I'd say there is 3 classes. Wealthy broke is this case. "Oh no, I don't have billions of dollars anymore". Then you have middle class broke meaning, "I don't have extra money but all my bills are paid and I have a decent amount in savings". Then there is poor person broke where your bank account is negative, bill collectors non stop calling and we having mayonnaise sandwiches for dinner tonight.
@@drewcliff82 I imagine everyone in the world who ever spends even one day without the means to stop their stomachs growling would not consider themselves poor otherwise.
Would you consider Anderson Cooper, who is worth upwards of 100 million, poor? For God's sake, it's two centuries since the Vanderbilt's started their fortune. Some royal lines don't last that long.
A lot of people I know who have really rich parents, do their own thing and were encouraged to start at the bottom. When asked why they still work like a normal 9-5 despite having rich parents, most of them will say "Whatever that money is, that's my parents' money, not mine". That's how you know that they'll do good in the future.
Thats the way to go but it has to start with the parents who spoils their children and they grow up to be a royal B!!!H or A!! H!!! with no respect to other’s 👍
This is true. Very much so I’ve never really felt comfortable asking my family for money either lol. Like, I just bought my first car. It was offered sure but like, ehh it’s not mine.🤷🏽♂️💐
Unless that 9-5 kid has good money managing skills and doesn't get into debt they will manage to sustain the wealth but their children might not be the same and squander the wealth and but if the child is entrepreneurial and lucky then they will increase the wealth and most likely pass it down to children who if groomed correctly will increase it further while the 9-5 personality will lose the wealth in credit card debts and consumerism
when Sheikh Rashid was once asked about the future of his country, he replied: “My grandfather rode a camel, my father rode a camel, I ride a Mercedes, my son rides a Land Rover, and my grandson is going to ride a Land Rover, but my great-grandson is going to have to ride a camel again.” “‘Why is that’, he was asked? And his reply was - ‘Hard times create strong men, strong men create easy times. Easy times create weak men, weak men create difficult times. Many will not understand it but you have to raise warriors, not parasites.'”
More like the third generation is probably corrupt and only cares for more $$$ for themselves, which is pretty much shooting themselves in the foot. Not necessarily “weak” probably just more crooked
I was in a fraternity with the latest generation of Vanderbilt Cecil, he was 1 year older than me. Decent kid, very privileged, well funded, by far the wealthiest of the group (or at least, most known and visibly). Last I heard of him he was working for a hedge fund in NYC. They may not have it all but they definitely still have money, great privilege, and private access to the Biltmore estate. I mean the Cecils are some kind of british royalty, they're doing just fine. We both graduated within the past decade.
@@Dora-nf5ip He's left the hedge fund and is now with a large asset management firm getting companies to adopt blockchain & web 3.0 tech, from what I gather
I knew a man in my small town that was very wealthy and had worked very hard for it. He was constantly investing in stocks in later years and crushing, he was very smart. As a poor single parent we met accidentally, but when he found out I sometimes traded stocks, we developed a friendship. Folks at our local bank were amazed when we ran into each other, and talked forever about stocks, they said he never talked to anyone else. He had a wife, son and daughter he loved very much. I recently went by his house as I hadn't seen him, and figured he'd passed, he was very old by them. His son was home, nice guy my age. He told me the sad story, his money had been fought over by the whole family when he passed, and he didn't get any of it, there were problems with the will. Distant relatives got it and spent it quickly on stupid stuff. All that hard work, with good intensions, was all for naught. Can't take it with ya folks.
That’s usually the way it goes. It really sucks to not get what you are supposed to,but at least you don’t miss what you never had. Money strips the varnish from a persons heart revealing who they really are. If you have children make a Will, and make sure that they get it ,but teach them how to be wise with it first.
@@cassiecraft8856 Wise you are! I've got very wealthy parents, the wealth came over time, and it ruined any goodness that was in our family, I had to leave and go no contact with them over 10 yrs ago. They can have their money, I'll never see a penny and don't care. Visit a goofy old Black Sheep here you get a chance, I may have a few vids you might enjoy. Take care friend.
Many thanks for this rapid yet detailed family history; I had no idea that Gloria was the daughter of the alcoholic youngest son and a mother who lived off Gloria's trust fund. I think the Vanderbilt family should be praised, not 'pitied' for their loss of fortune. The middle generations did, after all, make many bequests that have benefitted many, rather than only the family itself.
@stephenmaxam New York City Library, Metropolitan Museum of Art for a start. And everyone who has benefited from access to the works of those institutions - it is called culture. It is an off-shoot of civilization, strange though that may seem to you.
They could have kept the fortune had they kept up the business part-working instead of squandering their whole lives, simply spending money. That’s just stupid. To wit: now they have nothing.
@@christinecanavan7333 It’s the Cecil’s. GW Vanderbilt’s great-grandchildren. The Biltmore Company was formed by the family for the purpose of running the business side of the Estate.
She was a devout Satanist openly. i mean isnt that just as bad as a devout Christian. she was also an abusive mother. but hey who cares they are Democrats after all.
@inconelhell im nether i dont subscribe to tribal slavery if you disagree with me you must be a left winger marxist communist right so tell me sir how will we ever meet in the middle when your first words to me are a slurr what you think im a nazi right winger have you ever researched the vanderbilts? if you did you would know from her diaries she visited Anton leVay and went to his services in the california satanic church many times how the vanderbilts associated with Aliester crowley. but hey you can always be a judgemental asshole with a closed mind my friend thats on you. buy the way i dont believe in god or the devil i subscribe to the fact that we were created by evolution. that would make me ummmmm not a conservative right winger.
@@mindwarp1966 : I only know American English from tv and radio, however my spelling is better than yours. People can also be left-wing without being marxist indoctrinated. Yes in Russia millions of people were killed by Stalin who used marxism as a flag to commit these atrocities. This says nothing about Karl Marx political philosophy described in his books like 'das Kapital'. For the people behind the far right groups in the US it is sufficient to have a divided and torn country. Peaceful is an option, but not necessary to make as much money as possible without having give a dam about anything or anybody being affected. So if it takes bringing the democrats down by just keeping on repeating blatant lies or killing John F Kennedy, saying the elections were stolen : they don't care. Very typical for the far right is to lower themselves to a point they can't sink any further.
I worked for the family in Vermont. The fortune is NOT gone. They own the Shelburn Museum in Vermont and all its collection. They owners are still wealthy and keep their vintage private train car, that they used to loan to the president, there on the property.
@@eln0n01 I mean, not everyone is like "lemmie pop a boat in a field for fun" or "I want this antique round barn at my house, let me get military helicopters over here to airlift it across the state" :-p
Wealthy is not necessarily rich. IIRC rich is you have [near] liquid spending power. You can be wealthy as in have so much land but not rich because you can't afford a first class ticket unless you sell land to have the spending power.
That's why the inheritance used to go to the eldest. They were expected to care for the other siblings. This kept the family fortune from being divided with each generation also keeping the family's name and social status intact
@@09thespecialone Jamie Lee Curtis is richest child of Tony Curtis. Naomi Judd had daughters. Elvis and Prescilla had a daughter. Sonny and Cher had daughter that is confused guess parents being on drugs didn't help.
Basically the Vanderbilt's historical name is hiding their lack of fortune......by "millionaire standards" if you will. The family may not be millionaires or billionaires anymore but I'm sure they're still living a high society lifestyle🤨
Exactly...Love the final sentence :..."although estimated to be worth $200 millions, only had a value of about $1.5 millions".....If I had just half a million dollars , I'll be considering myself better than well off!!!
Excellent reply! Old money. Hires people to surround them and take care of things. For generations. They think ahead and look into the future. What will happen to the fortune when they die. Their off spring and relatives could and usually are "challenged". Their life's are mapped out for them. There are lawyers and accountants handsomely paid to manage things.
@@shugardad It usually only last 3 generation. Wealth people think they can manage it all. By the third generation which becomes the spending generation.
Edith’s daughter walked away from her inheritance, preferring to move to England and becoming anonymous there. I’d love to see a movie about her life as a pink-haired artist!
@First name Last name Probably not, but it sounds like you have a mouth full of vinegar and a heart full of bitterness. Language is for expressing ourselves. I heard humor, self deprecation and love for his/her family in those words.
