Eighty-year-old U.S. hotel titan Barron Hilton, who is worth about $2.3 billion, has announced plans to leave the bulk of his fortune to charity.

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The decision means Hilton's children and grandchildren will inherit far less than anticipated, the New York Daily News reported Thursday.

Reality TV star and red-carpet fixture Paris Hilton, Barron Hilton's granddaughter, may only inherit $5 million instead of the estimated $100 million she was reportedly expecting.

"The whole family will be devastated, particularly (Paris' mother) Kathy," a source close to the family told the Daily News. "Some of them could be likely to contest the will -- it'll be in the courts longer than Anna Nicole Smith versus J. Howard Marshall."

Ninety-seven percent of Hilton's money is set to go into a charitable trust to benefit the Conrad N. Hilton Foundation, said officials of the foundation, which funds clean water in Africa, education for blind children and housing for the mentally ill.