Paris Hilton's billionaire grandfather has served up an early New Year's gift to charities he supports - he'll hand over 97 percent of his fortune to them upon his death.

In a statement released on Wednesday, tycoon Barron Hilton, 80, announced he'll place the windfall he receives from the recent sale of Hilton Hotels Corp. and the pending sale of the Harrah's Entertainment Inc. casino group into a charitable trust. The cash will then be handed to charity leaders through the Conrad N. Hilton Foundation, upon the billionaire's death.

The foundation supports projects that provide clean water in Africa and housing for the mentally ill. Barron Hilton's father Conrad established the foundation in 1944.

-Paris Hilton Pictures

(This news article provided by World Entertainment News Network)