People Staff
December 27, 2007 AT 01:00 PM EST

Paris Hilton’s bank account won’t be as hefty in the future as she’d planned on. Her grandfather Barron Hilton, 80, has decided to allocate 97 percent of his fortune to the Conrad N. Hilton foundation, an organization created in 1944 to help the homeless find housing and safe water, among other goodwill projects, in developing countries.

According to, the son of the famous Hilton hotel chain’s founder will give $2.3 billion to the organization named after his deceased father.

The remaining three percent of the inheritance – approximately $69 million – will be divided up among Hilton family members, including Barron Hilton’s eight children and numerous grandchildren, among them Paris and Nikki Hilton. New York’s Daily News estimates that the heiress, who was originally supposed to receive $100 million, now might only see $5 million.

“I am proud to follow my father’s example,” Paris’s grandfather said in a statement of his dad Conrad.

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