the will – it’ll be in the courts longer than Anna Nicole Smith versus J. Howard Marshall.”

Rick Hilton owns a Beverly Hills real estate firm and has a net worth of $300 million – even after basically being disowned for marrying Kathy. Paris Hilton makes millions from endorsements and appearances. So, it’s easy to see why Kathy Hilton is so upset. With Barron being so stingy, Kathy will only be able to afford to sleep on a bed of roses five nights a week. And tell me, just how is she supposed to encrust her entire pool with diamonds now? I think this Barron guy has some explaining to do.

The Hiltons in Hawaii on Christmas: