Penelope Hearst was born in 1954 in San Francisco to William R. Hearst III, grandson of William R. Hearst. She was brought up in San Francisco. In 1967 her grandfather, father and uncle were killed in a plane crash, from then on Penelope was largely brought up by her great uncle, David R. Hearst, and a series of carers. In 1972 Penelope (Penny) went to study at the University of Ontario. By this time Hearst was 24 and had inherited her share of the family business. She remarried, and supported the Reagan administration.