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When did Cornelius Vanderbilt die?
January 4, 1877Cornelius Vanderbilt / Date of deathVanderbilt died at age 82 on January 4, 1877, at his Manhattan home, and was buried in the Moravian Cemetery in New Dorp, Staten Island. He left the bulk of his fortune, estimated at more than $100 million, to his son William (1821-85).
What did Cornelius Vanderbilt die of?
Cornelius Vanderbilt died on January 4, 1877, at his residence, No. 10 Washington Place, after having been confined to his rooms for about eight months. The immediate cause of his death was exhaustion, brought on by long suffering from a complication of chronic disorders.
How old was Cornelius Vanderbilt when he died?
82 years (1794–1877)Cornelius Vanderbilt / Age at death
How much money did Cornelius Vanderbilt have at death?
Cornelius Vanderbilt was a 19th century, American business owner, magnate as well as a philanthropist who had a net worth equal to $185 billion at the time of his death in 1877. Technically speaking, Cornelius died with a $100 million estate. At the time that made him the richest person in the world.
Are any Vanderbilts still rich?
None of the descendants maintain the wealth in the end. Nobody from the Vanderbilt family made it into the wealthiest people in the United States. When 120 members of the Vanderbilt household gathered at Vanderbilt University for their first family reunion in 1973, none of them even had a million fortune left.
Are there any Vanderbilts alive today?
Contemporary descendants include journalist Anderson Cooper, actor Timothy Olyphant, musician John P. Hammond, screenwriter James Vanderbilt, and the Duke of Marlborough.
Was Cornelius Vanderbilt a good person?
He was also considered a very good judge of character. He embraced individuals of high character and went to war with those who were dishonest or untrustworthy. Vanderbilt's word was considered as good as gold. He never went back on his word.
How much did it cost to build Biltmore House?
How much did Biltmore cost to build? It took about $6 million in 1895 dollars to construct North Carolina's answer to Versailles. I've seen varying estimates in what that amounts to in today's dollars. But according to the CPI inflation calendar, $6 million in 1865 is the equivalent to about $102.6 million today.
Why does Vanderbilt sell all of his ships?
Why did Vanderbilt decide to sell his shipping fleet? He wanted to invest in another type of business instead. Why was Vanderbilt's empire more vulnerable that ever before in the late 1860's? His favorite son had died in the war.
Why did the Vanderbilts go broke?
By the time Cornelius "Commodore" Vanderbilt's grandchildren began inheriting the family's money, the Vanderbilts' economic dominance was declining. By the 1930s, the shipping industry was losing ground to other modes of transportation like cars, barges, and buses.
How much would the Vanderbilts be worth today?
Cornelius Vanderbilt might have been the greatest capitalist in history. When he was just 16, in 1810, Cornelius borrowed US$100 from his mother. Using that money, he went on to build a fortune of around US$100 million. That would be worth over US$200 billion today.
Why were the Vanderbilt mansions torn down?
The mansion was torn down to make way for the church of high fashion—Bergdorf Goodman—and many of the treasures the house held were scattered across the city for ordinary New Yorkers to enjoy.
Did Cornelius Vanderbilt die syphilis?
In “Commodore: The Life of Cornelius Vanderbilt,” due in October from Basic Books, author Edward Renehan Jr. says the patriarch of the famed Vanderbilt dynasty suffered and died from an advanced case of syphilis in 1877.
What did George Vanderbilt died of?
Following an operation for appendicitis about a week previously, Vanderbilt died at his Washington home of "a weak heart." In addition to his wife, he was survived by a daughter, Cornelia Stuyvesant. His body was placed in the family vault at New Dorp, Staten Island.
Was Cornelius Vanderbilt a good person?
He was also considered a very good judge of character. He embraced individuals of high character and went to war with those who were dishonest or untrustworthy. Vanderbilt's word was considered as good as gold. He never went back on his word.
How much were the Vanderbilts worth?
That would be worth over US$200 billion today. And it was roughly equivalent to 50 percent of the holdings of the U.S. Treasury at the time. This kind of wealth was unheard of back then. It made Vanderbilt one of America's richest men.
How did Cornelius Vanderbilt die?
10 Washington Place, after having been confined to his rooms for about eight months. The immediate cause of his death was exhaustion, brought on by long suffering from a complication of chronic disorders.
What was Vanderbilt known for?
Nicknamed "The Commodore", he is known for owning the New York Central Railroad.
What was the name of the ship that Vanderbilt sailed on?