Don’t forget Gloria Vanderbilt made Big Girl Jeans, with the swan trademark on them.. There are more Big Girls than small girls.. I know ladies that loved the way they fit.. His Mom was a very good Business Women with style to spare.... She made her mark on the world! and she was amazing, a true classy Lady.
I’ve been to the Biltmore estate. I saw the contract for building the house and I seem to recall seeing a figure of 1.2 million. The house was used in the movie “Ritchie Rich” with Macaulay Culkin. It’s an interesting story. Goes to show that giving your kids money is only half of the equation, how to manage it is the other half.
Interestingly, Macaulay Culkin was/is another of those "damaged hollywood children." Didn't he become a whistleblower regarding bad hollywood practices? Tu, 04/20/2021
@@AuroraFinesse-is9vg I don’t know. Wouldn’t surprise me. I seem to recall him getting married very young. Don’t know much more about it, but I imagine it’s not hard to find out. Lemme know if you find out first!😉
Biltmore may have been built by the Vanderbilts but It was the Cecil-Amnherst family that kept it alive. They married George II's daughter, who was effectively penniless.
I've been to Biltmore House. If you get the chance, go. I's unbelievable. The gardens are gorgeous, and at Christmas they decorate the whole place. It's pretty spectacular.
@@jacksonmcdaniel3250 Oh, I know, right? I wonder if they had to hire themseles a librarian to leep it all straight. I also loved the dining room. Those enormous fireplaces! I need to go back sometime. They've opened up a lot more of the house since I was there.
I’m from California. Saw hurst castle in three separate tours. I would image Biltmore would be several more than 3 tours to capture the entire estate. Looking forward to seeing now as I’m now an east coast resident.
It sounds to me like the Vanderbilts were mostly guilty of being very generous ....kudos to a great American family whose charity reverberates to this very day in America.
Sure. But, if there were regulations and taxes, these monies would have gone to the government who would be able to make similar or better investments.
Very interesting to know their family history. Thank you for this video! On a side note, it is so upsetting to hear that developers demolished those beautiful estates. I wish they valued history and quality more... I would have LOVED to have the chance to tour those homes!
As I have always said, financial empires seldom last beyond five generations. An easy life is the worst thing a person can inherit, it robs you of motivation and self respect.
True. His ancestor was a farmer from de bilt and emigrated to the states. The name vanderbilt means van der(of the) bilt, which later condensed to vanderbilt
My great grandfather was a businessman who had a nice amount of money. He left most of it to my mother who lost it through being married to a useless husband and she didn’t learn from her mistakes, as her second husband was even worse. My grandmother lived on her inheritance motivated by self interest. I have had to work for the food I eat and to pay the rent.
@samantha ssmith Umm, the Biltmore house is not, nor will ever be, for sale.. It's still owned, and operated, by the Vanderbilt decendants. You might want to look that up, as it's very interesting to say the least.
@@hydrolito are you crazy??? he's a Vanderbilt by blood, via his mother!!!!!!!!!!!!!!!!!!!! even if you hate the guy, you don't have to make stupid comments
Sad how people place so much value on social status and bank accounts . I built , run , and own several successful businesses from nothing . Anybody can if they tryed , but most dont , they invest all their time and energy in ways to take from somebody’s hard work for their own selfish ways of waste and stupidity and are quickly back to having nothing again . The vanderbilts invested in their community and the general well being for all , I think they are generous and their philanthropy should be honored for everything they gave for the betterment of all society . The met , what a gift to the world . They gave their wealth to all of us , great Americans are so much more than a net worth number
@James Voit; I actually visited Biltmore on my road trip to Hilton Head from Chitcago about 14 years ago. The only thing that impressed me was how BIG it was. It wasn't "beautiful" to me at all. Indeed, it reminded me of some massive European cathedral, virtually all gray concrete. Admittedly, it was built in the 1890's so there is a dis-connect of what was beautiful then as opposed to now, but it was definitely not "liveable" for any family. It was more suitable to be a hotel, because you could easily fit dozens of people in it and still have room left over to "play". As far as price goes, I didn't have a problem with the entrance fee, but they wanted $30 (at the time) to have your picture taken there. Say what! I politely declined. :)
I went to the Breakers mansion 2 months ago in New Port. It was staggering seeing how massive the summer home is. Also, the Vanderbilt's never lost a penny!
Yes, they lost about 70% of their fortune, depending on how you measure lost. Where do you think that 400 billion USD went, it didn't go to the Whitney's or Cooper.
@@Writing-With-Dyslexia The breakers cost 1 million dollars a month to maintain. 1920s dollars. That money got spread out between contractors, the 10s of cleaning and cooking staff. The estate lawyer(Probably) and many, many more.
They spent it. They didn’t lose it. They just pissed it all away over the course of 6 or 7 decades. Many of the very old families were smart enough to lock up the principal and just let the next generations enjoy the income. They had professional money managers run and diversify their fortunes while the heirs did whatever they wanted to
The music is very distracting. People that shoot videos, I believe, should leave the music out. Too many people have too many “likes” in music. When you have to listen to music you don’t like, it grates on your nerves. Personally, I HATE this kind of music. I’ve seen surveys on music in videos and people vote no. Even if the music is OK, it competes with the voice.
Anderson's mother was deeply in love with Gordon Parks. She was going to marry him. But both changed their minds because interracial marriage was forbidden in those days
I found absolutely NOTHING to support this. They dated openly and not in hiding, there's many many photos of them together and even written transcripts of interviews and not one single time could I find a reference to being secret about their relationship or that the marriage was "forbidden". All I found from his mouth in an interview was she wanted to marry him and he not so much . They remember friends for life after dating
There is that quote, "The First generation creates the fortune, the second generation sustains it, and the third generation squanders it." That is pretty much what happened to the Vanderbilts, The later generations squandered that fortune by doing dumb things like having palaces built with 800 bed rooms which is total a waste and stupid.
The Vanderbilt lost their fortune because they spent too much money on mansions, palaces, and a luxury lifestyle. They also didn't diversify their fortune.
When I was young I wanted to be Rich. Over the years I've watched so many rich people who for all thier money just seem to be unhappy. You look at them spending money on ridiculous things, yet none of it makes them happy, and on a personal level they have a hard time keeping friends and spouses. It seems true that money doesn't buy happiness after all. These days, all I want to be is comfortable in my declining years.
The third generation may have lowered the family fortune by their philanthropy, but that probably did much more good to society than having hem build up more family control of various businesses. Andrew Carnegie was right about wealth being entrusted to rich people for the good of society.
They were just trying to buy their way into a society of phony losers. They foolishly squandered their money, just like everyone else I know who inherits.
The problem with this channel is the narration, the writing, and the music. The topics are always interesting. The execution is lowest common denominator.
The second generation have this issue when coming into money. They saw how hard it took to come into the money, and often they tend not to be able to earn the money. The better ones would be able to hold on, and the focus is just to keep up appearances. The third generation wouldn't know how hard it takes to earn the money.
The Vanderbilt name will come back into vogue and be a success again. The family were much loved and linked by many especially Americans as they were extremely kind and generous with their money especially to everyone who was going through a different time. They gave away a lot.
I just visited the Biltmore estate today! It’s got the most lovely library like straight from beauty and the beast :D and the dining room with triple fireplaces… gorgeous 😍
Used to live in N.C myself, visited the Biltmore several times and even did a paranormal investigation there many years' back and met my close friend that used to work there at the ice cream parlor. You haven't fully experienced the Biltmore til you hiked the entire property, beautiful.
Just too many people , must be 40 people by the 3rd generation and that"s not counting any indirect family members. ( Like someone marring a 2nd wife with kids already. )
@@bobmckinsey6169Indeed. That's why male primogeniture was the common method of inheritance among royals, aristocrats and upper classes. All the inheritance used to go to the eldest son. It preserves the family's wealth from being diluted among so many descendants in the next generations. It was not ''fair'' for the other siblings who got nothing but it was a necessary evil. Because it used to preserve the prestige, the social status and the power of the family intact.
Amazing that once the richest man in the world, Billy's next 3 generations would be facing lack of funds. The one good thing is that they donated heavily to universities and the art/culture organizations. I call that money well spent. I really liked and admired Gloria and wish that I could have met her. Working at the newly formed Estee lauder in 1971 that was not difficult.
Most people's estates, however impressive, seem to melt away quickly. My friend had a million dollar estate from his parents, but divided four ways. After back taxes and expenses, he got enough to live comfortably, for 3 months...
