Barron Hilton Pledged 97 Percent of His Wealth to Charity; What Was His Net Worth?

Barron Hilton's net worth

Barron Hilton was an American businessman, philanthropist, and socialite. He was the chairman, president, and chief executive officer of Hilton Hotels Corporation and chairman emeritus of the Conrad N. Hilton Foundation. At the time of his death in 2019, his net worth was estimated to be $4.5 billion.

What were Barron Hilton's sources of income?

Initially rejecting his father's offer to join the family hotel business, Barron pursued his passion for aviation, earning his twin-engine rating at the University of Southern California Aeronautical School after his wartime discharge.

He worked with several companies, including the Los Angeles-area distributorship of Vita-Pakt Citrus Products and the co-founding of MacDonald Oil Company. Moreover, he established Air Finance Corporation, one of the nation's pioneering aircraft leasing businesses.

In 1959, Barron ventured into the American Football League (AFL), accepting Lamar Hunt's offer for the Los Angeles franchise. Barron named his team the Chargers. Despite challenges in competing with the well-established NFL, he played a crucial role in the AFL-NFL merger in 1966, leading to the creation of the Super Bowl. In 1966, he sold the Chargers for $10 million.

Barron was elected as Vice President, gradually ascending to the positions of President and CEO. His visionary move to invest in Nevada casinos in the 1970s, acquiring what would become the Las Vegas Hilton and the Flamingo Hotel, proved successful.

By 1972, these ventures contributed a substantial 45% to the company's income, positioning Hilton Hotels as a major player in the industry. Barron was able to foresee Las Vegas as the future entertainment capital, subsequently launching the Conrad International and Hilton Garden Inn brands. In 2005, he acquired Hilton International and sold Hilton Hotels Corporation to The Blackstone Group in 2007 for a remarkable $26 billion.

Hilton family fortune

The Hilton family fortune faced a critical juncture upon the death of Conrad Hilton in 1979. With 97% of his estate going toward his charity, the Hilton family was losing its control and influence. Barron was tasked with deciding to purchase the shares or cede control. Legal battles ensued, and after a protracted court dispute, a settlement was finally reached. Barron emerged with 4 million shares, securing the family's continued influence over the Hilton enterprise. He eventually sold the Hilton to the private equity giant Blackstone.

Barron Hilton's personal life

In 1947, at the age of 20, Barron married Marilyn June Hawley, and their marriage lasted until her passing in 2004. Together, they had eight children and fifteen grandchildren, including well-known personalities like Paris and Nicky Hilton.

Barron's love for aviation remained a constant throughout his life. Operating a small fleet of aircraft, he continued to pilot planes until the age of 84. He even hosted the Barron Hilton Cup, a globally recognized glider competition, from 1980 to 2009. He was awarded the prestigious FAI Gold Air Medal by the Fédération Aéronautique Internationale in 2009. In 2010, The Smithsonian National Air & Space Museum honored him by naming an exhibit after him – the Barron Hilton Pioneers of Flight Gallery.

Tragically, in 2019, Barron passed away at his Los Angeles home. Before his demise, he had made a significant philanthropic pledge in 2007, deciding to leave 97% of his estate to the Conrad N. Hilton Foundation, which otherwise would have gone 30 years earlier, had he not contested his father's will.

FAQs

What led to the adjustment in Barron Hilton's will in 2007?

In 2007, Barron Hilton adjusted his will to leave 97% of his estate to the Conrad N. Hilton Foundation, redirecting the family fortune away from his heirs due to concerns about the tarnishing of the Hilton name.

What was Barron Hilton's role in the AFL?

Barron Hilton accepted Lamar Hunt's offer to purchase the Los Angeles franchise in the American Football League (AFL). He played an important role in the formation of the AFL-NFL merger, contributing to the creation of the Super Bowl.

Was Barron Hilton a pilot?

Barron Hilton earned his pilot's license at the age of 17. He served as a photographer in the Navy during World War II and later hosted the Barron Hilton Cup, a renowned glider competition.