Richard Hilton is an American businessman, broker, and investor who is the co-founder of the Beverly Hills-based real estate brokerage firm named Hilton & Hyland. His other ventures include Hilton Realty Investments, Rick & Hilton Associates, restaurants, hotels, luxury car dealerships, and strategic investments.
By owning these many business ventures, it is only likely that Richard Hilton’s net worth is staggering. So, what is Richard Hilton’s net worth in 2023?
The American strategic investor Richard Hilton has a net worth of a whopping $350 million and it is the combined net worth of Hilton and his wife Kathy Hilton. Throughout his career, Hilton has earned a fortune and when it got merged with the net worth of Kathy, his financial status became much more impressive. But still, many want to know how exactly Richard Hilton made this sum.
Where Did Richard Hilton Make His Money?
It is only obvious to learn about Richard Hilton’s net worth and its backstory. To begin with, he joined a real estate banking firm, Eastedil Secured in New York. There, he was well known for his skill in securing the participation of institutional investors and other transactions.
So, since he had specialized, Hilton resigned from there and formed a commercial real estate company, Hilton Realty Investment in 1984. Following that, he began to step from one venture to the other and almost each of his startups ended up in success. Therefore, he became a multimillionaire in a short span.
In 2007, Hilton Hotels Corporation was sold to the Blackstone Group for an astounding $26 billion and therefore, the sale is considered an extraordinary one. It was the second-largest sale ever made by the corporation.
In 2022, the annual gross profit of Hilton for its worldwide holdings was $7.774 billion, which was over a 50% increase from 2021. In 2021, the worldwide holdings annual gross profit of Hulton was $5.109 billion, which was again a 38% increase from 2020.
Richard Hilton’s Net Worth Growth
|Year||Estimated Net Worth||Factors Contributing to Richard Hilton’s Net Worth|
Confounding the real estate brokerage firm named Hilton & Hyland
|1990||$30 million||In addition to success in Hilton & Hyland, Hilton also founded real estate investment and Rick Hilton & Associates.|
|2000||$100 million||Expansion of his real estate and investments, Hilton & Hyland as well as founding of Hilton Realty Investments.|
|2010||$250 million||Further expansion of the real estate brokerage and involvement in other businesses including restaurants, car dealerships, and hotels.|
|2023||$350 million||Continued expansion of Hilton & Hyland, involvement in real estate investments, and strategic investments.|
Richard Hilton Early Life
Richard Hilton was born to father Barron Hilton and mother Marilyn June on August 17, 1995. He was the sixth of eight children they had. Hawley Anne Hilton, William Barron Hilton, Steven Michale Hilton, Sharon Constance Hilton, David Alan Hilton, Ronald Jeffrey Hilton, and Daniel Kevin Hilton are the six siblings he has.
The family was already wealthy as his grandfather, Conrad Hilton was the founder of the Hilton Hotel, which was running successfully by the time he was born. Indeed, the family is widely popular for the Hilton Resort Groups & Hotels. Interestingly, their wealth has named them one of the most powerful families in the world with a total worth of $14.2 billion.
After Hilton’s grandfather’s death, 97 percent of the estate and 13.5 million shares of the hotel corporation stock were handed over to Conrad N. Hilton Foundation. The charity was established by himself in 1944.
After Hilton grew up, he was sent to the University of Denver to acquire his degree, and in 1978, he graduated with a degree in hotel and restaurant management.
Richard Hilton Career
Hilton kickstarted his career by joining one of the popular real estate investment banking firms, Eastdil Secured. After gaining the required experience under the firm, he went on to form his commercial real estate, Hilton Realty Investment in 1984 and acquire its broker license the next year.
Hilton, who co-founded the real estate firm, Hilton & Hyland with his friend Jeffrey Hyland, received its corporate license in the early 90s. Its 106 salespeople included many famous artists such as “Million Dollar Listing” actors Josh Altman and Chad Rogers, Richard Zanuk’s daughter-in-law Marisa, and Anne Heche’s ex-husband Coleman Laffoon.
The real estate brokerage firm specializes in estates and homes across Beverly Hills, Hollywood Hills, Pacific Palisades, Bel-Air, Holmby Hills, Brentwood, Malibu, San Diego, and Santa Barbara. Brentwood Country Estates were one of the successful estates formed by the duo.
In 2006, Hilton & Hyland partnered with Williams and Williams to enter the real estate market. The first groundbreaking deal knocked on Hilton & Hyland’s door in 2011, when they received a $3 million commission by selling the luxurious estate of Aaron Spelling to Petra Ecclestone. In 2013, the estate firm acquired over $2 billion in sales.
In 2010, he further expanded Hilton and Hyland and got involved in businesses such as car dealerships, hotels, and restaurants.
Apart from being an astounding realtor and businessman, Hilton had also bagged a few bucks by producing a few television series and crime dramas including I Want to be a Hilton, Paris Hilton’s My New BFF, and The World According to Paris.
Richard Hilton Personal Life
Hilton married Kathy Avanzio on Nov. 24, 1979. So they have been together for the last 44 years. By now they have four children including Paris Hilton, Nicky Hilton, Barron Hilton, and Conrad Hughes Hilton as well as three grandchildren.
Currently, Hilton is residing in the Bel Air neighborhood of Los Angeles with his wife Kathy.
Richard Hilton Real Estate
The power couple Hilton and Kathy spent a whopping $3.385 million to buy a 3-acre sprawling property in the heart of Hampton in 1999. Ever since, they have been renting the property for $300,000 to $400,000, particularly during the summer seasons.
In 2014, the pair gladly paid $9.2 million for an expensive mansion in Bel Air. Last but not least, Hilton and Kathy paid over $2.5 million to get an apartment in the Pierre Hotel in New York City.