Like others have correctly said in the comments…the family is far from broke…they just aren’t the richest family in the country anymore. There’s a big difference. Even Anderson’s mom…who loved to spend, had plenty of money to last her long life. Yes, she didn’t leave a massive fortune when she died, but she lived a lavish life and ensured her son (who is certainly talented and hard working) had a great start to life (at least financially).
Love the Biltmore House. I'm a history buff and love to see the craftsmanship and architecture from people's hard work that was all hand carved. That kind of talent is extinct today.
This video starts off showing that the maker has no idea what he's talking about. Yeah, this is an invented history. The Commodore did NOT invest in railroads. He disdained them. It was his SON who jumped all over railroads -- and who expanded the Vanderbilt family empire to its peak. The Commodore did NOT get started by plowing farm soil. He, as a twelve-year-old child started rowing between the Battery in lower Manhattan and New Jersey -- in a small craft! He was charging $5 per trip. This was danger pay as doing so was quite hazardous. For the era, $5 was Big Money. Fulton had just invented steam (river) boats. Vanderbilt jumped on this new-wave technology. He then used every trick in the book to bankrupt rivals so as to maintain monopoly pricing, time and time, again. THIS was the basis for his fortune.
Absolutely. Any fool may be able to build a fortune but any fools that manage to keep a fortune typically have the testicular fortitude to hide that cash from the criminals at the IRS. Gosh, just look how negligible the Rothschilds claim their holdings to be. Their states wealth is 1/1,000-1/1,000,000,000 of reality, so it makes sense that the Vanderbilt's did the same on a fraction of the scale.
My late husband and I moved to Asheville NC twenty yrs ago and stayed in this magnificent little city for several yrs until the incredible air pollution (most of which wafted 40 miles west from Tennessee ) finally choked us out. Residents of Asheville and Buncombe Cty enjoy unlimited access to the Biltmore estate totally free of charge all seven days a week and we took ample advantage of it..The gardens were nothing less than spectacular .. I particularly loved the organ playing @6pm. Languishing in the big wicker chairs on the west side veranda we met many tourists who'd paid BIG BUCKS to vacation there who looked out into the heavily polluted "views" of the Great Smokies and asked "Is this why it's called the Smoky Mountains??" Visibility was 10-15% @best.
Exactly what pollution are you talking about from Tn? The state has very little air polluting businesses... your just making crap up. If you read this and respond NAME what industry can cause that much pollution over such a vast mountain chain 6000 ft high. You can't... you sound like a russian bot.
When I was in the military I knew a guy who’s parents died and they left him a little bit of money. He used it to invest in properties and rental properties. He became a self made millionaire by the time he was 20. He joined the military because he wanted to be treated like a normal person because everyone kissed his butt. If you doubted he was rich he’d take you to the atm and pull out 3 bank cards and do a balance check and show you 3 accounts that had millions in them. Was a real cool guy and was down to earth. We were in Germany and he would rent out a castle to throw unit parties in so he could see people happy. He would tell you tips and stuff on how to invest your money. On the other side my roommate (who I out ranked, I was the barracks floor NCO, but got suck with him) dad was a millionaire and cut him off from his money cause he was a spoiled brat. Basically told him to join the military so he would get a taste of not being rich. The guy would throw all kinds of tantrums. I had to teach him how to do laundry because he didn’t know how. Also iron his clothes, shine his shoes/boots, and other basic things like wash dishes, clean the tub, sink, and toilet. A friend and I would put him on stuff like trash detail when we were out in the field to get him into another tantrum. He would yell and scream; “I don’t need to do this! Do you know who my dad is?!” We’d say, “ yeah, I am! Now get to work on throwing out the trash private!” We also had another guy who was a tank driver who graduated in the top 10 of his class from Harvard Law. Passed the bar and decided he didn’t want to be a lawyer and joined the army. We were astounded. Asked him why he didn’t become an officer and he said he didn’t want to be a lawyer in JAG. Told him he could have been any kind of officer and not necessarily a lawyer. He had no idea he could have done that lol. But he absolutely loved being a tank driver. He probably would have been an Abrams tank driver for the rest of his life if he could.
There is an old Lancashire saying in England, clogs to clogs in 3 generations. Clogs were wooden soled shoes worn by the poor working in the Lancashire mills. The first generation builds it, the 2nd generation consolidated it, and the 3rd generation loses it. This is certainly confirmed by the story of the Vanderbilts.
@@mmartijn78 I was referring to an English saying about losing s fortune in three generations. I never claimed the van der Bilts were English, just the saying. So don't talk about something you know nothing about, or you will just confirm your ignorance.
The 4 and 1/2 acre house gets a million visitors a year at $50 a head that doesn't include brunch 😆 I did a job in Biltmore square a few years ago when they built that town cuz they're so broke LOL
I really enjoyed your video about the Vanderbilts but, I would like to offer a small criticism. The background music at first was not really noticeable but by the time the end of the video played I was really very much aware of the sound. At first, it was a little too loud and spoiled the narration and secondly, the type of music chosen was in my opinion a little too hard. Hope you don’t take offense because I do really enjoy your channel.
No matter the family members did not persist as the great millionaires in the States, it is important to remark their contributions to different universities, YMCA, and other foundations. Living a son a million and a half dollars it is a great gift in life. Her mother made an statement at her time. I wonder why Gertrude Vanderbilt was not mentioned at all; being the founder of The Whitney Museum of American Art. Her legacy was refused by the Metropolitan Museum of Art. So she found the Museum.
There was a rumor that Cornelius found Blackbeard's Treasure and that's how he got started being rich! Gloria became famous in the custody battle between her mother and grand mama, when she was a child. Poor little rich girl, is what the tabloids called her then.
@@klskin Yup, Gertrude was an eccentric woman. Her son is incredibly interesting. He helped start Pan Am, and did so many other great things in his life.
Anderson Cooper’s mom was beautiful and intelligent; my girlfriend at the time (1979) absolutely had to have a pair of those jeans; they cost forty bucks; I had just shelled out three hundred cash for a very used Chevy pickup, and those transactions left me with fifty cents to my name.
Interesting and informative video. One thing: You can't "dwindle" something away. You can "fritter" it away, though, which is maybe what you meant. The former is an adjective, the latter a verb. Learning the difference boosts your credibility when delivering informational videos in which you benefit from coming across as an authority on a given subject.
I always found it amazing , many years of all the correct financial decisions by the first generations and squandered by a few years by tons of stupid financial decisions
My mom met Gloria in the 70s after coming here from Grenada. My mom was super skinny and she wanted her to model for her. She didn’t have a green card so she couldn’t do it. Man, I wish she did that so she could’ve had a better life, even if I wouldn’t be born, I much rather her had a more happier and fulfilling life. 😞
My old maintenance manger who’s family was rich. Like butler ,maid,rich. There Regular home was next to Alexander Graham Bell. The Summer homes next to the Vanderbilts at the Ocean . It was cool to hear about people who had a lot of money ,loads of it. The stock market crash of 29 did George’s family in.
I had an an employee who grew up as a kid on his family's 5,000 acre estate, they hired a private train every year that took them and most of their servants to their summer residence. When he died (at the age of I think 74), he owned 3.5 acres that didn't have any buildings on it.
@@RayJorg Ya never know,shit happens and you can’t get your finances back. I was a member at a hunting camp and they sold it. It was to never to be sold ,passes down ownership from father to son only. 1,200 acres 2.2 million bucks because of greed. I know all of the fathers and Grandfathers are turning in there grave. It was started in 1948 and sold last fall . Mother fers ,camp slept 33 guys I loved it ,never see that place again
@@nikkihorn3852 Indeed. We toured both of those "little cottages" when visiting Newport, RI, as well as Green Animals. Lovely time. "The Golden Age;" no income taxes . . . ; ) Sa, 04/24/2021
Mr Anderson Cooper came out of all this. A great person!!!! Hats 👒off to. Vanderbilt family. For donations toward the NYC. As original born new Yorkers. We Owe your family in return in someway for bringing out the best in the city during that time!
People with wealthy or rich parents have no idea what "starting at the bottom" really means. Say what you want but, your rich family would've only let you suffer 'so much' before they came and bailed you out. Maybe, lucky for a lot of you you never needed the bailout. Good for you! The "bottom" for people in this demographic is simply a concept. Many of us have really started at the bottom, and often rise just a little bit over it, and we live with huge amounts of debt to prove it.