At the age of 16, Vanderbilt decided to start his own ferry service. According to one version of events, he borrowed $100 from his mother to purchase a periauger (a shallow draft, two-masted sailing vessel), which he christened the Swiftsure. However, according to the first account of his life, published in 1853, the periauger belonged to his father and the younger Vanderbilt received half the profit. He began his business by ferrying freight and passengers on a ferry between Staten Island and Manhattan. Such was his energy and eagerness in his trade that other captains nearby took to calling him The Commodore in jest—a nickname that stuck with him all his life.
How much money did Vanderbilt give his daughters?
Commodore Vanderbilt willed amounts ranging from $250,000 to $500,000 to each of his daughters. His wife received $500,000, their New York City home, and 2,000 shares of common stock in the New York Central Railroad. To his younger surviving son, Cornelius Jeremiah Vanderbilt, whom he regarded as a wastrel, he left the income from a $200,000 trust fund. The Commodore had lived in relative modesty considering his nearly unlimited means, splurging only on race horses. His descendants were the ones who built the Vanderbilt houses that characterize America's Gilded Age. (Although his daughters and Cornelius received bequests much smaller than those of their brother William, these made them very wealthy by the standards of 1877 and were not subject to inheritance tax .)
What court did Vanderbilt appeal?
Vanderbilt appealed his own case against the monopoly to the Supreme Court, which was next on the docket after Gibbons v. Ogden. The Court never heard Vanderbilt's case, because on March 2, 1824, it ruled in Gibbons' favor, saying that states had no power to interfere with interstate commerce.
Why did Vanderbilt and Drew become secret partners?
Impressed, Vanderbilt became a secret partner with Drew for the next thirty years, so that the two men would have an incentive to avoid competing with each other. On November 8, 1833, Vanderbilt was nearly killed in the Hightstown rail accident on the Camden and Amboy Railroad in New Jersey.
How many children did Jeremiah Vanderbilt have?
This left his only other living son, Cornelius Jeremiah Vanderbilt, and 9 daughters (Phebe Jane, Ethelinda, Eliza, Emily Almira, Sophia Johnson, Maria Louisa, Frances Lavinia, Mary Alicia, and Catherine Juliette), to receive comparatively little inheritance; far less than even their young nephews.
Who was Cornelius Vanderbilt?
Cornelius Vanderbilt, American shipping and railroad magnate who acquired a personal fortune of more than $100 million. Vanderbilt began his transportation empire by operating a ferryboat between Staten Island and New York City. By the 1850s he had shifted his focus from steamships to railroads.
What railroad did Vanderbilt own?
He later acquired the Hudson River Railroad and the New York Central Railroad and consolidated them in 1869. When he added the Lake Shore and Michigan Southern Railroad in 1873, Vanderbilt was able to offer the first rail service from New York City to Chicago.
What did Vanderbilt do in 1810?
In 1810 he purchased his first boat with money borrowed from his parents. He used the boat to ferry passengers between Staten Island and New York City.
Why did Vanderbilt quit his company?
With the enormous demand for passage to the West Coast brought about by the 1849 gold rush, Vanderbilt’s Accessory Transit Company proved a huge success. He quit the business only after his competitors —whom he had nearly ruined—agreed to pay him $40,000 (later it rose to $56,000) a month to abandon his operation.
When was Vanderbilt University founded?
When shipping and railroad magnate Cornelius Vanderbiltdonated $1,000,000 in 1873, the school was founded as Vanderbilt University, and classes began two years later. Initially, the university was divided into departments of academics, Bible, law, and medicine; preparatory classes were offered through 1887. The first doctorate was granted in 1879,…
What did Vanderbilt learn about the Hudson River?
While in Gibbons’s employ (1818–29), Vanderbilt learned the steamship business and acquired the capital that he would use in 1829 to start his own steamship company. During the next decade, Vanderbilt gained control of the traffic on the Hudson River by cutting fares and offering unprecedented luxury on his ships.
How did Cornelius Vanderbilt die?
10 Washington Place, after having been confined to his rooms for about eight months. The immediate cause of his death was exhaustion, brought on by long suffering from a complication of chronic disorders. At the time of his death, aged 82, his fortune was estimated at $100 million. In his will, he left 95% of his $100 million estate to his son William and to William's four sons ($5,000,000 (approx. $99,000,000 in 2008 USD) to Cornelius Vanderbilt II, and $2 million apiece (approx. $39,600,000 in 2008 USD) to William Kissam Vanderbilt, Frederick Vanderbilt, and George Washington Vanderbilt II). The Commodore stated that he believed William Henry was the only heir capable of maintaining the business empire.
How much money did Vanderbilt give to his children?
