Gloria Vanderbilt died on June 17, 2019, at the age of 95. Here is a look at her family's famous fortune, and how they largely squandered it:
, at the age of 95. Here is a look at her family's famous fortune, and how they largely squandered it.
Cornelius"Commodore" Vanderbilt started the family business by borrowing $100 from his mother and piloting a passenger boat on Staten Island in 1810. He expanded into steamboats and then went on to build railroad empire New York Central. Its tracks stretched Vanderbilt's empire across the United States and gave him a monopoly for all rail service in and out of New York city.
Young Billy did his best: he inherited the family's 87% stake in New York Central and expanded the business, reportedly doubling the family fortune to over $200 million.Cornelius had urged that the bulk of the family fortune be endowed upon one descendant, but when Billy died in 1885, he left the family's stake in the company to both of his sons, Cornelius Vanderbilt II and William Kissam Vanderbilt.
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