Facts About The Vanderbilts, The Family That Lost It All

The Disturbing Downfall Of The Vanderbilt Family
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Reckless Facts About The Vanderbilts, The Family That Lost It All
Jan 6
PEOPLE
Byron Fast
They Spent Like Royalty
The Vanderbilts are likely America's closest thing to a royal family—at least, they spent money like one. The money came from Cornelius Vanderbilt, and the lavish spending came from just about anyone carrying the Vanderbilt name.
Watching this family’s dramatic economic decline would be something close to comedy... if it wasn’t so darn tragic.
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1. They Had Humble Beginnings
Most people don't know the shocking beginnings of the Vanderbilt family. A man named Jan Aertszoon came to America from the Netherlands in 1650. He was a servant and began working for a rich family known as the Van Kouwenhovens. This new life led to a new name.  Little did he know, it would become one of the most recognized names in history.
James Bard, Wikimedia Commons
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2. His Name Would One Day Be Famous
For his new last name, Jan took the Dutch word "Van" (meaning "from") and combined it with the name of his hometown, "De Bilt". From this, “Vanderbilt” was born. However, it would be a long time before the Vanderbilt family gained its infamous reputation.
Seymour Joseph Guy, Wikimedia Commons
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3. He Got Rich
It took a while, but Jan’s great-great-great-grandson started to become wealthy. This was Cornelius Vanderbilt, and he rose up from a lower-class existence on Staten Island and became rich in the shipping and railroad industries. Soon, it was time to move to greener pastures.
Nathaniel Jocelyn, Wikimedia Commons
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4. They Changed Islands
Staten Island was not quite posh enough for the Vanderbilts, so Cornelius—by this time known as “the Commodore”—looked elsewhere. Around the middle of the 1800s, he moved the family to Manhattan and built a house right on Washington Place. This area is now the affluent Greenwich Village where the kids from TV’s Friends hung out.
Sadly, the Commodore didn’t have much time left.
Mathew Brady's studio, Wikimedia Commons
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5. He Had A Fortune
By 1877, the sickly Commodore found himself restricted by his own ailment—for eight months, he rarely left his house. When it was time to say goodbye to his time on earth, he looked back at his stunning accomplishments. He'd amassed over $100 million, which in today’s money would be over $3 billion.
However, before he passed, he had some important decisions to make. The most pressing question? What in the world was he going to do with all of his riches?
Howell & Meyer, Wikimedia Commons
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6. He Started A School
The Commodore first handed over $1 million to build a school called Vanderbilt University, which is in Nashville. Next, he had to decide how to divvy up the rest between his rather large collection of potential heirs. When they finally read the will, they likely uttered a collective gasp.
Unknown Author, Wikimedia Commons
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7. He Shocked Them All
The Commodore shocked everyone by leaving almost everything to just one  of his heirs. This was his eldest son William Henry Vanderbilt, also known as Billy. Not surprisingly, the rest of the family was furious—and, more than that, suspicious . After all, there was another son and nine daughters who received next to nothing.
They were not going to take this lying down.
Edward Bierstadt, Wikimedia Commons
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8. There Was A Ghost
Three of Billy’s siblings went to court with a complaint about the will. They said that Billy had hired a “spiritualist” who went into trances, summoned the spirit of the Commodore’s deceased wife, and told the patriarch that all his money should go to Billy.
This was about to get very embarrassing.
Frank Leslie's Illustrated Newspaper, Wikimedia Commons
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9. He Settled
Billy wanted to spare his family the public humiliation of a trial, so he settled with his siblings, although he didn’t offer them very much. Billy and his children had the lion’s share of the fortune. It seemed as though he had the world at his fingertips— but it wasn't long before tragedy struck.
Unknown Author, Wikimedia Commons
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10. It Grew
As it turned out, Billy had precious little time to enjoy his grand inheritance. In 1885 —just eight years after his father—Billy passed due to a stroke. The remarkable thing was that in that short time, he had doubled the money that his father had left him.
Billy would be one of the last Vanderbilt’s to increase the family fortune. However, there was a sad twist behind his glittering riches.
Charles Graham, Wikimedia Commons
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11. Money Made Him Unhappy
Billy was good at amassing money, but he had little need for it. He often said that money made him anxious . He blamed his poor health on money and was prone to looking at his poorer neighbors and feeling envious. For this reason, he decided to divide up what he left for his family.
Little did he know, his kids were destined to run through their inheritances like water.
ClassicStock, Getty Images
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12. He Was Generous
Most of Billy’s fortune went to his two oldest sons. First, there was Cornelius Vanderbilt II , who did not increase the wealth of the family due to his great generosity. Then, there was the second son, William Kissam Vanderbilt I , who was more interested in horses than amassing a fortune. But that wasn't all.
The thing about William was that his wife was more  than a handful.
John Singer Sargent, Wikimedia Commons
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13. She Was A Gold Digger
In 1875, William married Alva Erksine Smith , who many thought was simply out for his money. You see, Alva’s own family money had disappeared, and she needed someone to latch onto for financial support. After all, Alva was an absolute expert on one thing—letting money run through her fingers.
José María Mora, Wikimedia Commons
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14. She Was A Collector
Alva had extravagant taste, and she even had her husband buy her yachts —yes, that’s plural. She also enjoyed collecting mansions, so much so that she eventually boasted nine of them. But this wasn’t enough for Alva. She wanted something that money couldn’t buy.
Frank H. Child, Wikimedia Commons
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15. They Were On The Outside
At this time, New York high society was quite snobbish, and they didn’t accept the Vanderbilts because they came from new money—their fortunes not strictly accumulated through inheritance. This was a thorn in Alva’s side and she needed to fix it.
Benjamin Curtis Porter, Wikimedia Commons
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16. She Spent A Fortune
Alva decided to buy her way into high society through architecture. She spent three years and $3 million building a home. By the way, that would be about $70 million in today’s dollars. Sadly, this did nothing to lift Alva and her husband into high society.
Behind closed doors, however, things were even darker.
Bain News Service, Wikimedia Commons
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17. She Was Cruel
By this time, William and Alva had welcomed a daughter, who they named Consuelo . Alva was a strict disciplinarian with Consuelo— and her methods of keeping her in line were downright disturbing.
Vanderbilt Cup Races, W…

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