15 Sep CONRAD N. HILTON FOUNDATION TO RECEIVE BILLIONS FROM BARRON HILTON’S ESTATE − WOULD PARIS HILTON HAVE STAYED AT THE VERY FIRST HOTEL NAMED HILTON ─ WHICH WAS IN DALLAS?
Barron Hilton, who helped make the name “Hilton” synonymous with hotels and one of the hotel industry’s leading brand names, has left the bulk (97%) of his estate worth billions to the Conrad N. Hilton Foundation, a non-profit charitable foundation established for his father Conrad N. Hilton. The Conrad N. Hilton Foundation is used to help foster youth, young children affected by HIV and AIDS, safe water, disaster relief and recovery, homelessness, Cathodic sisters and hospitality workforce development. Charitable foundations are often used by the wealthy to reduce taxes as the government encourages gifts to charities. The remaining 3 percent goes to his surviving family members (he had 8 children, 15 grandchildren including Paris Hilton and Nicky Hilton, and 4 great-grandchildren).
Before he started working in 1951 for his famous father, Conrad, Barron had made millions in industries ranging from oil to aircraft leasing to orange juice products. He subsequently was the chief executive officer of Hilton for 30 years. The Hilton Hotel chain (2800 hotels) was sold to The Blackstone Group in 2007 for $26 billion.
Dallas Trivia: On a local note, some may not realize that in 1925 then small-time hotel operator Conrad Hilton built the first hotel to carry his name. The fourteen story Hilton Hotel was built on Main Street at the highest point in downtown Dallas as a cost of $1.3 million. No guest rooms faced the west side to face the western sun at that time (it was prior to air conditioning). The first Hilton was built as a more affordable option (for the “average man”) to the Baker and Adolphus Hotels which catered to the wealthy. Would Paris Hilton have stayed at the first Hilton? It was designated as a Texas Historical Landmark in 1988 and also is an International Historic Landmark. The Dallas Hilton is now Hotel Indigo.
If interested in learning more, consider attending our next free “Estate Planning Essentials” workshop by calling us at (214) 720-0102 or sign up by clicking here.