Paris Hilton loses inheritance, to the tune of $60m

[OutThere]

Paris's Daddy was not rich. He was a real estate broker.

A real estate broker in beverly hills.

est net worth: $300 million

http://en.wikipedia.org/wiki/Richard_Hilton

 

[megfilmworks]

A real estate broker in beverly hills.

est net worth: $300 million

Now he may be worth that (although that figure is unconfirmed), but he was not that well off when Paris was a little girl. This I know. If you had a few million 20 years ago, I would hope you would have 10 to 20 times that today.
If not then you are not very good with money. He had a small trust and made his money himself. This post starts with how Grandad cut little Paris off.
He has always been stingy!! Most very wealthy men do not leave much money to their children as they know it causes failure.
And I hate to say it but 300 million today just doesn't go as far as it used to.

 

[GFLPraxis]

And I hate to say it but 300 million today just doesn't go as far as it used to.

That's just ridiculous. If I had $1 million I'd buy a $200,000 house and put $800,000 in the bank and live off the interest (at 3% interest it's 24k a year, with no monthly payments that's plenty), maybe working part time or doing hobby work (writing books or journalism, or art or something).

$4 million in the bank could easily give me a five-digit-interest salary, allowing me to live quite nicely and never work again unless I was doing it for fun.

$300 million is more than anyone should ever need (at least during this decade, till inflation makes $300 million the price of a sandwich).

 

[yg17]

Paris has earned more than 20 million in the last few years on her own; TV, product line development, endorsements.
I think she would rather earn than inherit. Wouldn't you?
She was never an heiress living in a mansion...that was just the spin the media gave her. She had a pretty normal upper middle class life. And if you knew the history of Nicole you would be very sympathetic to her as well.
Don't read the rags get the true facts!!

And 19 million of that was probably spent on coke, booze and lawyers

 

[megfilmworks]

That's just ridiculous. If I had $1 million I'd buy a $200,000 house and put $800,000 in the bank and live off the interest (at 3% interest it's 24k a year, with no monthly payments that's plenty), maybe working part time or doing hobby work (writing books or journalism, or art or something).

$4 million in the bank could easily give me a five-digit-interest salary, allowing me to live quite nicely and never work again unless I was doing it for fun.

$300 million is more than anyone should ever need (at least during this decade, till inflation makes $300 million the price of a sandwich).

If you find a $200,000 dollar house, let me know.
And most people who have a lot of net worth are tied up in huge projects,
it's not personal money. Besides, it was a joke.

 

[Counterfit]

Paris has earned more than 20 million in the last few years on her own; TV, product line development, endorsements.

I don't know if selling the rights to your name to a pair of clubs for $2m and a Ferrari really counts as "earning", especially if you only have to show up twice a year.

 

[rdowns]

Maybe, but it pays to have the facts. Try resources other than Extra and Star.
The dog quote, thought....that is a funny thought!!

I get all my Paris news from MR and that's enough thank you very much.

I might head over to the Site and Forum Feedback and request a new sub-forum called American Skank Hos. Paris Hilton, Nicole Richie, Lindsay Lohan, Brittney Spears and the rest of them. No wonder the world hates us.

 

[synth3tik]

The best thing people can do for themselves, Hilton, and everyone else is to just forget this scank exists.

 

[rhsgolfer33]

If you find a $200,000 dollar house, let me know.

Yeah, me too, out here you can't even buy a box to live in for $200,000. And you could live off of $24,000 a year? Even without a house payment that's not very much money, I proably spend that a third of that in one year on gas, car insurance, and maintaining the car. Even without house payments I proably couldn't live off of less than $50,000 a year.

 

[SMM]

That's just ridiculous. If I had $1 million I'd buy a $200,000 house and put $800,000 ...snip..

You look like a nice chap, so I will offer some advice, be sure to enlist a professional for your financial planning. Based on your post, it appears you have an unrealistic view of what it would take to retire in today's America. I will concede there are different lifestyles, and you may be considering something quite humble.

I am drawing near retirement, and went through a retirement planning analysis over twenty years ago. To retire at 55, and live a comfortable retirement, I needed:

1) Home paid for
2) No consumer debt
3) Annual retirement income of > $65,000
4) 2-3 M in deferred compensation, 401Ks, IRAs, traditional post-tax investments

It is never too young to begin a retirement plan. I always encourage young people to get started on this as soon as they can.

 

[SkyBell]

Yeah, me too, out here you can't even buy a box to live in for $200,000. And you could live off of $24,000 a year? Even without a house payment that's not very much money, I proably spend that a third of that in one year on gas, car insurance, and maintaining the car. Even without house payments I proably couldn't live off of less than $50,000 a year.

Out here, $200,000 will buy you a @#$^ing mansion. Condo's out here regularly go for $30,000, 60 tops.

