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Fortune's Children: The Fall of the House of Vanderbilt
Vanderbilt: The very name is synonymous with the Gilded Age. The family patriarch, "the Commodore," built a fortune that made him the world's richest man by 1877. Yet less than fifty years after his death, no Vanderbilt was counted among the world's richest people. Written by descendant Arthur T. Vanderbilt II, Fortune's Children traces the dramatic and amazingly colorful history of this great American family, from the rise of industrialist and philanthropist Cornelius Vanderbilt to the fall of his progeny--wild spendthrifts whose profligacy bankrupted a vast inheritance.
544 pages, Paperback
First published January 1, 1989
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About the author
Arthur T. Vanderbilt II
14 books14 followersAttorney, author, avid gardener, Arthur T. Vanderbilt II served as deputy attorney general of New Jersey and is now a partner in a New Jersey law firm.
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June 29, 2024
Gives Good Examples of Greediness!
Fortune’s Children is a book about The Vanderbilts, written by a Vanderbilt descendant. Arthur T Vanderbilt is one of them.
There are 787 descendants at the time this book is written. The patriarch of the family is The Commordore. Cornelius Vanderbilt.
He is the leader of the family and was the richest man in the world and when he died he was worth $100,000,000 million dollars. Back in the days when things just cost a penny or a few dollars. So I’m sure he was worth a billion dollars or more.
He left a large sum of his money to his eldest son and then his son doubled the amount of his money.
And when his grandsons inherited their money, they and also especially their wives spent large sums of the money. Buying large expensive houses, generation after generation.
Today there are still Vanderbilts in this country, but not one of them is a millionaire. Not one. And where are all the houses? There goes greediness.
Four stars. 💫💫💫💫💫
Fortune’s Children is a book about The Vanderbilts, written by a Vanderbilt descendant. Arthur T Vanderbilt is one of them.
There are 787 descendants at the time this book is written. The patriarch of the family is The Commordore. Cornelius Vanderbilt.
He is the leader of the family and was the richest man in the world and when he died he was worth $100,000,000 million dollars. Back in the days when things just cost a penny or a few dollars. So I’m sure he was worth a billion dollars or more.
He left a large sum of his money to his eldest son and then his son doubled the amount of his money.
And when his grandsons inherited their money, they and also especially their wives spent large sums of the money. Buying large expensive houses, generation after generation.
Today there are still Vanderbilts in this country, but not one of them is a millionaire. Not one. And where are all the houses? There goes greediness.
Four stars. 💫💫💫💫💫
December 15, 2016
3.5 Stars
Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants.( Benjamin Franklin)
The very name Vanderbilt is synonymous with the Gilded Age. The family patriarch, "the Commodore,” built a fortune that made him the world's richest man by 1877. Yet, less than fifty years after his death, no Vanderbilt was counted among the world's richest people.
I love books on the gilded age and was delighted to get my hands on a copy of this one as it is a very detailed account of the fall of the House of Vanderbilt. I had visited Newport some years ago and did a tour of some of the Mansions and the Marble House and the Breakers were among them which were built by the Vanderbilt family.
I really enjoyed the read and first third of the book deals with " The commodore" and how he managed to build his fortune and the remainder of the book focus on the his decedents and how they managed to squander millions.
The book is very well researched and written wih a numerous photographs, notes, bibliography and Index.
I loved reading about The Commodore (Cornelius Vanderbilt) and how he built up his fortune to make him the world's richest man by 1877. The book is very detailed and we are introduced to several key members of the Vanderbilt family and learn about their marriages how they squandered the fortune that Commodore built up.
By the end of the book I was exhausted reading about the opulence and the dreadful waste and greed of this family. The book does become quite repetitive and I think it could have been slimmed way down by at least 100 pages and it would have had much more an impact on me.
Having said that I did enjoy the read and although it was a bit of slog it is certainly interesting and satisfied my curiosity about the Vanderbilt family.
Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants.( Benjamin Franklin)
The very name Vanderbilt is synonymous with the Gilded Age. The family patriarch, "the Commodore,” built a fortune that made him the world's richest man by 1877. Yet, less than fifty years after his death, no Vanderbilt was counted among the world's richest people.
I love books on the gilded age and was delighted to get my hands on a copy of this one as it is a very detailed account of the fall of the House of Vanderbilt. I had visited Newport some years ago and did a tour of some of the Mansions and the Marble House and the Breakers were among them which were built by the Vanderbilt family.
I really enjoyed the read and first third of the book deals with " The commodore" and how he managed to build his fortune and the remainder of the book focus on the his decedents and how they managed to squander millions.
The book is very well researched and written wih a numerous photographs, notes, bibliography and Index.
I loved reading about The Commodore (Cornelius Vanderbilt) and how he built up his fortune to make him the world's richest man by 1877. The book is very detailed and we are introduced to several key members of the Vanderbilt family and learn about their marriages how they squandered the fortune that Commodore built up.
By the end of the book I was exhausted reading about the opulence and the dreadful waste and greed of this family. The book does become quite repetitive and I think it could have been slimmed way down by at least 100 pages and it would have had much more an impact on me.
Having said that I did enjoy the read and although it was a bit of slog it is certainly interesting and satisfied my curiosity about the Vanderbilt family.
June 10, 2020
Most people would envy great wealth but it can also bring great extravagance,personal tragedy and ruined lives.
The way the House of Vanderbilt squandered its great fortune on useless and totally pointless projects makes for an absorbing story which reads like a novel.
It was not money they earned,they just inherited it,thanks to the family patriarch,"the commodore".He had become one of the world's richest men,by 1877,rising from humble beginnings,and using all means fair,and foul to amass a fortune.
His descendants were more concerned with lavish spending and ostentatious displays of that wealth.The great fortune was squandered,rather quickly.
They had to outdo everyone,in the quest to have something more and something bigger.One example is the huge mansions built by them,which were used just for a year !
If ever proof was needed that more money does not buy greater happiness,this book provides it.
The way the House of Vanderbilt squandered its great fortune on useless and totally pointless projects makes for an absorbing story which reads like a novel.
It was not money they earned,they just inherited it,thanks to the family patriarch,"the commodore".He had become one of the world's richest men,by 1877,rising from humble beginnings,and using all means fair,and foul to amass a fortune.
His descendants were more concerned with lavish spending and ostentatious displays of that wealth.The great fortune was squandered,rather quickly.
They had to outdo everyone,in the quest to have something more and something bigger.One example is the huge mansions built by them,which were used just for a year !
If ever proof was needed that more money does not buy greater happiness,this book provides it.
May 3, 2018
This book proved to me that writing a review in which you can't stand the characters is not easy. This is the history of the rise and fall of the Vanderbilt dynasty and the absolutely idiotic squandering of money just because they had it. Each branch of the family tried to outdo the others and it became a race to see who could have the biggest, the best, and the most. The writing is not bad (the author is the son of the man who built the still extant Biltmore House in Asheville, NC.) but the excesses are almost beyond belief. I hate to admit that it kept me interested to a point but I certainly was no fan of the players. Proceed at your own risk!!
December 24, 2016
Reading this book reminded me of a game of Monopoly. The dynasty of the Vanderbilts began in 1784 with the Commodore, and 100 years after his death, his wealth had been divided among 787 descendants, making it practically worthless. This was against his wishes. He wanted to keep his wealth concentrated in one generation, similar to primogeniture.
By the time his grandsons inherited, this wish had been broken.
But what was fascinating about this book was the importance the females had during the Gilded Age. The males weren't the leading personalities. The distaff line produced the headlines. Alva, Alice, Gertrude, Gloria-all of these women are easily identified.
Young Gloria's terrifying custody battle closes the book. It makes an easy segue way into The Rainbow book she wrote last year with her son, Anderson Cooper.
I really enjoyed this book. I learned much about this family consisted American royalty.
By the time his grandsons inherited, this wish had been broken.
But what was fascinating about this book was the importance the females had during the Gilded Age. The males weren't the leading personalities. The distaff line produced the headlines. Alva, Alice, Gertrude, Gloria-all of these women are easily identified.
Young Gloria's terrifying custody battle closes the book. It makes an easy segue way into The Rainbow book she wrote last year with her son, Anderson Cooper.
I really enjoyed this book. I learned much about this family consisted American royalty.
March 9, 2013
The book profiles the Vanderbilt heirs. The first chapter, obligatorily about the Commodore, is a tale often told, most recently in The First Tycoon: The Epic Life of Cornelius Vanderbilt. which led me to this 1989 book. The following chapters describe children, grandchildren, great-grandchildren and a few great-great-grandchildren. The female scions, who are essentially disinherited, are dropped right away, as are the Commodore's son Cornelius and his progeny. There are a few tales of some high profile disinheritances.
The writing takes the reader into the society of Gilded Age with its lavish houses and parties. The descriptions of other major players such as Mrs. Astor, Mrs. Fish, the Lehr's and Ward McAllister are interesting, but I'd rather have had the space devoted to more on the Vanderbilts.
One chapter is devoted to Alva (a Vanderbilt for only 20 years) who brought this socially shunned family into society by building the most lavish homes and throwing the most lavish parties. Her sad mother-daughter story appears in several places throughout the book. For more on this relationship I recommend Consuelo and Alva Vanderbilt: The Story of a Daughter and a Mother in the Gilded Age.
The sub-title implies that the Vanderbilt wealth is gone, as does the discussion at the end. This is not entirely proved since not all Vanderbilts are covered, and not all who are covered are followed up on. The Biltmore, while not a residence, and is now shrunk to 8,000 acres, is still in the contol of Vanderbilt heirs. There are some females, such as Gertrude, who joined their inheritances (modest in Vanderbilt terms) through marriage creating new assets that probably continue to produce great wealth today. The Commodore's plan to keep the wealth together in the male (named) line clearly did not pan out. The Commodore could have never envisioned Doris Duke The Richest Girl in the World: The Extravagant Life and Fast Times of Doris Duke. another outsider to Society, who kept the Duke tobacco and energy fortune together through equally turbulent times.
The book is a good read. The writer, Arthur T. Vanderbilt, makes it flow. He never discloses his place in the family tree. I checked the internet and still have no clue. I did find that in 2008, this book had been optioned for a movie.
... 2013- I see that this book came out in a new edition in 2012. Now, there is a bit more info on the internet identifying the author as a distant (to those in the book) Vanderbilt cousin.
The writing takes the reader into the society of Gilded Age with its lavish houses and parties. The descriptions of other major players such as Mrs. Astor, Mrs. Fish, the Lehr's and Ward McAllister are interesting, but I'd rather have had the space devoted to more on the Vanderbilts.
One chapter is devoted to Alva (a Vanderbilt for only 20 years) who brought this socially shunned family into society by building the most lavish homes and throwing the most lavish parties. Her sad mother-daughter story appears in several places throughout the book. For more on this relationship I recommend Consuelo and Alva Vanderbilt: The Story of a Daughter and a Mother in the Gilded Age.
The sub-title implies that the Vanderbilt wealth is gone, as does the discussion at the end. This is not entirely proved since not all Vanderbilts are covered, and not all who are covered are followed up on. The Biltmore, while not a residence, and is now shrunk to 8,000 acres, is still in the contol of Vanderbilt heirs. There are some females, such as Gertrude, who joined their inheritances (modest in Vanderbilt terms) through marriage creating new assets that probably continue to produce great wealth today. The Commodore's plan to keep the wealth together in the male (named) line clearly did not pan out. The Commodore could have never envisioned Doris Duke The Richest Girl in the World: The Extravagant Life and Fast Times of Doris Duke. another outsider to Society, who kept the Duke tobacco and energy fortune together through equally turbulent times.
The book is a good read. The writer, Arthur T. Vanderbilt, makes it flow. He never discloses his place in the family tree. I checked the internet and still have no clue. I did find that in 2008, this book had been optioned for a movie.
... 2013- I see that this book came out in a new edition in 2012. Now, there is a bit more info on the internet identifying the author as a distant (to those in the book) Vanderbilt cousin.
April 18, 2019
This is very readable, interesting, ironic, funny and page turning.
Extreme wealth is wasted on the descendants who don't quite seem to match the family founder, even if they make more money.
The founder of the family, Cornelius Vanderbilt the first, was uneducated and from a wealthy enough family that his mom was able to give him $100.00. In the 1850's that's roughly equivalent to $3100.00. Yet at that period in the USA there was as much a trade as a cash economy. Many working class whites, free blacks, and various POC weren't paid in cash, but in trade or board, etc. So Cornelius came from a well off, stable family with extra cash on hand. It's not surprising that given his work ethic, toxic frugality, stinginess combined with immoral business practices he became the wealthiest man in the US. He was so cheap he didn't even financially support his children, his wife worked at one of his businesses and paid for the growing brood herself. He stole from his daughter as well as other women who asked him to invest money for them. He's horrid and became wealthy through shady business practices, most of which are now illegal.
This was during a period, similar to the one we are currently living in. Where the extremely wealthy impoverish their employees, creating massive inequities. This was at one time limited by federal policy. This type of extreme, unchecked greediness causes economic depression and instability. Yet, our undemocratic system has allowed the wealthy few control of the government.
This is as much about the wives married to Vanderbilt sons. Much less about Vanderbilt daughters who marry outside of the family.
