Billionaire Heirs Gone Wild

Aug. 15, 2009— -- This summer NYC Prep, the reality television version of Gossip Girl, debuted on Bravo. As cameras invaded the lives of a group of some of New York City's most privileged heirs, a bad boy has emerged: PC Peterson.

PC, an aspiring actor who regularly flaunts the obvious missive "money is power," has the Internet abuzz with his diva-like behavior. His smug mug recently graced the pages of New York Magazine, which quoted him saying "people want to strive to act like an a------." In a recent episode he was seen moving chairs around, with his voice piping over the scene, "I'm not really used to manual labor."

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Looking on in horror: PC's grandfather, Peter G. Peterson. The son of Greek immigrants, the elder Peterson was Commerce Secretary under Nixon and became chairman of Lehman Brothers in 1973 before co-founding investment giant Blackstone Group with Steven Schwarzman in 1985. Last year he ranked 147th on the Forbes list of the 400 Richest Americans with a net worth of $2.8 billion. He has committed much of his fortune to philanthropy.

In his recently released memoirs, The Education of an American Dreamer, Peterson dismisses some of his former colleagues as "spoiled and ungrateful schmucks" for their obsession with money and fame. He could just as easily be referring to his own flesh and blood.

For all its benefits, inherited wealth can often be something of a curse, allowing a second or third generation accustomed to living large the freedom to pursue pastimes both noble and nefarious.

Perhaps the most scandal-plagued billionaire heir is Paris Hilton, granddaughter of hotelier William Baron Hilton. Paris vaulted to infamy in 2003 after a video featuring her having sex with her ex-boyfriend was leaked to the Internet without her permission. In 2007, she spent a short time in prison for breaking her probation agreement relating to an earlier charge of driving under the influence.