XBIZ reported the 82-year-old Raymond's death earlier this month.
His granddaughter, Fawn James, is reportedly a "blonde beauty" who attends St. Andrews University, where she is pursuing a degree in social anthropology.
James has already been named a director of several of the conglomerate's key businesses, worth at least $1.3 billion dollars — although some insiders claim that foreign assets could add billions more to the operation's total value.
James will share the inheritance with her 16-year-old sister India. Both are children of Raymond's daughter Debbie, who died from a drug overdose when India was a newborn.
Raymond saw similarities between Fawn and his daughter Debbie, and once remarked that he hoped "she doesn't turn into Paris Hilton, with lots of money prancing around."