The houses were ridiculous, Marble House is obscene though gorgeous. Each generation becomes better at spending than earning. Soon it's gone, lol.
Extreme wealth is wasted on the descendants who don't quite seem to match the family founder, even if they make more money.
The founder of the family, Cornelius Vanderbilt the first, was uneducated and from a wealthy enough family that his mom was able to give him $100.00. In the 1850's that's roughly equivalent to $3100.00. Yet at that period in the USA there was as much a trade as a cash economy. Many working class whites, free blacks, and various POC weren't paid in cash, but in trade or board, etc. So Cornelius came from a well off, stable family with extra cash on hand. It's not surprising that given his work ethic, toxic frugality, stinginess combined with immoral business practices he became the wealthiest man in the US. He was so cheap he didn't even financially support his children, his wife worked at one of his businesses and paid for the growing brood herself. He stole from his daughter as well as other women who asked him to invest money for them. He's horrid and became wealthy through shady business practices, most of which are now illegal.
This was during a period, similar to the one we are currently living in. Where the extremely wealthy impoverish their employees, creating massive inequities. This was at one time limited by federal policy. This type of extreme, unchecked greediness causes economic depression and instability. Yet, our undemocratic system has allowed the wealthy few control of the government.
This is as much about the wives married to Vanderbilt sons. Much less about Vanderbilt daughters who marry outside of the family.
The houses were ridiculous, Marble House is obscene though gorgeous. Each generation becomes better at spending than earning. Soon it's gone, lol.
August 4, 2022
Finally after almost 2 months, I brought my curtain down on Fortune's Children: The Fall of the House of Vanderbilt. I took a slow reading on this, to keep track on each of them. They had a tendency to bestow namesakes to their newborns. It was also to make a rounded picture; on how descendants of Cornelius 'The Commodore' Vanderbilt; lost the greatest family fortune in America.
This is a dry book without much warmth. Since, the earlier Vanderbilt was an aloof and distant family, the writing style reflecting the family quite well.
So, where the author stands within the family? He is a distance kin; not a direct descendant of The Commodore. Both shared a common ancestor, Jan Aertsen van der Bild 1627-1704 who arrived in this country at 1650 and resided in Flatbush, Long Island. The latter's grandson, Jacob Jr (The Commodore grandfather), started the family's Staten Island branch in 1718 when he bought a farm there. Meanwhile, author's branch settled in New Jersey; for several generations predated the Revolutionary War. The most notable was, his grandfather and namesake Arthur T. Vanderbilt (1888-1957); the Chief Justice of New Jersey Supreme Court.
Author's interest on this subject began during high school years, after noticing people got impressed upon hearing his name. He got better service and treatment. But, his knowledge of his well-known relatives, came only from what's written on the textbook. His own parents never shared anecdotes about the famous fortune and acted like it never exist. Even his Vanderbilt's relatives knew nothing about it. Probably because the clan was so dispersed. (This was during the day before the internet; prior to the publication of this book in 1989.)
During the author's research for materials of the book, he felt amazed at the extent of wealth, held by the dynasty. The Commodore himself worth $105m; the richest man in America. Much more than amount held by the United States Treasury in 1877. 6 years after inherited $95m, his son William Henry (Billy) managed to more than doubled his wealth to $194m in 1883.
I agreed with the author's that Billy was greatly misconstrued by the media then. He differed in business modus operandi from his father. He trusted his men and sought their advice. A team player, he delegated tasks. He was a peacemaker and accommodated his business rivals. Unlike his father who ruined them. He proud of quality services provided by his companies. (Unlike his father.) He cared for the welfare of his staff. He did help others quietly without fanfare.
But it was Billy, being labelled by the media as the ultimate model of robber baron. Which I felt he didn't deserve.
The Commodore's saying had became true. There's a hell to pay after his death.
Billy was aimed by his business enemies, competitors, legislators etc. The interview with Chicago Tribune in October 1882 opened the floodgate. The quote of 'The Public Be Damned' became the united battlecry for politicians, preachers, media and public in condemning the excess of large corporations and capitalism.
My opinion (based on the excerpt); he must had been provoked, IF he really said that. Also, it had been taken out of context and sensationalized by media to sell their newspapers. Even now, there's some doubt on whether he really uttered that quote.
As the key service provider to the main mode of transportation for that period, Vanderbilt's position was extremely influential. It was not only in connecting people. They could flourish or ruin other businesses. Merchants depended on them. Rural farmers need it to transport fresh produce. Consumer good manufacturers used railroads to reach various distribution lines in order to supply public demands. Any disruption on service affected the public in so large a scale. That's how powerful their position. The Vanderbilt were on top of this. As the king of railroads.
As much as they were among titans of industries; they were not accepted into the New York 400 high society, so carefully guarded by Caroline, The Mrs Astor. They were considered nouveau riche; with objectional elements.
It was in search for this social recognition that prompted Alva, Mrs William K Vanderbilt (3rd generation) into building the iconic Indiana limestone mansion with French Renaissance style on 660 Fifth Avenue by Fifty Seventh Street. It was design to startle and to impress.
Still the door remained closed to the Vanderbilt. Alva; who traced her ancestors back to a Scottish aristocracy couldn't stand this.
Alva had Mrs Astor checkmated when she decided to hold a fancy dress ball to officially open her new mansion on one Monday evening on 26 March 1883. The guest of honour was Consuelo, Viscountess Mandeville (later Duchess of Manchester), her best friend.
For New York high society, Monday evenings were always reserved for Mrs Astor. It was the time she will host her social events. The Patriarch Ball, reception, musicales, dance, opera night etc.
It's an open challenge to Mrs. Astor's reigns as the Queen of New York society.
1200 invitations had been issued to the crème de la crème. Excluding Mrs Astor of course. Who among them could resist to see how splendid and majestic the interior of 660 looked liked?
The social arbiter Ward McAllister advised her friend that Vanderbilt's time had inevitably arrived. It's time to accept them, to resist no longer. Therefore, Mrs Astor went to Alva mansion and presented her calling card.
That's the society's rule. She's obliged to send her calling card personally to signify introduction and acceptance into her community. Her exclusion from the ball will carry some social prospect implications to her daughter Carrie Astor. The satisfied Alva sent 'the very last invitation card' by the next day.
The ball marked the Vanderbilt's triumphant entry into the high society and recognitions from their peers. It changed everything for them.
5 weeks later, Billy resigned as chairman of all his railroad businesses and appointed his sons (and some professionals) to fill in his shoes. He belief that his children will need more money in order to maintain their new social positions.
It's not wrong to say, Alva started the trend of enormous spending spree and grandiose display of wealth within the family. Previously Vanderbilts were content to live quietly.
If the 1st two generations managed to exorbitantly increase the family fortune, the 3rd generation were not necessarily the same case except for a few (Frederick, Mrs Twombly, & Mrs Whitney). The new head of dynasty, Cornelius II maintained it. He managed the business conservatively as accountant could be. Never expanded the empire to include new emerging industries. He never extended the scope of their railroads. In 1892, he declined an offer to takeover from the executive of Union Pacific that will offered access to transcontinental networks. What a miss of opportunity!
Surprisingly, there's little mention about Alfred Gwynne here. Except for few brief references about the settlement of inheritance with Neily and; he died during the sinking of Lusitania 1915. Why?
Alfred Gwynne emerged as the new head of the dynasty after his father indeed carried his threat to disinherit his elder brother, Cornelius III (Neily). He received the residual estate worth $43m in 1899. As the chairman of New York Central Railroad, more should be written about him. It will show where bulks of the original fortune went. What and how it went wrong. He shrunk his wealth to $26m by the time of his death.
So those few others in 4th generation. The most epic fall was his brother Reginald (father of Gloria), who squandered his whole fortune and died in debts. His estate Sandy Point Farm and other assets to be sold and auctioned off to pay debtors. That left a residual of $130k for his young widow. Luckily, he didn't touch the principle of $5m trust fund his father wisely set up. Thus, he abled to pass it up to his 2 daughters.
The author written in his introduction that NONE of 120 attendees of the 1st family reunion held in Vanderbilt University 1973 were millionaire. It is understandable that the original fortune had been diluted in some branches of the family. Afterall, each heir/heiress didn't receive the equal amount of inheritance. Especially Commodore's daughters.
Nevertheless, I took it with a pinch of salt. There's 592 descendants still living that year. Attendees only accounted for roughly 20%. 80 of them were direct descendants, while 40 were marrying into the family. I felt it was not exactly an accurate representation for the state of wealth of the whole clan. Gloria Vanderbilt and Carter Burden weren't there.
The reunion was organized by William H. Vanderbilt III (1901-1981), the titular head of the family. The 59th Governor of Rhode Island inherited 450 acres of Oakland Farm estate in Portsmouth, from his father Alfred Gwynne. He also received $5m trust fund upon his majority. According to John Astor (probably cousin), he managed to increase that amount by 10 times.
Surely he worth at least a million in 1973? Even after he sold the farm in 1947 and his bus service in 50s.
Or, it is because he gave away much of his wealth to various charities and causes (including Vanderbilt University) during his final years (up to 1981) that he no longer had a million in his name?
According to Peter O Wilde, who attended the reunion and quoted by NY Times; "Not ALL Vanderbilt are extremely wealthy. SOME of them had to work for a living".
* O Wilde is a great great grandson of Billy. He was a real estate consultant and teached at Harvard Business school.
Based on above, it also meant SOME of them were also quite rich. Though not extremely wealthy to make it into the richest list. Probably self-made. Not through inheritance. That's why it didn't count. They were tracing the residue of the original inheritance left by The Commodore and Billy.
I stand corrected on this, okay?
There's one glaring difficulty in reading this book. The author didn't provide MORE social and economic context when Vanderbilt's mansions on Fifth Avenue sold and demolished. Besides stating the neighbourhood became a more of a business district, outrageous spending, and taxes eat much of their income.
That's important, at least to me. It could provide more rounded picture on why, all Vanderbilt's mansions fated to fall down.
There's a probability of empty nest, evolving residential trends and lifestyles. Apartments and townhouses sprawling nearby could become a preferable choice for their younger generations. With less maintenance and less tax. Balls could be held in a grand hotel like Waldorf Astoria. The necessities to live in a huge mansion, on a fast changing neighbourhood landscape were no longer there.
Were it also due to a very slow economic and business recovery post Great Depression? Or, railroad business became less competitive, therefore less dividend?
My feeling is, these mansions could be renovated to become palatial hotels. The monumental structure, the majestic setting, opulence interiors had all characteristics of a grandeur hotel. It will fitted nicely with the incoming facade of Fifth Avenue as business district. Since railroad business was on decline, they could switch to hospitality business. It's on my mind why not this course being taken. At least, it weren't discussed on this book.
The last Vanderbilt's mansion on Fifth Avenue was 640. It's where Grace Vanderbilt, the reigning Queen of New York society lived and entertained her guests. (She was recognised as such by Wilhelm II, the German Emperor no less!) See trivia no 5. If she had a choice and money, surely she will do everything in her power to ensure 640 will remain standing. I don't think she will object to tourist and passerby gawking at the outside of her mansion taking photos. She loved crowds. She thrived in it.
This book has an good amount of sourced facts, anecdotes and gossips. The footnotes are very interesting but, its located at the end of the book. List of references provided if readers wanted to explore more; on specific person or subject.
At the same time, it has a sufficient emotional distancing. Afterall, not everyone found the excess of the Gilded Age palatable.
On the whole, 5 generations of Vanderbilt dynasty provided a great example of case study. On how to get rich; how to maintain that wealth; and how to loose it.
Some trivia.
1. How stingy the Commodore could be? During his last year, his physician Dr Linsly suggested him to sip a bottle of champagne every morning. He replied that he will drink soda water instead. When suggested to use a woolen blanket; The Commodore commanded his wife to buy a bale blanket. The reason? He said he couldn't afford it. Mindboggling.
2. Alva's 1883 Fancy Dress Ball that costed $250k lasted until the sunrise the next morning. To the amazement of passerby who was on the way to work and school, upon looking at the departured guests. Alva dressed as a Venetian Renaissance princess. Mrs Astor came very heavily bedecked by gems and diamonds. Some opinionated that, she wore every jewelleries she owned. While evening dress was prohibited to those invited, Billy as her father in law and the world richest man could wear whatever he wanted. He was in his formal black evening clothes. So did his friend who happened to be the 18th POTUS Ulysses A. Grant.
3. To give Consuelo a perfect posture and a stately walk; her mother Alva devised a straight rod to run down her spine, strapped at her waist and over the shoulder. She had to write on the desk with this device attached and held her book high when reading. Want to try?
4. Do you know that Consuelo had never been the 9th Duke of Marlborough first choice of bride; on any aspects?
- In Newport, during his visit with Alva to The Breakers, he proposed to Getrude Vanderbilt. Probably sensing that Getrude's parents were much wealthier than Consuelo's. Only to be rejected outright. He proposed to Consuelo during his last day.
- After walked down the aisle and settled themselves inside a carriage, the Duke told his bride that he had to give up the woman he loved for their marriage.
- Seemed like Consuelo was his last choice to maintain the Blenheim Palace.
5. How busy was the social calendar of Grace, Mrs Cornelius Vanderbilt III? She gave small luncheon or dinner daily. Tea party every Sunday for 100 guests. Twice a week, she held a dinner party. She hosted a ball once a month.