Undoubtedly Gloria and Anderson were/are multi millionaires. She lived into her 90s and had many years to plan her estate and legacy so that neither she nor Anderson paid taxes on it. She will have passed it on discreetly years ago. The $1.5m ‘estate’ is the value of her apartment minus its contents and art treasures. It’s on the market right now, Anderson is selling it.
You show Cornelius II's 150 room mansion (current site of Bergdorf Goodman) while talking about the "triple mansion." A bit confusing for watchers who aren't architecture buffs.
This story can be condensed into one lesson... you never need to just spend money, you should always work. His many, many heirs spent like is was water in a stream.
There may not be the ludicrous fortune but the Vanderbilt name still holds weight and sway. The making of this video proves that. The current Vanderbilt's may not be uber-wealthy but they certainly enjoy the perks of holding the Vanderbilt legacy.
Let's be clear: there is a *HUGE* difference between "wealthy people broke" vs "poor people broke".
Exactly, still own the largest house in the country pretty sure… even if it is a museum…
I'd say there is 3 classes. Wealthy broke is this case. "Oh no, I don't have billions of dollars anymore". Then you have middle class broke meaning, "I don't have extra money but all my bills are paid and I have a decent amount in savings". Then there is poor person broke where your bank account is negative, bill collectors non stop calling and we having mayonnaise sandwiches for dinner tonight.
I know they're still millionaires
@@drewcliff82 I imagine everyone in the world who ever spends even one day without the means to stop their stomachs growling would not consider themselves poor otherwise.
@@drewcliff82 In other words, there is no such thing as the middle class in the US anymore.
That fortune was actually quite resilient considering how many people it took to squander it.
Yep. I assume that the railroad company produced a lot for a while. So until competition took it down, still was a real golden goose.
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Would you consider Anderson Cooper, who is worth upwards of 100 million, poor? For God's sake, it's two centuries since the Vanderbilt's started their fortune. Some royal lines don't last that long.
A lot of people I know who have really rich parents, do their own thing and were encouraged to start at the bottom. When asked why they still work like a normal 9-5 despite having rich parents, most of them will say "Whatever that money is, that's my parents' money, not mine". That's how you know that they'll do good in the future.
I grew up like that. It’s important to be valuable independently of family wealth
Very respectable
Thats the way to go but it has to start with the parents who spoils their children and they grow up to be a royal B!!!H or A!! H!!! with no respect to other’s 👍
This is true. Very much so I’ve never really felt comfortable asking my family for money either lol. Like, I just bought my first car. It was offered sure but like, ehh it’s not mine.🤷🏽♂️💐
Unless that 9-5 kid has good money managing skills and doesn't get into debt they will manage to sustain the wealth but their children might not be the same and squander the wealth and but if the child is entrepreneurial and lucky then they will increase the wealth and most likely pass it down to children who if groomed correctly will increase it further while the 9-5 personality will lose the wealth in credit card debts and consumerism
when Sheikh Rashid was once asked about the future of his country, he replied: “My grandfather rode a camel, my father rode a camel, I ride a Mercedes, my son rides a Land Rover, and my grandson is going to ride a Land Rover, but my great-grandson is going to have to ride a camel again.”
“‘Why is that’, he was asked?
And his reply was - ‘Hard times create strong men, strong men create easy times. Easy times create weak men, weak men create difficult times. Many will not understand it but you have to raise warriors, not parasites.'”
Very wise
Makes no sense. Historically ludicrous assertions
Wise words
Thanks for sharing this quote. I am gonna keep a copy.
More like the third generation is probably corrupt and only cares for more $$$ for themselves, which is pretty much shooting themselves in the foot. Not necessarily “weak” probably just more crooked
I was in a fraternity with the latest generation of Vanderbilt Cecil, he was 1 year older than me. Decent kid, very privileged, well funded, by far the wealthiest of the group (or at least, most known and visibly). Last I heard of him he was working for a hedge fund in NYC. They may not have it all but they definitely still have money, great privilege, and private access to the Biltmore estate. I mean the Cecils are some kind of british royalty, they're doing just fine. We both graduated within the past decade.
I know someone who is a grounds keeper for a family member and he said they are ridiculously frugal. They seem to be paranoid to lose it.
None of my business, You brought it up, Look into Cecil and see where his (job) Hedge fund is now.,
@@Dora-nf5ip He's left the hedge fund and is now with a large asset management firm getting companies to adopt blockchain & web 3.0 tech, from what I gather
@@Tsudkyk Well not this guy, he was by far the most liberal spender of any of us. Very visible with his spending
The first generation makes the fortune. The second generation enjoys the fortune. The third generation loses the fortune.
Spoiled brats taught they were a better class. Worship of Ghouls will suck you dry
Exactly!
Well, some of them did leave large donations to worthy causes so I guess some them did some good with all that money.
The fourth generation starts over and becomes the first generation, and so it goes around.
"Clogs to clogs in three generations." - northern English saying.
4th generation lives off the last remaining asset: The name.
Who?
@@MovieJustin all 'um
Well said
TODAY= YOU'RE NAME MEANS NOTHING! EVEN BILL GATES WAS STRANDED! HE LEFT HIS WALLET AT HOME! NOBODY GAVE HIM CREDIT.
Why is Anderson Cooper's photo on the Vanderbilt video? Is he from the same family.
I knew a man in my small town that was very wealthy and had worked very hard for it. He was constantly investing in stocks in later years and crushing, he was very smart. As a poor single parent we met accidentally, but when he found out I sometimes traded stocks, we developed a friendship. Folks at our local bank were amazed when we ran into each other, and talked forever about stocks, they said he never talked to anyone else. He had a wife, son and daughter he loved very much. I recently went by his house as I hadn't seen him, and figured he'd passed, he was very old by them. His son was home, nice guy my age. He told me the sad story, his money had been fought over by the whole family when he passed, and he didn't get any of it, there were problems with the will. Distant relatives got it and spent it quickly on stupid stuff. All that hard work, with good intensions, was all for naught. Can't take it with ya folks.
That’s usually the way it goes. It really sucks to not get what you are supposed to,but at least you don’t miss what you never had. Money strips the varnish from a persons heart revealing who they really are. If you have children make a Will, and make sure that they get it ,but teach them how to be wise with it first.
@@cassiecraft8856 Wise you are! I've got very wealthy parents, the wealth came over time, and it ruined any goodness that was in our family, I had to leave and go no contact with them over 10 yrs ago. They can have their money, I'll never see a penny and don't care. Visit a goofy old Black Sheep here you get a chance, I may have a few vids you might enjoy. Take care friend.
@no name Call Quentin Tarantino, this looks like a fantastic movie! RIP David Carradine.
It's strange to be so smart, yet not make your will clear enough to go to who you wanted it to go to.
@@TheBlackSheepDiaries Blood is thicker than water, but money is thicker than blood.
I am fortunate that my parents grew up during the depression. Learned the value of a dollar and was grateful for what I had.
And the dollar is worthless
how can you say that! it was a horrible time and you're not young to say stupid things online either
And now a dollar is worth a nickle in depression money, kind of hard to be greatful for that, isn't it?
@@reathelmort better than nil fool!
Many thanks for this rapid yet detailed family history; I had no idea that Gloria was the daughter of the alcoholic youngest son and a mother who lived off Gloria's trust fund. I think the Vanderbilt family should be praised, not 'pitied' for their loss of fortune. The middle generations did, after all, make many bequests that have benefitted many, rather than only the family itself.
@stephenmaxam New York City Library, Metropolitan Museum of Art for a start. And everyone who has benefited from access to the works of those institutions - it is called culture. It is an off-shoot of civilization, strange though that may seem to you.
What did u want her mom to do? She was only a NYC socialite. She had no abilities. She should have remarried.
They could have kept the fortune had they kept up the business part-working instead of squandering their whole lives, simply spending money. That’s just stupid.
To wit: now they have nothing.
Don’t get it twisted, the Vanderbilt descendants that own Biltmore in Asheville are doing pretty well...
They don’t own it. The government does.
@@alishaygan9844 Biltmore is still privately owned. And operated. The Cecil’s are the ones in charge.
Most of the Vanderbilt family is still wealthy, there are just a lot more descendants that shares the money.
Vanderbilt is not the owners name.