He willed amounts ranging from $250,000 (approximate $4,950,000 in 2008 USD) to $500,000 ($9,920,000 in 2008 USD) to each of his eight daughters. His wife received US$500,000, their New York City home, and 2,000 shares of common stock in New York Central Railroad. To his younger surviving son, Cornelius Jeremiah Vanderbilt, whom he regarded as a wastrel, he left the income from a $200,000 trust fund. The Commodore had lived in relative modesty considering his nearly unlimited means, splurging only on race horses, leaving his descendants to build the Vanderbilt houses that characterize America's Gilded Age. (It is worth noting that though trivial in comparison to the $90 million+ inherited by William Henry Vanderbilt and his sons, the bequests to his other children made them very wealthy by the standards of 1877 and were not subject to inheritance tax.)
How did Vanderbilt die?
He died on January 4, 1877, presumably of exhaustion , brought on by complications associated with intestinal, stomach and heart disorders, which may have also been connected to syphilis.
Who Was Cornelius Vanderbilt?
Cornelius Vanderbilt began a passenger ferry business in New York harbor with one boat, then started his own steamship company, eventually controlling Hudson River traffic. He also provided the first rail service between New York and Chicago. When he died in 1877, Vanderbilt had amassed the largest fortune accumulated in the U.S. at that time. Vanderbilt is deemed one of America's leading businessmen, and is credited for helping to shape the present-day United States.
What was the name of the ship that Vanderbilt ran?
At age 11, young Vanderbilt quit school to work with his father, ferrying cargo and passengers between Staten Island and Manhattan. Legend has it that at age 16, Vanderbilt ran a two-mast sailing vessel, known as a periauger; the enterprise came with the understanding that he would have to share profits with his parents, who had supplied a loan. Through aggressive marketing, shrewd deals and undercutting the competition—traits that he would practice all his life—he earned more than $1,000 in his first year.
What was Vanderbilt known for?
Vanderbilt soon became known for his sharp business acumen. During the 1830s, he built profitable shipping lines in the New York region, undercutting competitors’ fares and offering top service. Competitors struggled and finally paid him to take his business elsewhere. He then shifted his operations to the Hudson River, going head to head against the Hudson River Steamboat Association, another monopoly. Capitalizing on the populist language of President Andrew Jackson, he named his service the "People’s Line," offering cheap fares for all. The Association bought him out for $100,000 and annual payments of $5,000. Implementing this business model several times made Vanderbilt a millionaire.
How much did Vanderbilt make in his first year?
Through aggressive marketing, shrewd deals and undercutting the competition—traits that he would practice all his life—he earned more than $1,000 in his first year. At age 18, Vanderbilt contracted with the U.S. government to supply neighboring outposts during the War of 1812.
What was Vanderbilt's business?
In 1851, Vanderbilt expanded his shipping business, forming the Accessory Transit Company to transport passengers from New York City to San Francisco via the Nicaraguan isthmus. Again, his timing was perfect. The California Gold Rush brought enormous demand for passage to the West Coast. Though offering a treacherous ride for its users, the Transit Company was a success. By 1852, his competition had had enough and offered him $40,000 a month to abandon his operations. Nearing 60 years old, Vanderbilt was ready for something else. He purchased a large yacht, christened the North Star, and took his extended family on a grand tour of Europe at the cost of half a million dollars.
How much money did William Henry leave to his son?
In his will, he left $90 million, the bulk of his estate, to his son William Henry, who worked in his father's business, and $7.5 million to William’s four sons. His other son, the sickly Cornelius Jeremiah, received a $200,000 trust fund. His wife and daughters allegedly received amounts ranging anywhere from $200,000 to $500,000 and property ...
Who was Cornelius Vanderbilt?
Cornelius Vanderbilt II. Cornelius Vanderbilt II (November 11, 1843 – September 12, 1899) was an American socialite, businessman, and a member of the prominent United States Vanderbilt family. He was the favorite grandson of Commodore Cornelius Vanderbilt, who bequeathed him $5 million, and the eldest son of William Henry "Billy" Vanderbilt ...
Where did Cornelius Vanderbilt and his daughters meet?
Mrs. Cornelius Vanderbilt, II and her daughters, Gladys and Gertrude, having tea in the library at the Breakers Newport, Rhode Island , William Bruce Ellis Ranken, 1932. Together, they had:
What was Vanderbilt's career?
Career. Vanderbilt established a reputation for a strong work ethic while clerking at the Shoe and Leather Bank in New York City. This endeared him to his grandfather, the 'Commodore', who was a strong believer in personal industry.
Who was Gertrude Vanderbilt married to?
