Paris Hilton may have to curb her lavish spending sprees after her grandpa gave away most of her inheritance to charity. The Beverly Hills shopaholic's expected $100 million fortune has been slashed to a meager $5 million.
The bank balance blow comes as hotel magnate Barron Hilton announced he's earmarked 97 per cent of his vast fortune - nearly $2.4 billion - for the Conrad N. Hilton Foundation.
The shock move has sparked rumors of a lengthy court battle.
"The whole family will be devastated, particularly [Paris' mom] Kathy," a friend of the family told one US newspaper.
"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."
Grandpa Barron, the 80-year-old son of the founder of the worldwide hotel chain that carries the family name, is giving all but three per cent of his wealth to the charity, which helps the homeless with housing and finds safe water in developing countries.
His heirs - who include socialite Paris and her sister Nicky - will share the remaining Pounds 35 million which is said to be taxable.
According to calculations by the New York Daily News, Paris, who once foresaw a $100 million inheritance, is now looking at about $5 million.
But the cash nosedive isn't likely to leave the 26-year-old broke - she rakes in a healthy annual sum from her own clothing, jewelery and fragrance lines as well as personal appearances, her pop album 'Paris', endorsements and earnings from her book 'Confessions of an Heiress'.
Last year, she reportedly earned a massive $200 million - bolstered by about $4 million from her infamous sex tape.
A source close to the A-list star said: "Paris will definitely be upset her grandpa has given so much of his money away. "He hasn't always approved of her wild antics - especially the whole sex tape thing and her recent brush with the law - so maybe she'll think it's is his way of showing it."
Grandpa Barron has previously been quoted as being "embarrassed" by Paris's behaviour and supposedly even threatened to yank her inheritance entirely a few years back.
In a statement, he said that his father, Conrad, had set the example and bequeathed 97 per cent of his money to the charitable foundation, which the elder Hilton founded in 1944, "and I am proud to follow my father's example".
Hilton has eight children and numerous grandchildren as well Paris, who hasn't yet commented on the financial blow. His philanthropic gifts are being placed in a trust and will be donated when he dies.
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