12/27/2007 at 08:35 AM EST
'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."
Hilton has eight children and numerous grandchildren in addition to the 26-year-old celebrated Beverly Hills socialite.