Paris Hilton has lost a substantial portion of her inheritance after her grandfather, eighty year old Barron Hilton, announced plans on Wednesday to donate ninety-seven percent of his $2.3 billion fortune to charity.

That money will be placed in a charitable trust that will eventually benefit the Conrad N. Hilton Foundation, raising its total value to about $4.5 billion, the foundation said in a statement.

Barron Hilton, chairman of the foundation, intends “to contribute 97 percent of his entire net worth, estimated today at $2.3 billion, including the created trusts, at whatever value it is at the time of his passing,” the foundation said.

Jerry Oppenheimer, who profiled the Hilton family in his 2006 book “House of Hilton,” has said Barron Hilton is embarrassed by the behavior of his sucking socialite granddaughter.

The foundation supports projects that provide clean water in Africa, education for blind children, and housing for the mentally ill. Its aims, based on Conrad Hilton’s will, are “to relieve the suffering, the distressed and the destitute.”