 

[GFLPraxis]

If you find a $200,000 dollar house, let me know.
And most people who have a lot of net worth are tied up in huge projects,
it's not personal money. Besides, it was a joke.

Do you live in some super-expensive area in California?

I live in a 5000 square foot house with 6 bedrooms, 3 bathrooms, a laundry room, an acre property, a rec room, family room, and living room. Property valued at $250,000.

(Parent's house)

I'd be perfectly content with half that for myself.

Yeah, me too, out here you can't even buy a box to live in for $200,000. And you could live off of $24,000 a year? Even without a house payment that's not very much money, I proably spend that a third of that in one year on gas, car insurance, and maintaining the car. Even without house payments I proably couldn't live off of less than $50,000 a year.

Depends entirely on the area. Where I live, 50k a year would make you fairly comfortable, and a decent house costs around $100,000.

You look like a nice chap, so I will offer some advice, be sure to enlist a professional for your financial planning. Based on your post, it appears you have an unrealistic view of what it would take to retire in today's America. I will concede there are different lifestyles, and you may be considering something quite humble.

I am drawing near retirement, and went through a retirement planning analysis over twenty years ago. To retire at 55, and live a comfortable retirement, I needed:

1) Home paid for
2) No consumer debt
3) Annual retirement income of > $65,000
4) 2-3 M in deferred compensation, 401Ks, IRAs, traditional post-tax investments

It is never too young to begin a retirement plan. I always encourage young people to get started on this as soon as they can.

Oh, you're right, I doubt it would get me to retirement. My point was that a million could get you buy for a while, depending on where you lived. Like I said, $24k with no bills...that's not a mansion life. I also said part time work would be necessary.

Regardless, I don't plan to get $1 million and retire and live off the interest I'll definitely be using a 401k and planning it out professionally (I'm still in college so I haven't started yet). I was just pointing out that $1 million is a huge sum of money. Live in an area with low property values and it can go a loooooong way on interest alone.

Thanks for the post, very informative


Right now, as a student, working as a part-time paid intern, with a paid-off-car and no house payment (parents) but paying for all other needs I'm getting by on about 12k a year...low cost of living in my area. Of course, that all goes out the window once I buy a house (which is why I'm throwing every dime I can into savings! )

 

[KD7IWP]

Way to go grandpa

 

[Doctor Q]

If she needs money, she can always apply to the Conrad N. Hilton Foundation for a research grant.

 

[yg17]

I hear she's recording a new album, I'm sure that will more than secure her future.

 

[mpw]

...WTF is $60m she will not get in the years to come, nothing.

According to my calculations it'll be around $60m.

I personally feel that society would benefit from all rich families giving their fortunes to charity instead of passing it on to their children. All children should be raised to make their own life and not just live off Daddy's riches.

So who does gets the money from the charity? Why shouldn't they be expected to work for it?

Do you live in some super-expensive area in California?

I live in a 5000 square foot house with 6 bedrooms, 3 bathrooms, a laundry room, an acre property, a rec room, family room, and living room. Property valued at $250,000...

Cheapest I could find here was a 350sq ft, 1bed aparment at $266,000.00

 

[GFLPraxis]

Cheapest I could find here was a 350sq ft, 1bed aparment at $266,000.00

Glad I don't live where you do then

 

[katie ta achoo]

This makes me happy.

Bahahaha!

Yeah, she will still have more money than I'll ever see, but... HAH! Now you have to get a gold-PLATED toilet instead of a solid-gold one. Hah HAH!

 

[mpw]

Glad I don't live where you do then

I bet you are, I can't even afford the 1bed place I was talking about

 

[KristieMac]

I was feeling a bit down before I read this. I feel a bit happier now.

 

[sushi]

If she needs money, she can always apply to the Conrad N. Hilton Foundation for a research grant.

LOL. The images that come to mind!

 

[solvs]

Do you live in some super-expensive area in California?

That's funny. You can't buy a 1 bedroom condo for $200,000 here. Not all of CA is that bad, and it's much cheaper elsewhere I know, but S. CA = expensive. There's a million dollar home in an area that isn't even that ritzy near where I work. Single story, 3 bedroom, 2 bath. Other's are near as bad. Check it out:

http://losangeles.craigslist.org/rfs/

Paris is going to miss that $60m in this area, even with the new "album".

 

[invasian]

It looks like the news story was just a hoax...

http://www.tmz.com/2007/07/30/paris-not-being-locked-out-of-hotel-fortune/

 

[ModestPenguin]

I do hope this is true.

I hate her.

 

[Sdashiki]

HOAX?

After the socialite was sprung from the klink, she spent a few days at grandpa Hilton's family compound in Beverly Hills. It's rumored that Paris stands to inherit somewhere in the neighborhood of $30 million.

Well the original article said $60m.

And just cuz you went to pappy's house doesnt mean he likes you.

While it probably is a hoax, id wait this out.