@@christinecanavan7333 It’s the Cecil’s. GW Vanderbilt’s great-grandchildren. The Biltmore Company was formed by the family for the purpose of running the business side of the Estate.
Gloria made an awesome comeback, though, so we must give her proper respect. She refused to have poverty ruin her offspring.
Yes indeed..Gloria Vanderbilt was My first pair of designer jeans 🙂..She made the name relevant again. 👍🏼
She was a devout Satanist openly. i mean isnt that just as bad as a devout Christian. she was also an abusive mother. but hey who cares they are Democrats after all.
@inconelhell im nether i dont subscribe to tribal slavery if you disagree with me you must be a left winger marxist communist right so tell me sir how will we ever meet in the middle when your first words to me are a slurr what you think im a nazi right winger have you ever researched the vanderbilts? if you did you would know from her diaries she visited Anton leVay and went to his services in the california satanic church many times how the vanderbilts associated with Aliester crowley. but hey you can always be a judgemental asshole with a closed mind my friend thats on you. buy the way i dont believe in god or the devil i subscribe to the fact that we were created by evolution. that would make me ummmmm not a conservative right winger.
@@mindwarp1966 : I only know American English from tv and radio, however my spelling is better than yours. People can also be left-wing without being marxist indoctrinated.
Yes in Russia millions of people were killed by Stalin who used marxism as a flag to commit these atrocities. This says nothing about Karl Marx political philosophy described in his books like 'das Kapital'. For the people behind the far right groups in the US it is sufficient to have a divided and torn country. Peaceful is an option, but not necessary to make as much money as possible without having give a dam about anything or anybody being affected. So if it takes bringing the democrats down by just keeping on repeating blatant lies or killing John F Kennedy, saying the elections were stolen : they don't care. Very typical for the far right is to lower themselves to a point they can't sink any further.
She was a self proclaimed satanist..
I worked for the family in Vermont. The fortune is NOT gone. They own the Shelburn Museum in Vermont and all its collection. They owners are still wealthy and keep their vintage private train car, that they used to loan to the president, there on the property.
Really not surprising. This is a convenient lie to perpetuate by the elites.
Haha i Drive by it once a week every week, yes they are still Very wealthy ppl.
@@eln0n01 I mean, not everyone is like "lemmie pop a boat in a field for fun" or "I want this antique round barn at my house, let me get military helicopters over here to airlift it across the state" :-p
@@sprgeorge333 hahaha
Wealthy is not necessarily rich. IIRC rich is you have [near] liquid spending power. You can be wealthy as in have so much land but not rich because you can't afford a first class ticket unless you sell land to have the spending power.
That's why the inheritance used to go to the eldest. They were expected to care for the other siblings. This kept the family fortune from being divided with each generation also keeping the family's name and social status intact
Exactly.
To the eldest son usually (male primogeniture).
@@09thespecialone Better
Tony Curtis figured his children were rich enough although he did leave some to great grandchildren.
@@09thespecialone Jamie Lee Curtis is richest child of Tony Curtis. Naomi Judd had daughters. Elvis and Prescilla had a daughter. Sonny and Cher had daughter that is confused guess parents being on drugs didn't help.
Basically the Vanderbilt's historical name is hiding their lack of fortune......by "millionaire standards" if you will. The family may not be millionaires or billionaires anymore but I'm sure they're still living a high society lifestyle🤨
Exactly...Love the final sentence :..."although estimated to be worth $200 millions, only had a value of about $1.5 millions".....If I had just half a million dollars , I'll be considering myself better than well off!!!
Anderson Cooper is obviously still is a multi-millionaire.
@@naobe5 I'm not buying it that an estate valued at $200 million only have an actual value of $1.5 million? It doesn't make sense.
@@pumpkindiamond994 DEBT
@@Gipsymom so without debt it will be valued how much?
It is QUITE OFTEN that those born into wealth and money, are least capable of managing it.
Excellent reply! Old money. Hires people to surround them and take care of things. For generations. They think ahead and look into the future. What will happen to the fortune when they die. Their off spring and relatives could and usually are "challenged". Their life's are mapped out for them. There are lawyers and accountants handsomely paid to manage things.
@@shugardad It usually only last 3 generation. Wealth people think they can manage it all. By the third generation which becomes the spending generation.
@Movies and Games I wonder when Trump dies, what will be left for the kids after paying off his attorneys and taxes. 🤔
True just like the Spellings of Beverly Hills.
@the iron way In four more years I hope he is six feet under. 🙄
I absolutely adored Biltmore, especially after learning, while there, of Mrs. Edith Vanderbilt’s care and generosity!
Edith’s daughter walked away from her inheritance, preferring to move to England and becoming anonymous there. I’d love to see a movie about her life as a pink-haired artist!
Visiting Biltmore broke my heart when I saw the almost "dungeon like" rooms where the servants lived. Millionaires should have treated them better.
Incredible story. Im from poor folk we never had much but family is our fortune.
hey that's my story too, we must be cousins!
You're richer than most and should consider yourself very lucky!
@First name Last name Probably not, but it sounds like you have a mouth full of vinegar and a heart full of bitterness. Language is for expressing ourselves. I heard humor, self deprecation and love for his/her family in those words.
@First name Last name 😂😂😂
I work a full time and part time job. It's a choice if you wanna be poor....
the random screeching rock music in the background of the video made it a true exercise in concentration.
Along with the surprise interjection of a different narrator.
I laughed hard at this 😅
that's nice!
@@ChristopherMurtagh lmao
Don’t forget Gloria Vanderbilt made Big Girl Jeans, with the swan trademark on them.. There are more Big Girls than small girls.. I know ladies that loved the way they fit.. His Mom was a very good Business Women with style to spare.... She made her mark on the world! and she was amazing, a true classy Lady.
and a huge luceferian
Not sure how a "very good Business Woman" would have only an estate valued at 1.5 million upon her death. Seems she lost more than she made.
I love her cords. They fit so nice.
7:11 thank me later
I’ve been to the Biltmore estate. I saw the contract for building the house and I seem to recall seeing a figure of 1.2 million. The house was used in the movie “Ritchie Rich” with Macaulay Culkin. It’s an interesting story. Goes to show that giving your kids money is only half of the equation, how to manage it is the other half.
Interestingly, Macaulay Culkin was/is another of those "damaged hollywood children." Didn't he become a whistleblower regarding bad hollywood practices? Tu, 04/20/2021
@@AuroraFinesse-is9vg I don’t know. Wouldn’t surprise me. I seem to recall him getting married very young. Don’t know much more about it, but I imagine it’s not hard to find out. Lemme know if you find out first!😉
@@AuroraFinesse-is9vg o
Money naturally flows away from those who can't care for it and seeks more responsible hands
Biltmore may have been built by the Vanderbilts but It was the Cecil-Amnherst family that kept it alive. They married George II's daughter, who was effectively penniless.
I've been to Biltmore House. If you get the chance, go. I's unbelievable. The gardens are gorgeous, and at Christmas they decorate the whole place. It's pretty spectacular.
I've been I love the library.
@@jacksonmcdaniel3250 Oh, I know, right? I wonder if they had to hire themseles a librarian to leep it all straight. I also loved the dining room. Those enormous fireplaces! I need to go back sometime. They've opened up a lot more of the house since I was there.
Yes, it was a delightful vacation! Stunning!
I’m from California. Saw hurst castle in three separate tours. I would image Biltmore would be several more than 3 tours to capture the entire estate. Looking forward to seeing now as I’m now an east coast resident.
I've been during Christmas. It was absolutely stunning!
It sounds to me like the Vanderbilts were mostly guilty of being very generous ....kudos to a great American family whose charity reverberates to this very day in America.
@Trump Girl oh the irony "trump girl" 🤣🤣🤣
Sure. But, if there were regulations and taxes, these monies would have gone to the government who would be able to make similar or better investments.
@@fn6795 because the government is really good at munny
@Sharon Keith What? Any links to what you mentioned?
Having slaves is generous?!
Very interesting to know their family history. Thank you for this video!
On a side note, it is so upsetting to hear that developers demolished those beautiful estates. I wish they valued history and quality more... I would have LOVED to have the chance to tour those homes!
Thanks for your constant love and support.
Pity don't talk about the Dutch
As I have always said, financial empires seldom last beyond five generations. An easy life is the worst thing a person can inherit, it robs you of motivation and self respect.
