Hilton Heir to Donate Proceeds of Hilton, Harrah’s Sales to Charity

Barron Hilton said he will donate $1.2 billion of his proceeds from the sale of Hilton Hotels Corp. and Harrah’s Entertainment to the charity his father created. In addition, he said he intends to give the foundation 97 percent of his fortune -estimated today at $2.3 billion- when he dies.

The money will go to the Conrad N. Hilton Foundation, which was established by Barron Hilton’s father, Conrad, founder of Hilton Hotels. Barron Hilton serves as chair of the foundation.

In a news release, the foundation said Barron Hilton will donate approximately $1.2 billion of proceeds from the recent sale of Hilton Hotels Corp. to private equity firm the Blackstone Group and the pending sale of Harrah’s Entertainment to private investment interests.

That will bring the total value of the Hilton Foundation and its related charitable entities to approximately $4.5 billion. According to the release, at a recent board meeting Barron Hilton also indicated his intent to contribute 97 percent of his entire net worth to the foundation when he dies.

Conrad Hilton established the foundation in 1944 and, when he died in 1979, left virtually all of his fortune to the foundation.