For several years people have been arguing over just how much Paris Hilton is actually worth. I would say not much, but that’s more from a moral perspective. There have been reports that the famous heiress would get anywhere from nothing to upwards of $100 million when Barron Hilton, her 80-year-old grandfather passes. There were also reports that Barron had cut Paris (and sometimes her parents and Nicky depending on the article) out of the family inheritance since they were so materialistic and embarrassing. But then another story would come along reassuring us all that the Hiltons are in fact legitimately, unfairly, wealthy. But now People is reporting that Barron Hilton has chosen to give the majority of his fortune to charity.

Paris Hilton’s future bank account has just taken an enormous hit – on account of her grandfather. Barron Hilton, the 80-year-old son of the founder of the worldwide hotel chain that carries the family name, has earmarked 97 percent of his vast fortune – nearly $2.3 billion – to the Conrad N. Hilton Foundation, to help the homeless with housing, find safe water in developing countries and assist other good causes around the world, it has been announced.

To Barron’s heirs – who include Paris – will go the remaining three percent: some $69 million, which is said to be taxable. According to calculations by New York’s Daily News, Paris, who once foresaw a $100 million inheritance, is now likely looking at $5 million.

In a statement, Barron Hilton said that his father, Conrad, had set the example and bequeathed 97 percent of his money to the charitable foundation, which the elder Hilton founded in 1944, “and I am proud to follow my father’s example.”

[From People]

Yay! There are good Hiltons after all! That’s amazing that Barron Hilton is following in his father’s footsteps and giving away so much of his money. Warren Buffet did the same thing a few years ago – giving away 85% of his $44 billion fortune to the Bill and Melinda Gates foundation – angering some of his relatives quite a bit.

Paris will certainly be set, either way. Not only is $5 million nothing to sniff at, but the actress is quite the savvy businesswoman herself. Much as we mock her, she’s constantly working, promoting various products and sticking her name on nearly every perfume and dog collar she possibly can. While it may not be upper crust classy in the traditional “old money” way, Paris has made a good deal of money on her own, and certainly doesn’t need to rely solely on her inheritance. No word yet on whether Barron Hilton donated his money because he was embarrassed by his family’s younger generation, as suggested by previous articles. We’re going to assume he’s just an awesome guy, who knows no one needs $100 million less than Paris Hilton.

Picture note by Jaybird: Header Paris and Nicky Hilton having lunch with the always attractive Brandon Davis at the Four Seasons yesterday in Maui. And here’s Brandon Davis chewing, just because I’m mean like that. Images thanks to Splash Photos.