Van der Bilt is a Dutch name. De Bilt is a village in the Netherlands. I know because i was born and raised in that village.
True. His ancestor was a farmer from de bilt and emigrated to the states. The name vanderbilt means van der(of the) bilt, which later condensed to vanderbilt
@@lhomme_dafrique what's the difference between emigrate and immigrate?
@@lhomme_dafrique You meant, Immigrate to the states.
@@Immortalisis Emigrate means to leave one's country to live in another. Immigrate is to come into another country to live permanently
@@AlabamaCreek33 he emigrated from his homeland and became an immigrant in the usa
Your health is your wealth.
You spend your health building wealth..then spend your wealth trying to get back your health
@@painterken2542 ahh the irony
Health a blessing money can't buy.
I rather be healthy than rich.
@@tainosun7993 money is no good if your sick and dying.
That 'poor little rich girl' inherited a $200M estate ... that only had a value of $1.5M.
Tough luck.
My great grandfather was a businessman who had a nice amount of money. He left most of it to my mother who lost it through being married to a useless husband and she didn’t learn from her mistakes, as her second husband was even worse. My grandmother lived on her inheritance motivated by self interest. I have had to work for the food I eat and to pay the rent.
Is your dad that useless husband
Sorry to hear that. That would keep me awake at night. 👹
So u had to be an adult…
I have never believed that the Vanderbilt fortune was completely lost.
@samantha ssmith Umm, the Biltmore house is not, nor will ever be, for sale.. It's still owned, and operated, by the Vanderbilt decendants. You might want to look that up, as it's very interesting to say the least.
Anderson Copper was married to a Vanderbilt he is rich.
@@hydrolito his mother was a Vanderbilt.
@hydrolito wrong. His mother is a Vanderbilt
@@hydrolito are you crazy??? he's a Vanderbilt by blood, via his mother!!!!!!!!!!!!!!!!!!!! even if you hate the guy, you don't have to make stupid comments
The Amanda will always be my favorite jean, shorts and capris. Have never been on a train, but damn do I love my jeans!
If you get the chance, do take a train trip, it is great! I did it from the east coast to the west coast with a 3 year old and we had a great time.
Sad how people place so much value on social status and bank accounts . I built , run , and own several successful businesses from nothing . Anybody can if they tryed , but most dont , they invest all their time and energy in ways to take from somebody’s hard work for their own selfish ways of waste and stupidity and are quickly back to having nothing again . The vanderbilts invested in their community and the general well being for all , I think they are generous and their philanthropy should be honored for everything they gave for the betterment of all society . The met , what a gift to the world . They gave their wealth to all of us , great Americans are so much more than a net worth number
Will you marry me Judy? Just kidding lol
@@BlanketyBlank9050 LMAO !! I Do , hahahaha
In English, there’s no space between the final word and the punctuation, whether it be comas or periods.
Amen
@@judybailey1199 Well, THAT was an extremely SHORT courtship...😂❤
The admission they charge to the Biltmore house will get them back on track.
@James Voit 😂😂😂😂
It’s awesome there
Is it $67 a person awesome?
@James Voit; I actually visited Biltmore on my road trip to Hilton Head from Chitcago about 14 years ago. The only thing that impressed me was how BIG it was. It wasn't "beautiful" to me at all. Indeed, it reminded me of some massive European cathedral, virtually all gray concrete. Admittedly, it was built in the 1890's so there is a dis-connect of what was beautiful then as opposed to now, but it was definitely not "liveable" for any family. It was more suitable to be a hotel, because you could easily fit dozens of people in it and still have room left over to "play".
As far as price goes, I didn't have a problem with the entrance fee, but they wanted $30 (at the time) to have your picture taken there. Say what!
I politely declined. :)
It's worth it.
I went to the Breakers mansion 2 months ago in New Port. It was staggering seeing how massive the summer home is. Also, the Vanderbilt's never lost a penny!
Yes, they lost about 70% of their fortune, depending on how you measure lost. Where do you think that 400 billion USD went, it didn't go to the Whitney's or Cooper.
@@Napoleonvanderbilt I have no clue but it would be interesting to find out
@@Writing-With-Dyslexia The breakers cost 1 million dollars a month to maintain. 1920s dollars. That money got spread out between contractors, the 10s of cleaning and cooking staff. The estate lawyer(Probably) and many, many more.
@@Napoleonvanderbilt I can that. Not to mention New Port has the highest property tax in the US
@samantha smith Wow, that puts it in perspective
They spent it. They didn’t lose it. They just pissed it all away over the course of 6 or 7 decades. Many of the very old families were smart enough to lock up the principal and just let the next generations enjoy the income. They had professional money managers run and diversify their fortunes while the heirs did whatever they wanted to
The music is very distracting. People that shoot videos, I believe, should leave the music out. Too many people have too many “likes” in music. When you have to listen to music you don’t like, it grates on your nerves. Personally, I HATE this kind of music. I’ve seen surveys on music in videos and people vote no. Even if the music is OK, it competes with the voice.
The music is awful and awfully grating.
Anderson's mother was deeply in love with Gordon Parks. She was going to marry him. But both changed their minds because interracial marriage was forbidden in those days
Wow. I never knew that.
I found absolutely NOTHING to support this. They dated openly and not in hiding, there's many many photos of them together and even written transcripts of interviews and not one single time could I find a reference to being secret about their relationship or that the marriage was "forbidden". All I found from his mouth in an interview was she wanted to marry him and he not so much . They remember friends for life after dating
Interracial marriage was only banned in certain states, mostly in the South.
There is that quote, "The First generation creates the fortune, the second generation sustains it, and the third generation squanders it." That is pretty much what happened to the Vanderbilts, The later generations squandered that fortune by doing dumb things like having palaces built with 800 bed rooms which is total a waste and stupid.
From rags to riches to rags in three generation. Although I wouldn’t mind having the Vanderbilt rags even then.
Agree - it's usually the 4th generation of family wealth when complacency sets in for 'the end' of excessive wealth and power.
800 bedrooms would be for a hotel. If for a single family would make no sense.
The Vanderbilt lost their fortune because they spent too much money on mansions, palaces, and a luxury lifestyle. They also didn't diversify their fortune.
Aaaaaaand they didn't see estate and income taxes coming.
"Nobody expects the Spanish Inquisition"
Dude there not poor the descendent
When I was young I wanted to be Rich. Over the years I've watched so many rich people who for all thier money just seem to be unhappy. You look at them spending money on ridiculous things, yet none of it makes them happy, and on a personal level they have a hard time keeping friends and spouses. It seems true that money doesn't buy happiness after all.
These days, all I want to be is comfortable in my declining years.
Well I don’t know man. Better to cry in a plush Mercedes than on the bus.
@@jaytee2598 yeah only if the Mercedes is fully paid for mate! LOL
The third generation may have lowered the family fortune by their philanthropy, but that probably did much more good to society than having hem build up more family control of various businesses. Andrew Carnegie was right about wealth being entrusted to rich people for the good of society.
They were just trying to buy their way into a society of phony losers. They foolishly squandered their money, just like everyone else I know who inherits.
Sadly Carnegie would probably want to eat his words today, looking at some of the antics of the very rich in our times.
I had the pleasure of utilizing a Carnegie Library in Danville, Illinois. It was beautiful.
The problem with this channel is the narration, the writing, and the music. The topics are always interesting. The execution is lowest common denominator.
‘Background noise’ - anything but - it is so distracting from the subject, which is a great shame
the details are very selective
mythographically correct
Interesting subject, but not interesting enough to put up with that very loud “music.”
The second generation have this issue when coming into money. They saw how hard it took to come into the money, and often they tend not to be able to earn the money. The better ones would be able to hold on, and the focus is just to keep up appearances.
The third generation wouldn't know how hard it takes to earn the money.
The Vanderbilt name will come back into vogue and be a success again. The family were much loved and linked by many especially Americans as they were extremely kind and generous with their money especially to everyone who was going through a different time. They gave away a lot.
I just visited the Biltmore estate today! It’s got the most lovely library like straight from beauty and the beast :D and the dining room with triple fireplaces… gorgeous 😍
Used to live in N.C myself, visited the Biltmore several times and even did a paranormal investigation there many years' back and met my close friend that used to work there at the ice cream parlor. You haven't fully experienced the Biltmore til you hiked the entire property, beautiful.
Great wealth is over,-rated. Honor, competence and good health are under-rated.
