Hilton fortune pledged to charity!

Uh oh. Not such a great post-Xmas pressie for Paris! It was reported this morning that her potential inheritance dramatically diminished after her grandfather Barron Hilton decided to donate 97 percent of his USD $2.3 billion (1.16 billion pounds) fortune to charity.

The dosh will now be placed in a charitable trust, which will eventually benefit the Conrad N. Hilton Foundation,... raising its total value to about USD $4.5 billion.

Barron Hilton, chairman of the foundation, intends "to contribute 97 percent of his entire net worth, estimated today at $2.3 billion, including the created trusts, at whatever value it is at the time of his passing," the foundation said.

Paris was not immediately available for comment on her Grandaddy's plans. Out walking the dog, perhaps?

Jerry Oppenheimer, who profiled the Hilton family in his 2006 book "House of Hilton," has said that Barron Hilton is embarrassed by the behaviour of his socialite granddaughter Paris, and believes it has sullied the family name.

Barron Hilton, who is 80, has not commented on Oppenheimer's remarks.

The foundation supports projects that provide clean water in Africa, education for blind children, and housing for the mentally ill. Its aims, based on Conrad Hilton's will, are "to relieve the suffering, the distressed and the destitute."

"Speaking for the family as well as the foundation, we are all exceedingly proud and grateful for this extraordinary commitment," said Steven Hilton, one of Barron's sons and president and chief executive of the foundation.

Poor Paris. Whatever will she do to make a quick buck next? Let's hope she's not re-thinking her movie-making potential...