Bored with all those and the expenses it incurred, her husband began eating alone at his soundproof laboratory and spent more time with railroad inspection tours, National Guard's duty and his yatch.
This is a dry book without much warmth. Since, the earlier Vanderbilt was an aloof and distant family, the writing style reflecting the family quite well.
So, where the author stands within the family? He is a distance kin; not a direct descendant of The Commodore. Both shared a common ancestor, Jan Aertsen van der Bild 1627-1704 who arrived in this country at 1650 and resided in Flatbush, Long Island. The latter's grandson, Jacob Jr (The Commodore grandfather), started the family's Staten Island branch in 1718 when he bought a farm there. Meanwhile, author's branch settled in New Jersey; for several generations predated the Revolutionary War. The most notable was, his grandfather and namesake Arthur T. Vanderbilt (1888-1957); the Chief Justice of New Jersey Supreme Court.
Author's interest on this subject began during high school years, after noticing people got impressed upon hearing his name. He got better service and treatment. But, his knowledge of his well-known relatives, came only from what's written on the textbook. His own parents never shared anecdotes about the famous fortune and acted like it never exist. Even his Vanderbilt's relatives knew nothing about it. Probably because the clan was so dispersed. (This was during the day before the internet; prior to the publication of this book in 1989.)
During the author's research for materials of the book, he felt amazed at the extent of wealth, held by the dynasty. The Commodore himself worth $105m; the richest man in America. Much more than amount held by the United States Treasury in 1877. 6 years after inherited $95m, his son William Henry (Billy) managed to more than doubled his wealth to $194m in 1883.
I agreed with the author's that Billy was greatly misconstrued by the media then. He differed in business modus operandi from his father. He trusted his men and sought their advice. A team player, he delegated tasks. He was a peacemaker and accommodated his business rivals. Unlike his father who ruined them. He proud of quality services provided by his companies. (Unlike his father.) He cared for the welfare of his staff. He did help others quietly without fanfare.
But it was Billy, being labelled by the media as the ultimate model of robber baron. Which I felt he didn't deserve.
The Commodore's saying had became true. There's a hell to pay after his death.
Billy was aimed by his business enemies, competitors, legislators etc. The interview with Chicago Tribune in October 1882 opened the floodgate. The quote of 'The Public Be Damned' became the united battlecry for politicians, preachers, media and public in condemning the excess of large corporations and capitalism.
My opinion (based on the excerpt); he must had been provoked, IF he really said that. Also, it had been taken out of context and sensationalized by media to sell their newspapers. Even now, there's some doubt on whether he really uttered that quote.
As the key service provider to the main mode of transportation for that period, Vanderbilt's position was extremely influential. It was not only in connecting people. They could flourish or ruin other businesses. Merchants depended on them. Rural farmers need it to transport fresh produce. Consumer good manufacturers used railroads to reach various distribution lines in order to supply public demands. Any disruption on service affected the public in so large a scale. That's how powerful their position. The Vanderbilt were on top of this. As the king of railroads.
As much as they were among titans of industries; they were not accepted into the New York 400 high society, so carefully guarded by Caroline, The Mrs Astor. They were considered nouveau riche; with objectional elements.
It was in search for this social recognition that prompted Alva, Mrs William K Vanderbilt (3rd generation) into building the iconic Indiana limestone mansion with French Renaissance style on 660 Fifth Avenue by Fifty Seventh Street. It was design to startle and to impress.
Still the door remained closed to the Vanderbilt. Alva; who traced her ancestors back to a Scottish aristocracy couldn't stand this.
Alva had Mrs Astor checkmated when she decided to hold a fancy dress ball to officially open her new mansion on one Monday evening on 26 March 1883. The guest of honour was Consuelo, Viscountess Mandeville (later Duchess of Manchester), her best friend.
For New York high society, Monday evenings were always reserved for Mrs Astor. It was the time she will host her social events. The Patriarch Ball, reception, musicales, dance, opera night etc.
It's an open challenge to Mrs. Astor's reigns as the Queen of New York society.
1200 invitations had been issued to the crème de la crème. Excluding Mrs Astor of course. Who among them could resist to see how splendid and majestic the interior of 660 looked liked?
The social arbiter Ward McAllister advised her friend that Vanderbilt's time had inevitably arrived. It's time to accept them, to resist no longer. Therefore, Mrs Astor went to Alva mansion and presented her calling card.
That's the society's rule. She's obliged to send her calling card personally to signify introduction and acceptance into her community. Her exclusion from the ball will carry some social prospect implications to her daughter Carrie Astor. The satisfied Alva sent 'the very last invitation card' by the next day.
The ball marked the Vanderbilt's triumphant entry into the high society and recognitions from their peers. It changed everything for them.
5 weeks later, Billy resigned as chairman of all his railroad businesses and appointed his sons (and some professionals) to fill in his shoes. He belief that his children will need more money in order to maintain their new social positions.
It's not wrong to say, Alva started the trend of enormous spending spree and grandiose display of wealth within the family. Previously Vanderbilts were content to live quietly.
If the 1st two generations managed to exorbitantly increase the family fortune, the 3rd generation were not necessarily the same case except for a few (Frederick, Mrs Twombly, & Mrs Whitney). The new head of dynasty, Cornelius II maintained it. He managed the business conservatively as accountant could be. Never expanded the empire to include new emerging industries. He never extended the scope of their railroads. In 1892, he declined an offer to takeover from the executive of Union Pacific that will offered access to transcontinental networks. What a miss of opportunity!
Surprisingly, there's little mention about Alfred Gwynne here. Except for few brief references about the settlement of inheritance with Neily and; he died during the sinking of Lusitania 1915. Why?
Alfred Gwynne emerged as the new head of the dynasty after his father indeed carried his threat to disinherit his elder brother, Cornelius III (Neily). He received the residual estate worth $43m in 1899. As the chairman of New York Central Railroad, more should be written about him. It will show where bulks of the original fortune went. What and how it went wrong. He shrunk his wealth to $26m by the time of his death.
So those few others in 4th generation. The most epic fall was his brother Reginald (father of Gloria), who squandered his whole fortune and died in debts. His estate Sandy Point Farm and other assets to be sold and auctioned off to pay debtors. That left a residual of $130k for his young widow. Luckily, he didn't touch the principle of $5m trust fund his father wisely set up. Thus, he abled to pass it up to his 2 daughters.
The author written in his introduction that NONE of 120 attendees of the 1st family reunion held in Vanderbilt University 1973 were millionaire. It is understandable that the original fortune had been diluted in some branches of the family. Afterall, each heir/heiress didn't receive the equal amount of inheritance. Especially Commodore's daughters.
Nevertheless, I took it with a pinch of salt. There's 592 descendants still living that year. Attendees only accounted for roughly 20%. 80 of them were direct descendants, while 40 were marrying into the family. I felt it was not exactly an accurate representation for the state of wealth of the whole clan. Gloria Vanderbilt and Carter Burden weren't there.
The reunion was organized by William H. Vanderbilt III (1901-1981), the titular head of the family. The 59th Governor of Rhode Island inherited 450 acres of Oakland Farm estate in Portsmouth, from his father Alfred Gwynne. He also received $5m trust fund upon his majority. According to John Astor (probably cousin), he managed to increase that amount by 10 times.
Surely he worth at least a million in 1973? Even after he sold the farm in 1947 and his bus service in 50s.
Or, it is because he gave away much of his wealth to various charities and causes (including Vanderbilt University) during his final years (up to 1981) that he no longer had a million in his name?
According to Peter O Wilde, who attended the reunion and quoted by NY Times; "Not ALL Vanderbilt are extremely wealthy. SOME of them had to work for a living".
* O Wilde is a great great grandson of Billy. He was a real estate consultant and teached at Harvard Business school.
Based on above, it also meant SOME of them were also quite rich. Though not extremely wealthy to make it into the richest list. Probably self-made. Not through inheritance. That's why it didn't count. They were tracing the residue of the original inheritance left by The Commodore and Billy.
I stand corrected on this, okay?
There's one glaring difficulty in reading this book. The author didn't provide MORE social and economic context when Vanderbilt's mansions on Fifth Avenue sold and demolished. Besides stating the neighbourhood became a more of a business district, outrageous spending, and taxes eat much of their income.
That's important, at least to me. It could provide more rounded picture on why, all Vanderbilt's mansions fated to fall down.
There's a probability of empty nest, evolving residential trends and lifestyles. Apartments and townhouses sprawling nearby could become a preferable choice for their younger generations. With less maintenance and less tax. Balls could be held in a grand hotel like Waldorf Astoria. The necessities to live in a huge mansion, on a fast changing neighbourhood landscape were no longer there.
Were it also due to a very slow economic and business recovery post Great Depression? Or, railroad business became less competitive, therefore less dividend?
My feeling is, these mansions could be renovated to become palatial hotels. The monumental structure, the majestic setting, opulence interiors had all characteristics of a grandeur hotel. It will fitted nicely with the incoming facade of Fifth Avenue as business district. Since railroad business was on decline, they could switch to hospitality business. It's on my mind why not this course being taken. At least, it weren't discussed on this book.
The last Vanderbilt's mansion on Fifth Avenue was 640. It's where Grace Vanderbilt, the reigning Queen of New York society lived and entertained her guests. (She was recognised as such by Wilhelm II, the German Emperor no less!) See trivia no 5. If she had a choice and money, surely she will do everything in her power to ensure 640 will remain standing. I don't think she will object to tourist and passerby gawking at the outside of her mansion taking photos. She loved crowds. She thrived in it.
This book has an good amount of sourced facts, anecdotes and gossips. The footnotes are very interesting but, its located at the end of the book. List of references provided if readers wanted to explore more; on specific person or subject.
At the same time, it has a sufficient emotional distancing. Afterall, not everyone found the excess of the Gilded Age palatable.
On the whole, 5 generations of Vanderbilt dynasty provided a great example of case study. On how to get rich; how to maintain that wealth; and how to loose it.
Some trivia.
1. How stingy the Commodore could be? During his last year, his physician Dr Linsly suggested him to sip a bottle of champagne every morning. He replied that he will drink soda water instead. When suggested to use a woolen blanket; The Commodore commanded his wife to buy a bale blanket. The reason? He said he couldn't afford it. Mindboggling.
2. Alva's 1883 Fancy Dress Ball that costed $250k lasted until the sunrise the next morning. To the amazement of passerby who was on the way to work and school, upon looking at the departured guests. Alva dressed as a Venetian Renaissance princess. Mrs Astor came very heavily bedecked by gems and diamonds. Some opinionated that, she wore every jewelleries she owned. While evening dress was prohibited to those invited, Billy as her father in law and the world richest man could wear whatever he wanted. He was in his formal black evening clothes. So did his friend who happened to be the 18th POTUS Ulysses A. Grant.
3. To give Consuelo a perfect posture and a stately walk; her mother Alva devised a straight rod to run down her spine, strapped at her waist and over the shoulder. She had to write on the desk with this device attached and held her book high when reading. Want to try?
4. Do you know that Consuelo had never been the 9th Duke of Marlborough first choice of bride; on any aspects?
- In Newport, during his visit with Alva to The Breakers, he proposed to Getrude Vanderbilt. Probably sensing that Getrude's parents were much wealthier than Consuelo's. Only to be rejected outright. He proposed to Consuelo during his last day.
- After walked down the aisle and settled themselves inside a carriage, the Duke told his bride that he had to give up the woman he loved for their marriage.
- Seemed like Consuelo was his last choice to maintain the Blenheim Palace.
5. How busy was the social calendar of Grace, Mrs Cornelius Vanderbilt III? She gave small luncheon or dinner daily. Tea party every Sunday for 100 guests. Twice a week, she held a dinner party. She hosted a ball once a month.
Bored with all those and the expenses it incurred, her husband began eating alone at his soundproof laboratory and spent more time with railroad inspection tours, National Guard's duty and his yatch.
July 25, 2019
If readers want to learn how many of the wealthy choose to live, and learn about what they consider important in life, and what values and ideals that many rich adult children of the wealthy growing up in wealth all of their lives have (hint: none that are readily observable), especially after they reach the age where they become entitled to control their trust funds or inherited wealth, read 'Fortune's Children - The Fall of the House of Vanderbilt' about the Vanderbilts, written by Arthur T. Vanderbilt II. It goes into glorious detail about the wondrous lifestyle of the rich and famous of 1890 until about 1929.
I may have spoiled a little, gentle reader, in my review below. I can't help myself. It is very likely you may not ever read this book ("so many books, not enough time") but I want you to learn what I learned! Apologies in advance.
This book is a biography of the life of one of the 'Gilded Age' family founders - Cornelius Vanderbilt (1794-1877) - an illiterate hardened and crude man after years from a childhood on fishing schooners and produce/goods steamboat carriers, later a railroad investor. Then the book further details the lives of the later generations of Vanderbilts. The millions of dollars 'The Commodore' (Cornelius) accumulated was almost entirely spent by his Gilded-Era society children and grandchildren. Their story is remarkable because it shows how in four generations a family can wipe out what was the family's almost unimaginable wealth in unwise ostentation. What is even more mind-blowing is WHAT they spent the money on; however, as I mentioned, I have read stories and seen TV shows which demonstrate things the rich buy are still mostly unwise and outrageously ostentatious.