Good video never knew this.
I like history and it's why I subscribed to your channel.
Greetings from Ireland 🇮🇪
First generation make the fortune, second generation enjoy and expand the fortune , the third Piss it up against a wall .
Just too many people , must be 40 people by the 3rd generation and that"s not counting any indirect family members. ( Like someone marring a 2nd wife with kids already. )
@@bobmckinsey6169Indeed. That's why male primogeniture was the common method of inheritance among royals, aristocrats and upper classes. All the inheritance used to go to the eldest son. It preserves the family's wealth from being diluted among so many descendants in the next generations. It was not ''fair'' for the other siblings who got nothing but it was a necessary evil. Because it used to preserve the prestige, the social status and the power of the family intact.
Amazing that once the richest man in the world, Billy's next 3 generations would be facing lack of funds. The one good thing is that they donated heavily to universities and the art/culture organizations. I call that money well spent. I really liked and admired Gloria and wish that I could have met her. Working at the newly formed Estee lauder in 1971 that was not difficult.
Most people's estates, however impressive, seem to melt away quickly. My friend had a million dollar estate from his parents, but divided four ways. After back taxes and expenses, he got enough to live comfortably, for 3 months...
If you divide a fortune by 173 people it will get much smaller.
As the saying goes: the Vanderbilt's know how to make money, but they also know how to spend it.
Ya building public libraries and funding charities
I get the feeling that the Gloria Vanderbilt $100m fortune was 'valued' at $1m for 'tax purposes' ...
The IRS is not stupid, and you can trust me on that. She had little to zero. Her son helped her the last decade or so, of her life. She was broke.
I mean how can the estimation be that off is what amazed me..those guys who estimate arent dumb themselves.
Like others have correctly said in the comments…the family is far from broke…they just aren’t the richest family in the country anymore. There’s a big difference. Even Anderson’s mom…who loved to spend, had plenty of money to last her long life. Yes, she didn’t leave a massive fortune when she died, but she lived a lavish life and ensured her son (who is certainly talented and hard working) had a great start to life (at least financially).
Love the Biltmore House. I'm a history buff and love to see the craftsmanship and architecture from people's hard work that was all hand carved. That kind of talent is extinct today.
I have been to Vanderbilt Medical center as a patient too many times to count
🙏🏼🙏🏼
Good point
Hi pretty
How are you doing?
This video starts off showing that the maker has no idea what he's talking about. Yeah, this is an invented history. The Commodore did NOT invest in railroads. He disdained them. It was his SON who jumped all over railroads -- and who expanded the Vanderbilt family empire to its peak. The Commodore did NOT get started by plowing farm soil. He, as a twelve-year-old child started rowing between the Battery in lower Manhattan and New Jersey -- in a small craft! He was charging $5 per trip. This was danger pay as doing so was quite hazardous. For the era, $5 was Big Money. Fulton had just invented steam (river) boats. Vanderbilt jumped on this new-wave technology. He then used every trick in the book to bankrupt rivals so as to maintain monopoly pricing, time and time, again. THIS was the basis for his fortune.
What caught my attention was the wild swings in adjusted value. 100-2100, 6m-1.2b. etc
Well then, Gloria must have done extraordinarily well selling her jeans, because she had wealth.
U
When they talk about wealthy families going broke, it doesn't mean they' actually have no money, just means they're down to the last few million.
Absolutely. Any fool may be able to build a fortune but any fools that manage to keep a fortune typically have the testicular fortitude to hide that cash from the criminals at the IRS. Gosh, just look how negligible the Rothschilds claim their holdings to be. Their states wealth is 1/1,000-1/1,000,000,000 of reality, so it makes sense that the Vanderbilt's did the same on a fraction of the scale.
@@maxi-me Correct... and more often than that, they're still very comfortably millionaires but have depleted the liquid portion of their holdings.
She made that money renting out her children, not jeans.
Christ i never knew Anderson cooper was a Vanderbilt Descendent.
just work hard and you'll get the job!
His mother was Gloria Vanderbilt.
he was pretty hesitant to open up about it until recently
So is Timothy olyphant . He and Anderson are 3rd cousins
Anderson Cooper is also a CIA asset at CNN.
Cooper has made a name for himself and I’m sure he will do perfectly fine in the future.
My late husband and I moved to Asheville NC twenty yrs ago and stayed in this magnificent little city for several yrs until the incredible air pollution (most of which wafted 40 miles west from Tennessee ) finally choked us out. Residents of Asheville and Buncombe Cty enjoy unlimited access to the Biltmore estate totally free of charge all seven days a week and we took ample advantage of it..The gardens were nothing less than spectacular .. I particularly loved the organ playing @6pm. Languishing in the big wicker chairs on the west side veranda we met many tourists who'd paid BIG BUCKS to vacation there who looked out into the heavily polluted "views" of the Great Smokies and asked "Is this why it's called the Smoky Mountains??" Visibility was 10-15% @best.
Exactly what pollution are you talking about from Tn? The state has very little air polluting businesses... your just making crap up. If you read this and respond NAME what industry can cause that much pollution over such a vast mountain chain 6000 ft high. You can't... you sound like a russian bot.
I’ve heard Asheville is very leftist so no thanks
@@davidcooley275 Most of it is ozone pollution that forms naturally from organic chemicals generated by the forests.
you liar, its is not free to anybody
And what pollution?
@@davidkuh that’s right.
Also a case of spending beyond their means and not managing/growing the money🙄🙄
When I was in the military I knew a guy who’s parents died and they left him a little bit of money. He used it to invest in properties and rental properties. He became a self made millionaire by the time he was 20. He joined the military because he wanted to be treated like a normal person because everyone kissed his butt. If you doubted he was rich he’d take you to the atm and pull out 3 bank cards and do a balance check and show you 3 accounts that had millions in them. Was a real cool guy and was down to earth. We were in Germany and he would rent out a castle to throw unit parties in so he could see people happy. He would tell you tips and stuff on how to invest your money.
On the other side my roommate (who I out ranked, I was the barracks floor NCO, but got suck with him) dad was a millionaire and cut him off from his money cause he was a spoiled brat. Basically told him to join the military so he would get a taste of not being rich. The guy would throw all kinds of tantrums. I had to teach him how to do laundry because he didn’t know how. Also iron his clothes, shine his shoes/boots, and other basic things like wash dishes, clean the tub, sink, and toilet. A friend and I would put him on stuff like trash detail when we were out in the field to get him into another tantrum. He would yell and scream; “I don’t need to do this! Do you know who my dad is?!” We’d say, “ yeah, I am! Now get to work on throwing out the trash private!”
We also had another guy who was a tank driver who graduated in the top 10 of his class from Harvard Law. Passed the bar and decided he didn’t want to be a lawyer and joined the army. We were astounded. Asked him why he didn’t become an officer and he said he didn’t want to be a lawyer in JAG. Told him he could have been any kind of officer and not necessarily a lawyer. He had no idea he could have done that lol. But he absolutely loved being a tank driver. He probably would have been an Abrams tank driver for the rest of his life if he could.
Amazing story, one for the ages
Just shows you that a Harvard law degree doesn't mean you are smart. Guy couldn't even understand simple things, you had to explain rank to him.
Wow, Anderson Cooper has an amazing family history !
My condolences to the Family...I met this Gentleman in a rarest of circumstance and I was thankful for the encouragement He gave Me.
There is an old Lancashire saying in England, clogs to clogs in 3 generations.
Clogs were wooden soled shoes worn by the poor working in the Lancashire mills. The first generation builds it, the 2nd generation consolidated it, and the 3rd generation loses it. This is certainly confirmed by the story of the Vanderbilts.
富不过三代... wealth does not surpass 3 generations... sigh
There DUTCH nothing to do with English
@@mmartijn78
I was referring to an English saying about losing s fortune in three generations. I never claimed the van der Bilts were English, just the saying.
So don't talk about something you know nothing about, or you will just confirm your ignorance.
@@johnbrereton5229 talking about the family from Bilthoven... Van der Bilt... yeah nothing to do with English!
@@mmartijn78
The Van der Bilts were an American family not Dutch, and had been in America since the 17th century.
So go away you silly little man.
A movie 🎥 🍿 on Vanderbilts would be great
Been to the Biltmore and it’s a beauty. I believe the Vanderbilts live on the 2 or 3rd floor
Actually their surname is Cecil. I’ve always presumed it is the married name of a Vanderbilt daughter.