Despite that this book is mostly about late nineteenth-century/early twentieth- century New York City society in America, how wealthy people lived then does not seem much different than what TV shows and magazine articles I have read about the current twenty-first century 'beautiful people' of the world appear to live today. Perhaps current rich people should read this book very closely.
Many first generation 'Gilded Age' wealthy founders I have read about, usually from horrible low-life families, appear to be generally cruel, almost psychopathic, and definitely obsessive-compulsive. Some in their later years, around fifty, soften and mellow. But they initially, after marrying what often is the first of many wives and/or mistresses, treat their children like distrusted hired servants who might steal the silver or they seem to conduct experiments in breaking down their innocent prepubescent children as if they were wild full-grown horses to be whipped into obedience and into the supposed rigid behaviors and manners of European aristocrats. (That is, if they actually cared at all about their kids. Some acted as if their children were a rumor created by their delighted newly-wealthy social-climbing wives - although sometimes the first wife was/becomes a religious fanatic - in which either case the founder may never leave his office except maybe to see his mistress.)
Moderation, in any case, was/is an unknown state to these people.
The second generation often were scared shadows of their demanding fathers and often parvenue mothers, afraid to displease or shame their upward striving parents, having rarely felt much approval or affection and afraid of being disinherited. Their job was to become the educated icebreakers into older-Victorian blue-blood society, to marry well, preferably European royals or third-generation American industrialists or Mayflower descendents. Some of this generation will not be selected by their exacting, if irrational, parents as worthy of taking over the family business, or they demonstrated spunk and rebelliousness, so they were kicked out of the nest to fend for themselves or were given a pittance of the father's wealth and attention.
The third generation, if having inherited wealth, seem to become entirely lost, sunk deep into a sucking quicksand of constant mindless pleasure (boating, gambling, traveling, sex, hard partying) and more outrageously wasteful and showy consumerism, rarely showing up at the office or consulting financial advisors, and failing to graduate from college or apply themselves to an education at all, naming themselves 'gentlemen' while their women buy more and more jewels, furniture, clothes, art, mansions, servants...
The second generation of male Vanderbilts seemed to enlarge the faults of being the second generation by marrying golddigger aggressive women who had the faults of what normally defines the third generation.
The author goes into amazing descriptions of the most baroque expenditures, backed by academic research. There are pictures of the estates and the interiors of these palaces built by many of the Vanderbilts. They had to employ hundreds of staff and servants to maintain a single establishment, and they each had dozens of establishments.
And it was all gone in sixty years, many of the houses torn down or auctioned off, often with pieces of interior art or a fireplace sold for only a few thousand dollars, if even that, despite that the original purchase price having been originally perhaps half a million dollars for this painting or that molding or for a particular eight-foot wide crystal chandelier or marble staircase. Most of what the Vandervilts bought ended up in garbage dumps by 1950, although some art pieces ended up in museums or their massive houses were picked up or converted into a public park or government office, or a hotel. They had bought yachts which required hundreds of employees on board to run and to maintain - and eventually some family members ended up living on a rundown yacht, having let go all of the staff so that they were stuck floating in a rented space, tied up at some dock. The amplification of social climbing and feeling as if the robber-baron money would never stop was ultimately a disaster for keeping the Vanderbilt fortune intact. Many of the Vanderbilts spent not only the interest of trusts and investments, but spent down the principal and sold the stocks and bonds they inherited. It is incredible how each of the Vanderbilts squandered their money. They spent and spent and spent.
Here is a bit more information about the era in which the Vanderbilts enjoyed themselves:
First, the somewhat good news - there were more available jobs and comparatively higher pay for the masses during the 'Gilded Age'. In the mix though was bad news about horrendous work conditions and what was basically an unlivable wage despite that it was higher pay. Quoted from Wikipedia about the Gilded Age: https://en.m.wikipedia.org/wiki/Gilde...
"The Gilded Age was an era of rapid economic growth, especially in the North and West. As American wages grew much higher than those in Europe, especially for skilled workers, the period saw an influx of millions of European immigrants. The rapid expansion of industrialization led to a real wage growth of 60%, between 1860 and 1890, and spread across the ever-increasing labor force. The average annual wage per industrial worker (including men, women, and children) rose from $380 in 1880, to $564 in 1890, a gain of 48%. However, the Gilded Age was also an era of abject poverty and inequality, as millions of immigrants—many from impoverished regions—poured into the United States, and the high concentration of wealth became more visible and contentious.
Railroads were the major growth industry, with the factory system, mining, and finance increasing in importance. Immigration from Europe, and the eastern states, led to the rapid growth of the West, based on farming, ranching, and mining. Labor unions became increasingly important in the rapidly growing industrial cities. Two major nationwide depressions—the Panic of 1873 and the Panic of 1893—interrupted growth and caused social and political upheavals. The South, after the Civil War, remained economically devastated; its economy became increasingly tied to commodities, cotton, and tobacco production, which suffered from low prices. With the end of the Reconstruction era in 1877, African-American people in the South were stripped of political power and voting rights, and were left economically disadvantaged.
For more in-depth information about these era developments, I recommend reading:
Morgan: American Financier in which a description of how the robber barons involved with financing the amazing growth of American business created banks and financial institutions,
And
Titan: The Life of John D. Rockefeller, Sr. in which it is described how some penniless but ambitious rural teenagers, of whom many are briefly described in this book although it is primarily focused around Rockefeller's journey from abject poverty to richest robber baron in America, ruthlessly invented and expanded American industry.
Excerpts from 'Fortune's Children' also about HOW the wealthy of the Gilded Age generally used their money, not only the Vanderbilts:
"At the same time, rapid economic expansion was creating new manufacturing, banking, railroad, oil, and mining millionaires, each trying to make his make his mark and break into society by increasingly lavish expenditures.
A newspaper reporter who had written that the millionaires of Newport "devoted themselves to pleasure regardless of expense" was corrected by one of the Four Hundred [a members list of top New York City elite rich people] who explained that what they really did was "to devote themselves to expense regardless of pleasure." "It is doubtful," another member of the Four Hundred complained, "whether there are more useless and empty ways of spending money in the world than can be found at Newport." Bessie Lehr remembered Mrs. Pembroke Jones telling her "that she always set aside $300,000 at the beginning of every Newport season for entertaining. Some hostesses must have spent even more. A single ball could cost $100,000 even $200,000. No one considered money except for what it could buy."
Mamie Fish was right; society had gone mad.
At a millionaire's dinner party in the ballroom at Sherry's all the guests ate on horseback, the horses' hooves covered with rubber pads to protect the floors. One hostess hid a perfect Black Pearl in each of the oysters served to her guests, and a host handed out cigarettes rolled in $100 bills. Another party featured a pile of sand in the middle of the table, and toy shovels at the guests' seats; upon command, the guests dug into the sand, searching for buried gems. A millionaire thought nothing of buying a $15,000 diamond dog collar, a pair of opera glasses encrusted with diamonds and
sapphires for $75,000, a bed inlaid with ivory and ebony and gold for $200,000, a necklace for his true love for $500,000.
In 1895, a visitor from France, viewing the two-mile stretch of Fifth Avenue that faced Central Park—Millionaires' Row as it was called (thirty years before, this part of the city had been nothing but flimsy wooden shacks and scrub growth)—was dumbfounded. "It is too evident that money cannot have much value here. There is too much of it. The interminable succession of luxurious mansions which line Fifth Avenue proclaim its mad abundance. No shops, unless of articles of luxury—a few dressmakers, a few picture dealers . . . only independent dwellings each one of which, including the ground on which it stands, implies a revenue which one dares not calculate. The absence of unity in this architecture is a sufficient reminder that this is the country of the individual will, as the absence of gardens and trees around these sumptuous residences proves the newness of all this wealth and of the city. This avenue has visibly been willed and created by sheer force of millions, in a fever of land speculation, which has not left an inch of ground unoccupied." To the Frenchman the mediocre taste of the rich was suffocating. "On the floors of halls which are too high there are too many precious Persian and Oriental rugs There are too many tapestries, too many paintings on the walls of the drawing rooms. The guest-chambers have too many bibelots, too much rare furniture, and on the lunch or dinner table there are too many flowers, too many plants, too much crystal, too much silver."
It was the height of the Gilded Age.
Before the Civil War, there were fewer than a dozen millionaires in the United States. In 1892, the New York Tribune published a list of 4,047 millionaires, over 100 of them having fortunes that exceeded $10 million. It was estimated that 9 percent of the nation's families controlled 71 percent of the national wealth. As the self-indulgent old rich and new rich flaunted their wealth paying on average $300,000 a year to maintain their city mansions and Newport cottages, $50.000 to keep their yachts afloat, and $12,000 each time they wanted to give a little party, hundreds of thousands of immigrants were jammed into tenements not far from the fabulous Millionaires' Row. Thousands of child laborers worked in sweatshops for $161 a year.Common laborers made $2 to $3 a day, with the average worker earning $495 a year. Two-thirds of the nation's families had incomes of less than $900; only one family in twenty had an income of more than $3,000."
Sounds kinda like 2019, only in 1900 dollars.
The book has an extensive Notes section, and an Index and a Bibliography. While an academically-based and deeply researched book, it is written in a very accessible style, almost like a People Magazine article.
I may have spoiled a little, gentle reader, in my review below. I can't help myself. It is very likely you may not ever read this book ("so many books, not enough time") but I want you to learn what I learned! Apologies in advance.
This book is a biography of the life of one of the 'Gilded Age' family founders - Cornelius Vanderbilt (1794-1877) - an illiterate hardened and crude man after years from a childhood on fishing schooners and produce/goods steamboat carriers, later a railroad investor. Then the book further details the lives of the later generations of Vanderbilts. The millions of dollars 'The Commodore' (Cornelius) accumulated was almost entirely spent by his Gilded-Era society children and grandchildren. Their story is remarkable because it shows how in four generations a family can wipe out what was the family's almost unimaginable wealth in unwise ostentation. What is even more mind-blowing is WHAT they spent the money on; however, as I mentioned, I have read stories and seen TV shows which demonstrate things the rich buy are still mostly unwise and outrageously ostentatious.
Despite that this book is mostly about late nineteenth-century/early twentieth- century New York City society in America, how wealthy people lived then does not seem much different than what TV shows and magazine articles I have read about the current twenty-first century 'beautiful people' of the world appear to live today. Perhaps current rich people should read this book very closely.
Many first generation 'Gilded Age' wealthy founders I have read about, usually from horrible low-life families, appear to be generally cruel, almost psychopathic, and definitely obsessive-compulsive. Some in their later years, around fifty, soften and mellow. But they initially, after marrying what often is the first of many wives and/or mistresses, treat their children like distrusted hired servants who might steal the silver or they seem to conduct experiments in breaking down their innocent prepubescent children as if they were wild full-grown horses to be whipped into obedience and into the supposed rigid behaviors and manners of European aristocrats. (That is, if they actually cared at all about their kids. Some acted as if their children were a rumor created by their delighted newly-wealthy social-climbing wives - although sometimes the first wife was/becomes a religious fanatic - in which either case the founder may never leave his office except maybe to see his mistress.)
Moderation, in any case, was/is an unknown state to these people.
The second generation often were scared shadows of their demanding fathers and often parvenue mothers, afraid to displease or shame their upward striving parents, having rarely felt much approval or affection and afraid of being disinherited. Their job was to become the educated icebreakers into older-Victorian blue-blood society, to marry well, preferably European royals or third-generation American industrialists or Mayflower descendents. Some of this generation will not be selected by their exacting, if irrational, parents as worthy of taking over the family business, or they demonstrated spunk and rebelliousness, so they were kicked out of the nest to fend for themselves or were given a pittance of the father's wealth and attention.
The third generation, if having inherited wealth, seem to become entirely lost, sunk deep into a sucking quicksand of constant mindless pleasure (boating, gambling, traveling, sex, hard partying) and more outrageously wasteful and showy consumerism, rarely showing up at the office or consulting financial advisors, and failing to graduate from college or apply themselves to an education at all, naming themselves 'gentlemen' while their women buy more and more jewels, furniture, clothes, art, mansions, servants...
The second generation of male Vanderbilts seemed to enlarge the faults of being the second generation by marrying golddigger aggressive women who had the faults of what normally defines the third generation.
The author goes into amazing descriptions of the most baroque expenditures, backed by academic research. There are pictures of the estates and the interiors of these palaces built by many of the Vanderbilts. They had to employ hundreds of staff and servants to maintain a single establishment, and they each had dozens of establishments.
And it was all gone in sixty years, many of the houses torn down or auctioned off, often with pieces of interior art or a fireplace sold for only a few thousand dollars, if even that, despite that the original purchase price having been originally perhaps half a million dollars for this painting or that molding or for a particular eight-foot wide crystal chandelier or marble staircase. Most of what the Vandervilts bought ended up in garbage dumps by 1950, although some art pieces ended up in museums or their massive houses were picked up or converted into a public park or government office, or a hotel. They had bought yachts which required hundreds of employees on board to run and to maintain - and eventually some family members ended up living on a rundown yacht, having let go all of the staff so that they were stuck floating in a rented space, tied up at some dock. The amplification of social climbing and feeling as if the robber-baron money would never stop was ultimately a disaster for keeping the Vanderbilt fortune intact. Many of the Vanderbilts spent not only the interest of trusts and investments, but spent down the principal and sold the stocks and bonds they inherited. It is incredible how each of the Vanderbilts squandered their money. They spent and spent and spent.
Here is a bit more information about the era in which the Vanderbilts enjoyed themselves:
First, the somewhat good news - there were more available jobs and comparatively higher pay for the masses during the 'Gilded Age'. In the mix though was bad news about horrendous work conditions and what was basically an unlivable wage despite that it was higher pay. Quoted from Wikipedia about the Gilded Age: https://en.m.wikipedia.org/wiki/Gilde...
"The Gilded Age was an era of rapid economic growth, especially in the North and West. As American wages grew much higher than those in Europe, especially for skilled workers, the period saw an influx of millions of European immigrants. The rapid expansion of industrialization led to a real wage growth of 60%, between 1860 and 1890, and spread across the ever-increasing labor force. The average annual wage per industrial worker (including men, women, and children) rose from $380 in 1880, to $564 in 1890, a gain of 48%. However, the Gilded Age was also an era of abject poverty and inequality, as millions of immigrants—many from impoverished regions—poured into the United States, and the high concentration of wealth became more visible and contentious.
Railroads were the major growth industry, with the factory system, mining, and finance increasing in importance. Immigration from Europe, and the eastern states, led to the rapid growth of the West, based on farming, ranching, and mining. Labor unions became increasingly important in the rapidly growing industrial cities. Two major nationwide depressions—the Panic of 1873 and the Panic of 1893—interrupted growth and caused social and political upheavals. The South, after the Civil War, remained economically devastated; its economy became increasingly tied to commodities, cotton, and tobacco production, which suffered from low prices. With the end of the Reconstruction era in 1877, African-American people in the South were stripped of political power and voting rights, and were left economically disadvantaged.
For more in-depth information about these era developments, I recommend reading:
Morgan: American Financier in which a description of how the robber barons involved with financing the amazing growth of American business created banks and financial institutions,
And
Titan: The Life of John D. Rockefeller, Sr. in which it is described how some penniless but ambitious rural teenagers, of whom many are briefly described in this book although it is primarily focused around Rockefeller's journey from abject poverty to richest robber baron in America, ruthlessly invented and expanded American industry.
Excerpts from 'Fortune's Children' also about HOW the wealthy of the Gilded Age generally used their money, not only the Vanderbilts:
"At the same time, rapid economic expansion was creating new manufacturing, banking, railroad, oil, and mining millionaires, each trying to make his make his mark and break into society by increasingly lavish expenditures.
A newspaper reporter who had written that the millionaires of Newport "devoted themselves to pleasure regardless of expense" was corrected by one of the Four Hundred [a members list of top New York City elite rich people] who explained that what they really did was "to devote themselves to expense regardless of pleasure." "It is doubtful," another member of the Four Hundred complained, "whether there are more useless and empty ways of spending money in the world than can be found at Newport." Bessie Lehr remembered Mrs. Pembroke Jones telling her "that she always set aside $300,000 at the beginning of every Newport season for entertaining. Some hostesses must have spent even more. A single ball could cost $100,000 even $200,000. No one considered money except for what it could buy."
Mamie Fish was right; society had gone mad.
At a millionaire's dinner party in the ballroom at Sherry's all the guests ate on horseback, the horses' hooves covered with rubber pads to protect the floors. One hostess hid a perfect Black Pearl in each of the oysters served to her guests, and a host handed out cigarettes rolled in $100 bills. Another party featured a pile of sand in the middle of the table, and toy shovels at the guests' seats; upon command, the guests dug into the sand, searching for buried gems. A millionaire thought nothing of buying a $15,000 diamond dog collar, a pair of opera glasses encrusted with diamonds and
sapphires for $75,000, a bed inlaid with ivory and ebony and gold for $200,000, a necklace for his true love for $500,000.
In 1895, a visitor from France, viewing the two-mile stretch of Fifth Avenue that faced Central Park—Millionaires' Row as it was called (thirty years before, this part of the city had been nothing but flimsy wooden shacks and scrub growth)—was dumbfounded. "It is too evident that money cannot have much value here. There is too much of it. The interminable succession of luxurious mansions which line Fifth Avenue proclaim its mad abundance. No shops, unless of articles of luxury—a few dressmakers, a few picture dealers . . . only independent dwellings each one of which, including the ground on which it stands, implies a revenue which one dares not calculate. The absence of unity in this architecture is a sufficient reminder that this is the country of the individual will, as the absence of gardens and trees around these sumptuous residences proves the newness of all this wealth and of the city. This avenue has visibly been willed and created by sheer force of millions, in a fever of land speculation, which has not left an inch of ground unoccupied." To the Frenchman the mediocre taste of the rich was suffocating. "On the floors of halls which are too high there are too many precious Persian and Oriental rugs There are too many tapestries, too many paintings on the walls of the drawing rooms. The guest-chambers have too many bibelots, too much rare furniture, and on the lunch or dinner table there are too many flowers, too many plants, too much crystal, too much silver."
It was the height of the Gilded Age.
Before the Civil War, there were fewer than a dozen millionaires in the United States. In 1892, the New York Tribune published a list of 4,047 millionaires, over 100 of them having fortunes that exceeded $10 million. It was estimated that 9 percent of the nation's families controlled 71 percent of the national wealth. As the self-indulgent old rich and new rich flaunted their wealth paying on average $300,000 a year to maintain their city mansions and Newport cottages, $50.000 to keep their yachts afloat, and $12,000 each time they wanted to give a little party, hundreds of thousands of immigrants were jammed into tenements not far from the fabulous Millionaires' Row. Thousands of child laborers worked in sweatshops for $161 a year.Common laborers made $2 to $3 a day, with the average worker earning $495 a year. Two-thirds of the nation's families had incomes of less than $900; only one family in twenty had an income of more than $3,000."
Sounds kinda like 2019, only in 1900 dollars.
The book has an extensive Notes section, and an Index and a Bibliography. While an academically-based and deeply researched book, it is written in a very accessible style, almost like a People Magazine article.
September 20, 2013
I applied for (and got) a job working at the Biltmore in Guest Relations at The House. Oh yeah. Dream job. I am so excited. It's so beautiful.
I've been thru Marble House, The Breakers, Hyde Park, years ago so I was quite aware of the Commodore and some of the family history. But what a story! Although the book said very little about George Washington Vanderbilt, the Biltmore Vanderbilt, it was educational to learn much detail about his family.
They were the Trumps, Kardashians, And Hiltons of their time all rolled into one. Family drama. Divorce. Disinheritence. Alcohol. Money. More money. Society. Fashion. Parties. Houses and more houses. And boredom that comes from having too much with no struggle. A baby elephant parading thru a dinner party for no reason other than no one else had done it?! I can see why George W. Vanderbilt sought refuge from it all in these wonderful North Carolina mountains!
Very well written. Very informative. I read for hours at a time.
I've been thru Marble House, The Breakers, Hyde Park, years ago so I was quite aware of the Commodore and some of the family history. But what a story! Although the book said very little about George Washington Vanderbilt, the Biltmore Vanderbilt, it was educational to learn much detail about his family.
They were the Trumps, Kardashians, And Hiltons of their time all rolled into one. Family drama. Divorce. Disinheritence. Alcohol. Money. More money. Society. Fashion. Parties. Houses and more houses. And boredom that comes from having too much with no struggle. A baby elephant parading thru a dinner party for no reason other than no one else had done it?! I can see why George W. Vanderbilt sought refuge from it all in these wonderful North Carolina mountains!
Very well written. Very informative. I read for hours at a time.
May 9, 2021
Lively history yet technically flawed book
“Fortune’s Children” is a lively look into the Vanderbilt family history. The founder, Cornelius Vanderbilt (known as the Commodore), amassed more wealth than any other American through ferry lines and railroads. His son, William Henry, doubled that fortune with his work with family railroad. Both men earned the distinction of being the richest men in the world in their respective heydays. Yet today, 150+ years later, while “Vanderbilt” is a historically significant name, none rank among the wealthiest Americans. While Cornelius and William displayed enormous genius at mastering the art of making money, their descendants were masters at spending the largest fortune ever known (at that time). While Cornelius tried to keep the fortune concentrated among a head of the family (primogeniture), his heirs chose to divide the wealth among their kids and wives/husbands, which by this book’s writing included almost 800 living members. Many of the Commodore’s children, grandchildren, and great grandchildren spent lavishly to support a life of leisure that rivaled royal households. They built numerous mega-mansions (from 50 to 250 rooms — most of which were torn down within 50 years or were sold later at a huge losses to other buyers), held multiple such mansions per family around the world, had the largest yachts ever built (at the time), and/or gambled away money with reckless abandon thinking it would never run out. But it did. Other Vanderbilt family sub-groups were incredibly imperious in their attitudes, and cut off family members who were deemed to marry “beneath them”. In a few situations, they took each other to court in a no-holds barred battle over the Commodore’s will, or to argue over who had conservatorship over an underage but wealthy heir (Gloria Vanderbilt). While the family may have had extreme wealth, riches clearly didn’t bring happiness as many had unhappy marriages, and lived the lives of the idle (and often very bored) rich.
As one reads this book, one cannot help but see that time tends to reclaim even the greatest of fortunes through excess spending and taxation, and while it may not happen instantly, it does happen. Unless successive generations add to the wealth, it cannot be sustained if they overspend, and this showed with later Vanderbilt generations, many of whom never knew anything but extreme, and excessive wealth, and overspent, overspent, overspent. They didn’t appreciate the value of money, and didn’t realize the value and satisfaction from earning it. There are a few exceptions, such as Gloria Vanderbilt (whose childhood is examined thoroughly in this book), and her son Anderson Cooper (whose success as a journalist came after this book was written), but those are exceptions in this family story. It is also most disappointing that for most of the Vanderbilt family in the earliest generations (as well as for their other ultra-wealthy contemporaries), philanthropy wasn’t high on their list of priorities. While they did give away some to support good causes (such as the founding of Vanderbilt University), largely their charitable contributions were minor in comparison to their wealth, and their endless pursuit of social dominance among the wealthy elite.
This book was fascinating, but wasn’t without flaws. The editing was poor. I found numerous misspellings, especially in the photo captions. There were several formatting problems on the Kindle edition I read. Additionally occasionally, the author used the exact same passage at different points of the book. Some chapters, were too gossipy and salacious, repeating extensive personal conversations (in quotes) that I’m not sure how the author would have known about, and whose origins weren’t entirely explained. The author, Arthur Vanderbilt II, also didn’t explain his own family origin and what (if any) connection he had to the family. I looked it up on the internet but didn’t learn of any connection. With a name like “Vanderbilt”, more disclosure was needed to give him more credibility as an author.
Still despite these shortcomings, this book was very engaging — not only from a historical point of view (if one is interested in this genre of US history), but also from a sociological and economic point of view when considering accumulation of wealth and how it is spent and misspent by subsequent generations.
“Fortune’s Children” is a lively look into the Vanderbilt family history. The founder, Cornelius Vanderbilt (known as the Commodore), amassed more wealth than any other American through ferry lines and railroads. His son, William Henry, doubled that fortune with his work with family railroad. Both men earned the distinction of being the richest men in the world in their respective heydays. Yet today, 150+ years later, while “Vanderbilt” is a historically significant name, none rank among the wealthiest Americans. While Cornelius and William displayed enormous genius at mastering the art of making money, their descendants were masters at spending the largest fortune ever known (at that time). While Cornelius tried to keep the fortune concentrated among a head of the family (primogeniture), his heirs chose to divide the wealth among their kids and wives/husbands, which by this book’s writing included almost 800 living members. Many of the Commodore’s children, grandchildren, and great grandchildren spent lavishly to support a life of leisure that rivaled royal households. They built numerous mega-mansions (from 50 to 250 rooms — most of which were torn down within 50 years or were sold later at a huge losses to other buyers), held multiple such mansions per family around the world, had the largest yachts ever built (at the time), and/or gambled away money with reckless abandon thinking it would never run out. But it did. Other Vanderbilt family sub-groups were incredibly imperious in their attitudes, and cut off family members who were deemed to marry “beneath them”. In a few situations, they took each other to court in a no-holds barred battle over the Commodore’s will, or to argue over who had conservatorship over an underage but wealthy heir (Gloria Vanderbilt). While the family may have had extreme wealth, riches clearly didn’t bring happiness as many had unhappy marriages, and lived the lives of the idle (and often very bored) rich.
As one reads this book, one cannot help but see that time tends to reclaim even the greatest of fortunes through excess spending and taxation, and while it may not happen instantly, it does happen. Unless successive generations add to the wealth, it cannot be sustained if they overspend, and this showed with later Vanderbilt generations, many of whom never knew anything but extreme, and excessive wealth, and overspent, overspent, overspent. They didn’t appreciate the value of money, and didn’t realize the value and satisfaction from earning it. There are a few exceptions, such as Gloria Vanderbilt (whose childhood is examined thoroughly in this book), and her son Anderson Cooper (whose success as a journalist came after this book was written), but those are exceptions in this family story. It is also most disappointing that for most of the Vanderbilt family in the earliest generations (as well as for their other ultra-wealthy contemporaries), philanthropy wasn’t high on their list of priorities. While they did give away some to support good causes (such as the founding of Vanderbilt University), largely their charitable contributions were minor in comparison to their wealth, and their endless pursuit of social dominance among the wealthy elite.