There was a miniseries made on the life of Gloria in the early 80s.
There is a miniseries called "The men who built America" from the history channel that you'd find way more interesting than this!
The 4 and 1/2 acre house gets a million visitors a year at $50 a head that doesn't include brunch 😆 I did a job in Biltmore square a few years ago when they built that town cuz they're so broke LOL
@@Leo-hb2hg they’re far from broke man
I really enjoyed your video about the Vanderbilts but, I would like to offer a small criticism. The background music at first was not really noticeable but by the time the end of the video played I was really very much aware of the sound. At first, it was a little too loud and spoiled the narration and secondly, the type of music chosen was in my opinion a little too hard. Hope you don’t take offense because I do really enjoy your channel.
Hello how are you doing 😊😊😊😊
No matter the family members did not persist as the great millionaires in the States, it is important to remark their contributions to different universities, YMCA, and other foundations.
Living a son a million and a half dollars it is a great gift in life. Her mother made an statement at her time. I wonder why Gertrude Vanderbilt was not mentioned at all; being the founder of The Whitney Museum of American Art. Her legacy was refused by the Metropolitan Museum of Art. So she found the Museum.
FUN FACT: The Vanderbilt Family still comprise of rich individuals. They aren't wealthy but still significantly rich.
There was a rumor that Cornelius found Blackbeard's Treasure and that's how he got started being rich!
Gloria became famous in the custody battle between her mother and grand mama, when she was a child. Poor little rich girl, is what the tabloids called her then.
I thought it was her aunt - Gertrude Whitney.
@@klskin Yup, Gertrude was an eccentric woman. Her son is incredibly interesting. He helped start Pan Am, and did so many other great things in his life.
Was Gertrude a van Der Bilt?
Good doc, but man, your sound mix needs a lot of work.
That jittery background music caused me to bail on this otherwise interesting video.
i didnt even notice the music till near the end of the video but after i noticed it i cant stand it
My Grandmother tutored some of the Children of the vanderbilt family back in the 1890's Her Name was Ellen Tarpey.
They never lost their entire fortune. Gloria Vanderbilt(Anderson cooper's mom), was worth nearly a billion when she died.
No, only about 5 million. She got almost nothing from her father, who in turn also got almost nothing from his.
Anderson Cooper’s mom was beautiful and intelligent; my girlfriend at the time (1979) absolutely had to have a pair of those jeans; they cost forty bucks; I had just shelled out three hundred cash for a very used Chevy pickup, and those transactions left me with fifty cents to my name.
"Beautiful and intelligent"? Try "bitchy and mediocre" .
@@daleyoung87 I didn’t know her personally, did you? I only knew her through modeling photos and interviews.
Three hundred bucks for a Chevy pickup?
@@___________2204 sure; that was actual money in Texas in 1979; I also bought a Jimmy (GMC) pickup, rough body newly rebuilt 350, for five hundred.
Their investments became public infrastructure and massively enriched most American cities.
$76+ to check out the house and $450+ to stay there. They will be back on track in no time. (Railroad pun)
Got to be better than visiting
Talgarth hospital any day of the week
Hearst Castle isn’t cheap to tour either, and it’s a state park. Staying in Yosemite can cost up to a $1000 a night, and it’s a national park.
I guess a poor person won't be staying the night.
i can imagine how much it costs to maintain a place like that. easily millions so i doubt anyone is making money on it.
Ronn Black,
always money where
colours and paint are concerned
Interesting and informative video. One thing: You can't "dwindle" something away. You can "fritter" it away, though, which is maybe what you meant. The former is an adjective, the latter a verb. Learning the difference boosts your credibility when delivering informational videos in which you benefit from coming across as an authority on a given subject.
I always found it amazing , many years of all the correct financial decisions by the first generations and squandered by a few years by tons of stupid financial decisions
My mom met Gloria in the 70s after coming here from Grenada. My mom was super skinny and she wanted her to model for her. She didn’t have a green card so she couldn’t do it. Man, I wish she did that so she could’ve had a better life, even if I wouldn’t be born, I much rather her had a more happier and fulfilling life. 😞
She had you! A treasure beyond compare, live a long and fulfilling life. May you have many blessings and gifts to share with others.
What God has for you, it is for you, Ms. McRae
May God Bless Y’all ❤️🙏🏾❤️🙏🏾❤️🙏🏾❤️
wtf trust me its not worth crying about the past.
My old maintenance manger who’s family was rich. Like butler ,maid,rich. There Regular home was next to Alexander Graham Bell. The Summer homes next to the Vanderbilts at the Ocean . It was cool to hear about people who had a lot of money ,loads of it. The stock market crash of 29 did George’s family in.
I had an an employee who grew up as a kid on his family's 5,000 acre estate, they hired a private train every year that took them and most of their servants to their summer residence. When he died (at the age of I think 74), he owned 3.5 acres that didn't have any buildings on it.
@@RayJorg Ya never know,shit happens and you can’t get your finances back. I was a member at a hunting camp and they sold it. It was to never to be sold ,passes down ownership from father to son only. 1,200 acres 2.2 million bucks because of greed. I know all of the fathers and Grandfathers are turning in there grave. It was started in 1948 and sold last fall . Mother fers ,camp slept 33 guys I loved it ,never see that place again
the up coming stock market crash will do a lot of people in too! LOL
@@ronbonora7872 I hope not ,or I Will be like George’s family. My retirement is all in stocks . I hope it will not crash or I will be Fu#@ed this time
I used to give tours at the marble house and work at the breakers in Newport RI. To call them opulent would be a understatement.
Newport, RI, where they call the homes "cottages" . . . ; ) Tu, 04/20/2021
@@AuroraFinesse-is9vg As though its no big deal "just a little summer cottage"
@@nikkihorn3852 Indeed. We toured both of those "little cottages" when visiting Newport, RI, as well as Green Animals. Lovely time. "The Golden Age;" no income taxes . . . ; ) Sa, 04/24/2021
Just came back from visiting the biltmore estate. Very beautiful property and amazing house.
Fortune's children is a great book that this video does an admirable job summarizing it in 13 minutes.
Very interesting. I had no idea that their fortunes were gone. Thanks for the video.
Easy come easy go...still hold true!
Mr Anderson Cooper came out of all this. A great person!!!! Hats 👒off to. Vanderbilt family. For donations toward the NYC. As original born new Yorkers. We Owe your family in return in someway for bringing out the best in the city during that time!
People with wealthy or rich parents have no idea what "starting at the bottom" really means. Say what you want but, your rich family would've only let you suffer 'so much' before they came and bailed you out. Maybe, lucky for a lot of you you never needed the bailout. Good for you! The "bottom" for people in this demographic is simply a concept. Many of us have really started at the bottom, and often rise just a little bit over it, and we live with huge amounts of debt to prove it.
Edward Kennedy should have went to prison why they kept voting for a drunk I do not know.
Undoubtedly Gloria and Anderson were/are multi millionaires. She lived into her 90s and had many years to plan her estate and legacy so that neither she nor Anderson paid taxes on it. She will have passed it on discreetly years ago. The $1.5m ‘estate’ is the value of her apartment minus its contents and art treasures. It’s on the market right now, Anderson is selling it.
$100 in 1910 is now worth $9,000 if you use the gold standard.
Gloria Vanderbilt was only worth $1.5 million? I don't buy that.
Nothing but admiration and respect but those beards, my god
Excellent documentary. Thx for posting! Reggie Van Gleason III at 10:40 for the boomers watching this.
Fascinating same thing could of happened to me as well as Reginald but changed direction. Merry Christmas.💯🇹🇭🇨🇦👍
You show Cornelius II's 150 room mansion (current site of Bergdorf Goodman) while talking about the "triple mansion." A bit confusing for watchers who aren't architecture buffs.
Please do a video on the Vanderbilt family and their descendants
So this is the real story mimicked by the characters in the movie White Chicks LoL. Great historical story. I forgot about Vanderbilt university.
This story can be condensed into one lesson... you never need to just spend money, you should always work. His many, many heirs spent like is was water in a stream.
There may not be the ludicrous fortune but the Vanderbilt name still holds weight and sway. The making of this video proves that. The current Vanderbilt's may not be uber-wealthy but they certainly enjoy the perks of holding the Vanderbilt legacy.