This book was fascinating, but wasn’t without flaws. The editing was poor. I found numerous misspellings, especially in the photo captions. There were several formatting problems on the Kindle edition I read. Additionally occasionally, the author used the exact same passage at different points of the book. Some chapters, were too gossipy and salacious, repeating extensive personal conversations (in quotes) that I’m not sure how the author would have known about, and whose origins weren’t entirely explained. The author, Arthur Vanderbilt II, also didn’t explain his own family origin and what (if any) connection he had to the family. I looked it up on the internet but didn’t learn of any connection. With a name like “Vanderbilt”, more disclosure was needed to give him more credibility as an author.
Still despite these shortcomings, this book was very engaging — not only from a historical point of view (if one is interested in this genre of US history), but also from a sociological and economic point of view when considering accumulation of wealth and how it is spent and misspent by subsequent generations.
August 21, 2009
I picked up this book at the library after a recent trip to Newport, where we toured the Breakers and Marble House, two magnificent 'cottages' built by Vanderbilts for millions of dollars and used by their owners for about 1 year. Who are these crazy Vanderbilts?
The saga of the Vanderbilts can at times be mistaken for fiction. The cankerous patriarch Commodore... the social schemer Alva... the unwilling bride Consuelo... the staid Cornelius and Alice... the custody fight over young Gloria... supporting characters like Mrs. Astor and Ward McAllister... this is entertaining stuff, and the book provides an excellent historical view of the Gilded Age.
I was grossly fascinated by the excesses of this privileged class with nothing to do but find new ways to entertain themselves within their rigid social structure (like having a dinner where every guest is seated on horseback or only baby talk is spoken). Us poor people, at least our lives have purpose... dreary, monotonous purpose...
The saga of the Vanderbilts can at times be mistaken for fiction. The cankerous patriarch Commodore... the social schemer Alva... the unwilling bride Consuelo... the staid Cornelius and Alice... the custody fight over young Gloria... supporting characters like Mrs. Astor and Ward McAllister... this is entertaining stuff, and the book provides an excellent historical view of the Gilded Age.
I was grossly fascinated by the excesses of this privileged class with nothing to do but find new ways to entertain themselves within their rigid social structure (like having a dinner where every guest is seated on horseback or only baby talk is spoken). Us poor people, at least our lives have purpose... dreary, monotonous purpose...
July 6, 2023
Cornelius Vanderbilt was a workaholic who built one of the greatest fortunes in history. He started his career at the age of sixteen by ferrying passengers between Manhattan and Staten Island. He would go on to be a true magnate, owning shipping and railroad lines and dominating the 19th-century transportation business in the United States. But while this book provides an opening chapter on “The Commodore”, it is his children and grandchildren who are the true biographical subjects. For while one generation built the wealth, it was left to succeeding generations to go hog wild and spend the money.
Vanderbilt’s son, William H. Vanderbilt, worked almost as hard as his father, mostly because he wanted to prove his true worth to a parent who did not favor him. Although he would eventually retire to start enjoying his riches, the son was a worker, like his father, and when he too died, he had expanded the initial inheritance quite well. This is where the grandchildren come into the picture. William Kissam Vanderbilt and Cornelius Vanderbilt II also worked hard but retired sooner thanks to their competing spouses. Their wives were to oversee the true extravagant spending as their siblings, children, and cousins started gobbling up the vast inheritance on homes and entertainment in an attempt to outdo the Astors and other wealthy East Coast families.
They certainly built homes, including the famous Biltmore which still stands today. It’s one of the few remaining Vanderbilt homes still around because while they built block-long houses, New York City was growing upward, and such homes eventually became useless and in the way of skyscrapers. Imagine spending oodles of money on interior decorations and staircases that would have to be demolished anyway, just to prove how much money one had. As the wives and their children consumed the money, there were fewer working Vanderbilts, and the money dwindled away. One can compare the family to the Rockefellers who also built an empire but at least the Rockefellers contributed to charities. That wasn’t really the Vanderbilt way, which was more of a spend-spend-spend process. One can still see their influence today when suddenly rich billionaires (for that is what they were) go out and buy massive yachts and football teams in a desperate need to validate themselves.
This was a hard book to put down, as each chapter focused on a different member of the family. It was quite astonishing to see how quickly laziness and avarice followed the rags-to-riches story of The Commodore. For example, Reggie Vanderbilt, the father of Gloria Vanderbilt, spent his life boozing and chasing women as there was money to be spent and all day to do it. When Gloria Vanderbilt died in 2019, her entire estate was valued at just over $1 million, a mere trifle of the original bequest. The author was a Vanderbilt himself, so he’s able to explain the various members and their personalities. I would suggest combining this book with The First Tycoon: The Epic Life of Cornelius Vanderbilt to get a full picture of how a single man could basically create modern capitalism and then for his successors to fritter it all away. The old man must still be turning in his grave.
Book Season = Summer (parties in the Hamptons)
Vanderbilt’s son, William H. Vanderbilt, worked almost as hard as his father, mostly because he wanted to prove his true worth to a parent who did not favor him. Although he would eventually retire to start enjoying his riches, the son was a worker, like his father, and when he too died, he had expanded the initial inheritance quite well. This is where the grandchildren come into the picture. William Kissam Vanderbilt and Cornelius Vanderbilt II also worked hard but retired sooner thanks to their competing spouses. Their wives were to oversee the true extravagant spending as their siblings, children, and cousins started gobbling up the vast inheritance on homes and entertainment in an attempt to outdo the Astors and other wealthy East Coast families.
They certainly built homes, including the famous Biltmore which still stands today. It’s one of the few remaining Vanderbilt homes still around because while they built block-long houses, New York City was growing upward, and such homes eventually became useless and in the way of skyscrapers. Imagine spending oodles of money on interior decorations and staircases that would have to be demolished anyway, just to prove how much money one had. As the wives and their children consumed the money, there were fewer working Vanderbilts, and the money dwindled away. One can compare the family to the Rockefellers who also built an empire but at least the Rockefellers contributed to charities. That wasn’t really the Vanderbilt way, which was more of a spend-spend-spend process. One can still see their influence today when suddenly rich billionaires (for that is what they were) go out and buy massive yachts and football teams in a desperate need to validate themselves.
This was a hard book to put down, as each chapter focused on a different member of the family. It was quite astonishing to see how quickly laziness and avarice followed the rags-to-riches story of The Commodore. For example, Reggie Vanderbilt, the father of Gloria Vanderbilt, spent his life boozing and chasing women as there was money to be spent and all day to do it. When Gloria Vanderbilt died in 2019, her entire estate was valued at just over $1 million, a mere trifle of the original bequest. The author was a Vanderbilt himself, so he’s able to explain the various members and their personalities. I would suggest combining this book with The First Tycoon: The Epic Life of Cornelius Vanderbilt to get a full picture of how a single man could basically create modern capitalism and then for his successors to fritter it all away. The old man must still be turning in his grave.
Book Season = Summer (parties in the Hamptons)
June 30, 2016
I suspect that in 100 years, they will refer to the time in which we live as the Second Gilded Age (if Donald Trump is elected, he can be a stand in for those Gilded Age presidents of yore, Grant and his bearded kith; perhaps these new Gilded Age presidents will be known for their cosmetic surgery or interesting hair styles instead of Victorian manly beards).
Fortune's Fall is a tale of the First Gilded Age, from the point of view of the most famous, the richest and the grandiosely gilded (and gross) family of them all, the Vanderbilts. I say "tale" because part of this nonfiction book read like a the very best potboiler or soap opera. If all this weren't true, then you'd think it was a melodrama, with all the family feuds, divorces, affairs, abandoned children, hints of lesbian sex - it's like Falcon Crest or Dallas with railroads instead of vinyards or oil, and all true (well, Arthur T. Vanderbilt's version of the truth, and who are we to question him, with a last name like that?). Vanderbilt traces the rise and fall of this golden family, from the beginnings to the bitter, income and inheritance tax ridden end.
The only thing missing from this rendition of the Gilded Age are politicians; the Vanderbilts didn't really go for politics (not like their far less rich neighbors, the Roosevelts). We already know when the write Fortune's Children: the Fall of the House of Trump, politics will have a chapter all to itself.
Fortune's Fall is a tale of the First Gilded Age, from the point of view of the most famous, the richest and the grandiosely gilded (and gross) family of them all, the Vanderbilts. I say "tale" because part of this nonfiction book read like a the very best potboiler or soap opera. If all this weren't true, then you'd think it was a melodrama, with all the family feuds, divorces, affairs, abandoned children, hints of lesbian sex - it's like Falcon Crest or Dallas with railroads instead of vinyards or oil, and all true (well, Arthur T. Vanderbilt's version of the truth, and who are we to question him, with a last name like that?). Vanderbilt traces the rise and fall of this golden family, from the beginnings to the bitter, income and inheritance tax ridden end.
The only thing missing from this rendition of the Gilded Age are politicians; the Vanderbilts didn't really go for politics (not like their far less rich neighbors, the Roosevelts). We already know when the write Fortune's Children: the Fall of the House of Trump, politics will have a chapter all to itself.
September 2, 2012
I read this years ago and found it absolutely fascinating. I'm excited to see that MacMillan is reissuing it sometime in the next year.
February 6, 2008
The subtitle of the book, "The Fall of the House of Vanderbilt" says it all. The author is one of the (relatively) impecunious Vanderbilts, who inherited the name but not much of a fortune. He chronicles how an almost unimaginable fortune was made by the driven, resourceful "Commodore" Vanderbilt in 19th century but then squandered by the Commodore's heirs over the next few generations. It's a juicy story, but rather depressing, as the money apparently did little other than fluff up the heirs' egos and in some cases led to personal tragedy.
Comparing the paths of the Vanderbilts and the Rockefellers (which this book doesn't set out to do) provides an interesting contrast. The Rockefellers scrupulously inculcated public service -- and financial savvy -- into each generation, while the Vanderbilts, from the get-go, were all about ostentatious spending. Fortune's Children goes into considerable detail about how the fortune was spent. In large part, that's a story of building larger and more sumptuous estates, with Biltmore as the final flourish. Those legendary mansions now have either been demolished or turned over to preservation societies. Thus the moral of the story becomes quite obvious to the reader, but it's a timeless one, entertainingly spun.
Comparing the paths of the Vanderbilts and the Rockefellers (which this book doesn't set out to do) provides an interesting contrast. The Rockefellers scrupulously inculcated public service -- and financial savvy -- into each generation, while the Vanderbilts, from the get-go, were all about ostentatious spending. Fortune's Children goes into considerable detail about how the fortune was spent. In large part, that's a story of building larger and more sumptuous estates, with Biltmore as the final flourish. Those legendary mansions now have either been demolished or turned over to preservation societies. Thus the moral of the story becomes quite obvious to the reader, but it's a timeless one, entertainingly spun.
February 12, 2013
Fascinating study of the Fall of the Vanderbilts. Too many children were their biggest problem. The fortune was diluted with each passing generation. The other problem was too many Vanderbilt men marrying women who loved to spend the fortune. Didn't they know where it came from? The Depression and income taxes did their part to finally finish off the fortune.
Many interesting tales of prominent persons and their interaction with the Vanderbilts. Winston Churchill, somewhat in his cups, was hit by a car leaving one of the Vanderbilt parties. His hostess sent him a wreath of grapes as he recovered in the hospital.
Many interesting tales of prominent persons and their interaction with the Vanderbilts. Winston Churchill, somewhat in his cups, was hit by a car leaving one of the Vanderbilt parties. His hostess sent him a wreath of grapes as he recovered in the hospital.
February 1, 2021
Fifty years after the death of the Commodore the founder of the family's wealth died the Vanderbilt's were bust. Here a descendant Arthur T Vanderbilt explains how this happened .A fascinating look at one of the world's most famous families.
August 18, 2018
This book tells the story of the Vanderbilt's and other "Robber Barons" of the Gilded Age. It is very interesting and also disturbing to learn of the excessive wealth and excessive spending of the time. While the average wage earner could not afford housing, food, etc, the wealthy threw money after mansions, yachts, clothes, jewelry, parties, etc.
The Robber Barons made money on the backs of the little man, and only thought about making more money.
Could it happen again? That is a question we should ask ourselves.
The Robber Barons made money on the backs of the little man, and only thought about making more money.
Could it happen again? That is a question we should ask ourselves.
February 11, 2015
Detailed information of the Vanderbilt family with an adequate bibliography. I almost always appreciate additional information, such as photographs, maps, family trees and datelines. While many helpful photographs were provided, I found the family tree confusing and the years that accompanied each chapter even more confusing. For instance, Chapter 1, The Commodore 1794 - 1877, easy to interpret, his years from birth through death. However, Chapter 2, The Blatherskite 1877 - 1883,( Blatherskite was but one derogatory name Mr. Cornelius Vanderbilt had for his son, William H Vanderbilt), but 1877 - 1883 were neither his birth nor death years, and not the only time period discussed in this chapter. The remaining chapters dates and titles are similarly confusing. The closing chapter, Chapter 10, Mrs. Vanderbilt 1934 - 1955. Which Mrs. Vanderbilt? Mrs. Cornelius Vanderbilt? How many Mrs. Cornelius Vanderbilts were there? And although I can pretty well guess the chapter includes numerous Mrs. Vanderbilts as well as Vanderbilt daughters, the photo above the chapter title appears to be a photo of Florence Adele Vanderbilt Twombly, never a Mrs. Vanderbilt. Why picture only Mrs. Twombly? Further confusion.
February 15, 2018
An amazing non fiction look at the quick fall of the Vanderbilt fortune. I never realized that the Vanderbilt fortune was completely used up within three generations due to massive greed and overspending. I know of the Biltmore home which I believe still has guided tours, but of 5+ penthouses on Washington Avenue in New York (Washington Avenue was the Fifth Avenue of its time period) which were all demolished as early as the 1930's; to the many penthouses on Fifth Avenue owned by the Vanderbilts which quickly fell out of their ownership. 'Commodore' Vanderbilt, who amassed his great fortune with $100 and a pole-boat to ferry cargo down the coast, grew that into becoming the wealthiest man in the United States at one time. Owning many railroads, properties and a shrewd but cruel business sense, his was one of the fastest growing fortunes in the late 1800s - early 1900s. He disliked all of his children except one, Billy, to whom he left most of his fortune. Years of contesting the will followed. Obviously none of his children nor their children knew anything about business, and by the 1930s The remaining Vanderbilts were penniless. An amazing look at history.
April 23, 2016
"Within thirty years after the death of Commodore Vanderbilt in 1877, no member of his family was among the richest in the United States, have been supplanted by such new titans as Rockefeller, Carnegie, Frick and Ford...When 120 of the Commodore's decedents gathered at Vanderbilt University in 1973 for the first family reunion, there was not a millionaire among them."
This book is good, but not great. Quickly jumps back in forth between family updates in between the chapters largely devoted to one family member at a time. Neil, my favorite Vanderbilt, was the first at getting a job outside the family-- a newspaper reporter. For this brazen action his grandmother, who left money to all other grandchildren and servants, left him with her photo. Treasure.
This book does a great job describing the folly of Gloria Vanderbilt's (Anderson Cooper's mother) court case. Plenty of blame to go around.
This book is good, but not great. Quickly jumps back in forth between family updates in between the chapters largely devoted to one family member at a time. Neil, my favorite Vanderbilt, was the first at getting a job outside the family-- a newspaper reporter. For this brazen action his grandmother, who left money to all other grandchildren and servants, left him with her photo. Treasure.
This book does a great job describing the folly of Gloria Vanderbilt's (Anderson Cooper's mother) court case. Plenty of blame to go around.
September 5, 2018
Absolutely fascinating biography. I started this before heading to Newport, RI so that I'd have a contextual understanding of Gilded Age that made Newport so famous. Touring the mansions, it felt like I had like an inside scoop on the history of the families and some of the events that transpired there. For example, I couldn't wait to see Consuelo's bedroom where I knew she had been imprisoned by her mother before her forced marriage to the duke. This information was not shared in the tour, but I knew it, so I had a deeper experience standing on the very floor where that poor girl suffered for an entire summer than my husband had who only knew what was presented by the guided tour. The book is like watching a soap opera but knowing that the people and stories are real. I recommend this to anyone who plans to visit Newport, especially! Even though the book is hefty, I wouldn't have minded another 500 pages.
August 7, 2021
This is a ponderous work that details the awesome excesses of the Vanderbilts and exceeds the excesses of such as the emperors of Classic Roman, Egyptian and other ancient life styles. It appears to me that the Commodore was actually the Grinch and Scrooge as I understand his heart was too small and incredibly hardly any working organs at his death!
I was astounded at the accomplishments of many of the ladies of Commodore Vanderbilt such as Alva of which I had no information prior to reading this work!
Also, the dysfunctional family of Gloria Morgan Vanderbilt and her daughter Gloria Vanderbilt (the mother of Anderson Cooper) was especially astounding as I was unaware of any of it! (Come to think of it the entire family was incredibly and unbelievably dysfunctional! I am convinced that I am blessed!
I was astounded at the accomplishments of many of the ladies of Commodore Vanderbilt such as Alva of which I had no information prior to reading this work!
Also, the dysfunctional family of Gloria Morgan Vanderbilt and her daughter Gloria Vanderbilt (the mother of Anderson Cooper) was especially astounding as I was unaware of any of it! (Come to think of it the entire family was incredibly and unbelievably dysfunctional! I am convinced that I am blessed!
July 2, 2018
I love non fiction, it is almost always a page burner, and this family is no exception. I love seeing the rags to untold riches, a family dynasty and legacy spread out open for us to glimpse or glare. I must say there was one thought I came away with, his vast fortunes came before income taxes, what you made was 100% yours, if only we could have that luxury offered to all citizens say over sixty, the chance to pay ZERO taxes for three years, we could all retire wealthy!
March 16, 2018
Wow!! What a book about the squandering of an unimaginable fortune. This book will make you want to travel to Newport Rhode Island and see how America’s “royalty” lived in the days pre-taxes! Loved reading how the fortune was amassed and then squandered. Its a thick book, but a fast read!
July 1, 2021
Very interesting book about the Guilded Age
April 3, 2024
Will money make you happy? This story says no!
Cornelius Vanderbilt (The Commodore) borrowed $100 dollars from his mother in 1862. He bought a small boat with the money, and he ferried people from Staten Island to New York City. The venture was quite successful, so he bought another boat and then another, he built a fleet and gained exclusive rights to this prosperous route in the busy New York City harbor . He paid his mother back and continued to expand his business, eventually using steam to power his boats. Eventually his success and his growing wealth afforded him the opportunity to invest in the emerging railroad industry. He bought rights from NY to destinations all the way to Buffalo. Again, his skill as a businessman brought enormous wealth, maybe the richest man in the Country. At his death, his son William Henry Vanderbilt took over the leadership of his vast holdings and was maybe even more successful than his father by continuing the rail expansion. The vast fortune earned by these two men over time was divided among the children, grandchildren and children of these children and this is where the story really begins. On a certain level this is a funny story about the children of wealth who did not earned the money and therefore foolishly squandered their unearned inheritance.
Our author, Arthur Vanderbilt II (AVII) obviously a person with an insiders view of events. Begins his story with Alva Vanderbilt probably she was the most accomplished spender.
Alva was married to Willie Vanderbilt, and he was the son of William Henry Vanderbilt. Alva was an aggressive, intelligent, and charming southern belle. She charmed the Old Commodore, her husbands grandfather and dominated poor Willie, her husband. It was said that she was a born dictator!
Alva did not waste a moment after she had won a Vanderbilt, her first trophy. She had a brownstone at 5 East Forty-fourth St.; it was a wedding present from Willies father. Now her desire was a country house for the early summer and autumn months, an escape from the heat of the city, all of the other rich families had such a property, so why shouldn't she? But it must be bigger and better than everyone else! Less than a year after the marriage Willie purchased for her an 800 acres of peace and solitude in Long Island on Great South Bay. Even as work was in progress at their new and grand country estate, Alva needed more, she convinced Willie to build a new, bigger and better town house in the city and what Alva wanted she always got; Willie was incapable of saying no to her. Three years and 3 million dollars later the Vanderbilt house at 660 Fifth Ave. was completed.
But Alva was still unhappy; New York City society was not beating a path to her door. The city’s social scene was led by another lioness named Mary Astor and she saw Alva as an interloper, the Vanderbilts were people with no background who had gotten rich too quickly, they were people who thought that their money could buy everything including class. Alva was excluded from the gathering of the rich socialites; but Alva knew how to play hard ball, too! She planned a grand ball and formally invited twelve hundred of the “nobs and swells” of New York society, poor Mary Astor's ball room could only hold 400! Alva enlisted the help of Ward McAllister, a well-known social insider and friend of Mary Astor who had worked with and liked The Commodore. With the aid of his social contacts, Alva spent $250,000 on this one night and the next day newspapers proclaimed it as the social event of the decade. The attendees were astonished by the wealth represented in the fabulous interior at 660 Fifth Ave. Alva, using her almost limitless wealth she check mated Mary Astor and gained acceptance into New York society. Before the ball, the Vanderbilt family was unheard of in New York society. But after the ball, no social function in New York was complete without Alva and Willie.
Alva was not done, Willie again gave in to her wish for a boat, but not just a boat but the biggest and best boat. They commissioned a Delaware shipyard to build a three masted schooner with steam boilers and a coal capacity of three hundred tons. It was a $500,000 yacht with the name of Alva. J.P Morgan had a 165 feet long ship called the Corsair, William Astor had a new boat named Nourmahal and it measured 233 feet long, jay Gould’s Atlanta was 250 feet long, but Alva topped them all at 285 feet, the largest private yacht ever built!
Alva soon tired of cruising the world in her boat and turned her attention to her next project. It just wasn’t fair; she pouted to Willie, all her friends had cottages in Newport. So, on her thirty-fifth birthday, Willie gave Alva a special present, he commissioned a house to be built in Newport on four acres of land next to Mrs. Astor's summer cottage. No little summer cottage for Alva, she had built a temple of white marble. Willie reasoned – whatever the cost-it was worth it. She was occupied, she was happy! Alva’s birthday present was named Marble House, I wonder why? It would be used for no more than seven or eight weeks a year and it cost Willie $2 million, but that was just the exterior. The interior decoration of Alva’s fantasy cost Willie $9 million for a total cost of $11 million. And even this did not satisfy Alva for long.
After her frenzy to build Marble House at whatever the cost, she focused attention on her daughter, Consuelo. She and Consuelo were close, yet Consuelo had her sights on a man that Alva considered unworthy. Alva wanted an English title for Consuelo, and this made Alva very unhappy but Alva thought Consuelo was too young to make a major decision about the rest of her life, so she pursued the title for her. The Duke of Marlborough was in America seeking to marry money; so, it was a perfect fit, Consuela got a title, The Duchess of Marlborough and the Duke got Vanderbilt money. During this period in our history, American mothers sought to gain a title for their daughters. While European aristocracy came to America seeking to marry money to save their castes and great estates. Alva destroyed her daughter’s life by insisting on this marriage. She pursued this project like all others with no expense to great. The marriage was the biggest social event in New York with all the papers reporting and great crowds gathered to witness the spectacle.
After scandalizing society by divorcing Willie, she focused her incredible energy on women’s suffrage and became prominent in this fight for women’s rights. This woman’s story goes beyond this book and deserves a biography all her own. This woman is one of the central characters of this book. She was intelligent, aggressive and a person who got whatever she wanted by stealth and determination; I liked her, as long as she would never have access to my check book!
Alva was a prolific spender and hers is a great story but she was not the exception when it came to spending the Commodore’s great fortune. The generations that followed from the builder of wealth indulged themselves with no fear that the gravy train would end. AVII does a exception job of describing their wild and frenzied spending habits. While The Commodore never let his spending rise above his earnings but the generations that followed did not understand the value of money and did not follow his example. These inheritors had amazing chateaus on Fifth Ave. They had squads of liveried footmen, yachts, summer palaces, private railroad cars, rivers of pearls and diamonds, tapestries, old masters, and fleets of maroon Rolls Royce’s…and then it was gone. None of the new generation thought for a minute to conserve or invest, it was a deep well so they drew from it because it would last forever… but it didn’t.
I enjoyed the story of Alva, she was quite a character, yet there were other characters that add spice to this story told by an insider. Yes, the story is about the Vanderbilts but it is also about the times, about New York City during the Gilded age; the center of the universe. There were the interesting European tours; they used international luxury sailing like we use taxi cabs. There are stories about the jet set migration of these snowbirds flocking to the warmer climates escaping the heat of the summer.
Spending eventually caught up with them; and so did the tax man. The gigantic palaces built in an age of low or no tax became albatrosses around the neck, they were not utilized for a full year but the cost of maintaining them grew every day. The gilded age was ending and these huge empty mansions were sold off at bargain prices. They had been built in another age; to build and furnish them cost tens of millions but they were sold for a tenth of the original cost.
The gilded age was an interesting time but only for the few, the rest of us could not imagine that kind of money, most of us just muddle along trying to make ends meet. This is an important point for me because I think to myself, if only I had a million, I could make it last a lifetime, but could I? Certainly they couldn't!
Cornelius Vanderbilt (The Commodore) borrowed $100 dollars from his mother in 1862. He bought a small boat with the money, and he ferried people from Staten Island to New York City. The venture was quite successful, so he bought another boat and then another, he built a fleet and gained exclusive rights to this prosperous route in the busy New York City harbor . He paid his mother back and continued to expand his business, eventually using steam to power his boats. Eventually his success and his growing wealth afforded him the opportunity to invest in the emerging railroad industry. He bought rights from NY to destinations all the way to Buffalo. Again, his skill as a businessman brought enormous wealth, maybe the richest man in the Country. At his death, his son William Henry Vanderbilt took over the leadership of his vast holdings and was maybe even more successful than his father by continuing the rail expansion. The vast fortune earned by these two men over time was divided among the children, grandchildren and children of these children and this is where the story really begins. On a certain level this is a funny story about the children of wealth who did not earned the money and therefore foolishly squandered their unearned inheritance.
Our author, Arthur Vanderbilt II (AVII) obviously a person with an insiders view of events. Begins his story with Alva Vanderbilt probably she was the most accomplished spender.
Alva was married to Willie Vanderbilt, and he was the son of William Henry Vanderbilt. Alva was an aggressive, intelligent, and charming southern belle. She charmed the Old Commodore, her husbands grandfather and dominated poor Willie, her husband. It was said that she was a born dictator!
Alva did not waste a moment after she had won a Vanderbilt, her first trophy. She had a brownstone at 5 East Forty-fourth St.; it was a wedding present from Willies father. Now her desire was a country house for the early summer and autumn months, an escape from the heat of the city, all of the other rich families had such a property, so why shouldn't she? But it must be bigger and better than everyone else! Less than a year after the marriage Willie purchased for her an 800 acres of peace and solitude in Long Island on Great South Bay. Even as work was in progress at their new and grand country estate, Alva needed more, she convinced Willie to build a new, bigger and better town house in the city and what Alva wanted she always got; Willie was incapable of saying no to her. Three years and 3 million dollars later the Vanderbilt house at 660 Fifth Ave. was completed.
But Alva was still unhappy; New York City society was not beating a path to her door. The city’s social scene was led by another lioness named Mary Astor and she saw Alva as an interloper, the Vanderbilts were people with no background who had gotten rich too quickly, they were people who thought that their money could buy everything including class. Alva was excluded from the gathering of the rich socialites; but Alva knew how to play hard ball, too! She planned a grand ball and formally invited twelve hundred of the “nobs and swells” of New York society, poor Mary Astor's ball room could only hold 400! Alva enlisted the help of Ward McAllister, a well-known social insider and friend of Mary Astor who had worked with and liked The Commodore. With the aid of his social contacts, Alva spent $250,000 on this one night and the next day newspapers proclaimed it as the social event of the decade. The attendees were astonished by the wealth represented in the fabulous interior at 660 Fifth Ave. Alva, using her almost limitless wealth she check mated Mary Astor and gained acceptance into New York society. Before the ball, the Vanderbilt family was unheard of in New York society. But after the ball, no social function in New York was complete without Alva and Willie.
Alva was not done, Willie again gave in to her wish for a boat, but not just a boat but the biggest and best boat. They commissioned a Delaware shipyard to build a three masted schooner with steam boilers and a coal capacity of three hundred tons. It was a $500,000 yacht with the name of Alva. J.P Morgan had a 165 feet long ship called the Corsair, William Astor had a new boat named Nourmahal and it measured 233 feet long, jay Gould’s Atlanta was 250 feet long, but Alva topped them all at 285 feet, the largest private yacht ever built!
Alva soon tired of cruising the world in her boat and turned her attention to her next project. It just wasn’t fair; she pouted to Willie, all her friends had cottages in Newport. So, on her thirty-fifth birthday, Willie gave Alva a special present, he commissioned a house to be built in Newport on four acres of land next to Mrs. Astor's summer cottage. No little summer cottage for Alva, she had built a temple of white marble. Willie reasoned – whatever the cost-it was worth it. She was occupied, she was happy! Alva’s birthday present was named Marble House, I wonder why? It would be used for no more than seven or eight weeks a year and it cost Willie $2 million, but that was just the exterior. The interior decoration of Alva’s fantasy cost Willie $9 million for a total cost of $11 million. And even this did not satisfy Alva for long.
After her frenzy to build Marble House at whatever the cost, she focused attention on her daughter, Consuelo. She and Consuelo were close, yet Consuelo had her sights on a man that Alva considered unworthy. Alva wanted an English title for Consuelo, and this made Alva very unhappy but Alva thought Consuelo was too young to make a major decision about the rest of her life, so she pursued the title for her. The Duke of Marlborough was in America seeking to marry money; so, it was a perfect fit, Consuela got a title, The Duchess of Marlborough and the Duke got Vanderbilt money. During this period in our history, American mothers sought to gain a title for their daughters. While European aristocracy came to America seeking to marry money to save their castes and great estates. Alva destroyed her daughter’s life by insisting on this marriage. She pursued this project like all others with no expense to great. The marriage was the biggest social event in New York with all the papers reporting and great crowds gathered to witness the spectacle.
After scandalizing society by divorcing Willie, she focused her incredible energy on women’s suffrage and became prominent in this fight for women’s rights. This woman’s story goes beyond this book and deserves a biography all her own. This woman is one of the central characters of this book. She was intelligent, aggressive and a person who got whatever she wanted by stealth and determination; I liked her, as long as she would never have access to my check book!
Alva was a prolific spender and hers is a great story but she was not the exception when it came to spending the Commodore’s great fortune. The generations that followed from the builder of wealth indulged themselves with no fear that the gravy train would end. AVII does a exception job of describing their wild and frenzied spending habits. While The Commodore never let his spending rise above his earnings but the generations that followed did not understand the value of money and did not follow his example. These inheritors had amazing chateaus on Fifth Ave. They had squads of liveried footmen, yachts, summer palaces, private railroad cars, rivers of pearls and diamonds, tapestries, old masters, and fleets of maroon Rolls Royce’s…and then it was gone. None of the new generation thought for a minute to conserve or invest, it was a deep well so they drew from it because it would last forever… but it didn’t.
I enjoyed the story of Alva, she was quite a character, yet there were other characters that add spice to this story told by an insider. Yes, the story is about the Vanderbilts but it is also about the times, about New York City during the Gilded age; the center of the universe. There were the interesting European tours; they used international luxury sailing like we use taxi cabs. There are stories about the jet set migration of these snowbirds flocking to the warmer climates escaping the heat of the summer.
Spending eventually caught up with them; and so did the tax man. The gigantic palaces built in an age of low or no tax became albatrosses around the neck, they were not utilized for a full year but the cost of maintaining them grew every day. The gilded age was ending and these huge empty mansions were sold off at bargain prices. They had been built in another age; to build and furnish them cost tens of millions but they were sold for a tenth of the original cost.
The gilded age was an interesting time but only for the few, the rest of us could not imagine that kind of money, most of us just muddle along trying to make ends meet. This is an important point for me because I think to myself, if only I had a million, I could make it last a lifetime, but could I? Certainly they couldn't!
January 7, 2025
The book’s subtitle should read: “The Rise and Fall of the House of Vanderbilt”, as it chronicles both.
In the so-called Gilded Age, the Vanderbilt family emerges from the bootstrapping of Cornelius Vanderbilt I (“The Commodore”) who gets started ferrying passengers on a boat and progresses to building railroads, culminating with Grand Central Station in New York.
The Commodore was a mean old bastard – distrustful, unscrupulous, uncouth, but also shrewd, disciplined and full of ambition.
Wanting to keep his family’s wealth concentrated, he bequeaths it all to his eldest son, William.
Despite antitrust pressures, public distrust and unsympathetic journalists, William doubled his family’s wealth in 8 years to $200 million, making the Vanderbilt’s the world’s richest family.
Not wanting his family to endure a second “airing of dirty laundry” as occurred in a long and nasty trial after his own father’s will was contested, William divides the family wealth among his children.
The third generation Vanderbilt families, abetted by women who will stop at nothing to establish social position, embark on truly outlandish spending.
In a kind of millionaire arms race, they commission architects, shipbuilders, and landscapers to erect ever-larger mansions, yachts, summer palaces, and country estates adorned with the finest paintings and furnishings, often procured from European royalty.
It must’ve seemed at the time that the Vanderbilt family with their apparently limitless wealth and power would endure many generations into the future.
Alas, within a few short generations, all the mansions were sold and destroyed, Grand Central New York was bankrupt, and the Vanderbilt family had nothing to their name.
“From shirtsleeves to shirtsleeves in three generations” seems tailor made for the Vanderbilts.
The book reminded me of the HBO show, “Succession” about the Roy family in its cautionary tale about the effects of wealth.
Not only does wealth not offer a shield from aging, illness or death, it exposes its holders to envy, encircles them with sycophants and charlatans, destroys relationships, plunges them into idleness or addiction, and requires ever greater sums to maintain social status.
More than anything, this book shows the futility of human efforts to create something truly enduring.
The lessons from the Vanderbilt story:
- There’s no fortune so large it can’t be squandered
- Our spending is highly influenced by membership in a social class
- Acquiring and displaying status becomes an arms race, requiring ever larger sums
- Fortunes are as fleeting as the people who control them
- Inherited money snuffs out ambition and deprives heirs the satisfaction of building their own
- There are many who will marry for money and it’s nearly impossible to know until too late
- While the times we live in seem all-important to the inhabitants, social mores change rapidly
- Money brings out the worst people and the worst in people
Touring her niece through a cemetery, a Vanderbilt remarks, “All those people in there thought themselves quite some pumpkins, darling, in their day and age. But who remembers them now?”
Indeed.
In the so-called Gilded Age, the Vanderbilt family emerges from the bootstrapping of Cornelius Vanderbilt I (“The Commodore”) who gets started ferrying passengers on a boat and progresses to building railroads, culminating with Grand Central Station in New York.
The Commodore was a mean old bastard – distrustful, unscrupulous, uncouth, but also shrewd, disciplined and full of ambition.
Wanting to keep his family’s wealth concentrated, he bequeaths it all to his eldest son, William.
Despite antitrust pressures, public distrust and unsympathetic journalists, William doubled his family’s wealth in 8 years to $200 million, making the Vanderbilt’s the world’s richest family.
Not wanting his family to endure a second “airing of dirty laundry” as occurred in a long and nasty trial after his own father’s will was contested, William divides the family wealth among his children.
The third generation Vanderbilt families, abetted by women who will stop at nothing to establish social position, embark on truly outlandish spending.
In a kind of millionaire arms race, they commission architects, shipbuilders, and landscapers to erect ever-larger mansions, yachts, summer palaces, and country estates adorned with the finest paintings and furnishings, often procured from European royalty.
It must’ve seemed at the time that the Vanderbilt family with their apparently limitless wealth and power would endure many generations into the future.
Alas, within a few short generations, all the mansions were sold and destroyed, Grand Central New York was bankrupt, and the Vanderbilt family had nothing to their name.
“From shirtsleeves to shirtsleeves in three generations” seems tailor made for the Vanderbilts.
The book reminded me of the HBO show, “Succession” about the Roy family in its cautionary tale about the effects of wealth.
Not only does wealth not offer a shield from aging, illness or death, it exposes its holders to envy, encircles them with sycophants and charlatans, destroys relationships, plunges them into idleness or addiction, and requires ever greater sums to maintain social status.
More than anything, this book shows the futility of human efforts to create something truly enduring.
The lessons from the Vanderbilt story:
- There’s no fortune so large it can’t be squandered
- Our spending is highly influenced by membership in a social class
- Acquiring and displaying status becomes an arms race, requiring ever larger sums
- Fortunes are as fleeting as the people who control them
- Inherited money snuffs out ambition and deprives heirs the satisfaction of building their own
- There are many who will marry for money and it’s nearly impossible to know until too late
- While the times we live in seem all-important to the inhabitants, social mores change rapidly
- Money brings out the worst people and the worst in people
Touring her niece through a cemetery, a Vanderbilt remarks, “All those people in there thought themselves quite some pumpkins, darling, in their day and age. But who remembers them now?”
Indeed.
January 23, 2022
This is a tragedy, the story of a family who was given the greatest amount of wealth in the world--but they were not given any love, wisdom or even basic guidance from their founding members. You probably can guess the result of that combination.
It was actually painful to read at times--but not because it was written poorly. It was vividly brought to life, with colorful descriptions of their mansions, yachts and gowns. It even had a lot of raw, intimate feelings drawn from their diaries and memoirs. What was hard was hearing children plead for their parents to love them, only to be reprimanded for it, to see the train wreck of their marriages, and to watch the family fall.
I give it four stars (not five) because I would have loved to get some more wisdom/commentary from the author, but the book was limited to just the stories themselves, without naming any of the patterns or principles. So I have to do a lot of that thinking work myself. But it was an engaging read.
Wealth is not a gift, like most think. Wealth makes physical comfort easier, but it also makes relationships harder--within the family and with friends, too. And after a minimum level of physical comfort is achieved (one that major wealth isn't required for), relationships are the main source of satisfaction and purpose in our lives. So, in my experience working with high net worth families, those who have wealth have to work even harder to have a healthy family than normal--and it's hard work for "normal" families!
It was actually painful to read at times--but not because it was written poorly. It was vividly brought to life, with colorful descriptions of their mansions, yachts and gowns. It even had a lot of raw, intimate feelings drawn from their diaries and memoirs. What was hard was hearing children plead for their parents to love them, only to be reprimanded for it, to see the train wreck of their marriages, and to watch the family fall.
I give it four stars (not five) because I would have loved to get some more wisdom/commentary from the author, but the book was limited to just the stories themselves, without naming any of the patterns or principles. So I have to do a lot of that thinking work myself. But it was an engaging read.
Wealth is not a gift, like most think. Wealth makes physical comfort easier, but it also makes relationships harder--within the family and with friends, too. And after a minimum level of physical comfort is achieved (one that major wealth isn't required for), relationships are the main source of satisfaction and purpose in our lives. So, in my experience working with high net worth families, those who have wealth have to work even harder to have a healthy family than normal--and it's hard work for "normal" families!
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