Gertrude Vanderbilt (1875–1942), who married Harry Payne Whitney (1872–1930) Alfred Gwynne Vanderbilt (1877–1915), who died aboard the RMS Lusitania, and who married Ellen French, and after their divorce, Margaret Emerson (1884–1960).
What organizations did Vanderbilt participate in?
Vanderbilt was active in numerous organizations including the Saint Nicholas Society of the City of New York, YMCA, Red Cross, Salvation Army, Trinity Church, St. Bartholomew's Church, Sunday Breakfast Association, and the Newport Country Club.
Where was Vanderbilt's body found?
The partlly-clad body of Mr. Vanderbilt, who was 72 years old, was found shortly after 9 A.M. in the hallway of 45 Ocean Drive in the Huguenot section , according to a police spokesman, Sgt. Maurice Howard. A live-in companion, a 38-year-old man whose name was not released, telephoned the police to report that he had discovered the body, Sergeant Howard said. The companion was being questioned last night.
Did Vanderbilt get arrested?
Sergeant Howard said there were no signs of a break-in or robbery. There have been no arrests. Mr. Vanderbilt, a widower, lived in the area for decades. The police said he had been associated with the Vanbro Construction Corporation on Staten Island.
When did Vanderbilt's house get demolished?
Unfortunately, most of these would be demolished in the late 1920s after being sold to real estate developers. While his sister-in-laws were building some of New York City's biggest mansions, George W. Vanderbilt and his wife Edith looked to Asheville, North Carolina, to build Biltmore.
Who inherited the majority of Vanderbilt's estate?
When his father passed in 1877, his eldest son William "Billy" Vanderbilt inherited the bulk of his estate, including the 87-percent stake in New York Central, according to Forbes. While Billy was able to prove his business sense to his father, it would be a mistake to assume that the two men had similar characters.
How much did Vanderbilt borrow from his mother?
Part of a New York farming family of modest means, Cornelius "the Commodore” Vanderbilt was 16 when he borrowed $100 from his mother in exchange for plowing eight acres of soil, according to Encyclopedia.com. The year was 1810, and the $100 (equivalent to a little over $2,100 today, per the Official Data Foundation ) was spent on a boat that he used to start his own transport and freight business.
What did the Vanderbilt family own?
According to NYC experts at 6sqft, the Vanderbilt family owned multiple Gilded Age mansions on Fifth Avenue's millionaire row, including the massive three townhouses called the "Triple Palaces.".
How much money did the Commodore make when he died?
At the time of his death in 1877, his fortune was valued at $100 million (equal to nearly $2.5 billion today, via the Official Data Foundation ), which was more money than was held in the U.S. Treasury at the time, according to Forbes.
How did the Vanderbilts become rich?
According to ThoughtCo, the Vanderbilts, particularly the Commodore, grew their wealth during an era where business regulation was practically nonexistent. By being able to monopolize entire industries , they became unimaginably rich, with no restrictions or taxes affecting their fortunes.
When did the Vanderbilt family come together?
Less than a century later, in 1973, when 120 Vanderbilts came together for a family reunion ...
Early years
Family
- In 1813, Vanderbilt married his cousin Sophia Johnson, and the couple eventually had 13 children. (A year after his first wife died in 1868, Vanderbilt married another female cousin, Frank Armstrong Crawford, who was more than four decades his junior.)
Early career
- In 1817, Vanderbilt went to work as a ferry captain for a wealthy businessman who owned a commercial steamboat service that operated between New Jersey and New York. The job provided Vanderbilt the opportunity to learn about the burgeoning steamship industry. In the late 1820s, he went into business on his own, building steamships and operating ferry lines around t…
Construction
- Vanderbilt was the driving force behind the construction of Manhattans Grand Central Depot, which opened in 1871. The station eventually was torn down and replaced by present-day Grand Central Terminal, which opened in 1913.
Philanthropy
- Unlike the Gilded Age titans who followed him, such as steel magnate Andrew Carnegie (1835-1919) and oil mogul John Rockefeller (1839-1937), Vanderbilt did not own grand homes or give away much of his vast wealth to charitable causes. In fact, the only substantial philanthropic donation he made was in 1873, toward the end of his life, when he gave $1 million to build and e…
Legacy
- The Vanderbilt mansions associated with the Gilded Age, including the Breakers in Newport, Rhode Island, and the Biltmore in Asheville, North Carolina, were built by Cornelius Vanderbilts descendants. (The 250-room Biltmore estate, constructed in the late 19th century by one of Vanderbilts grandsons, is the largest privately owned home in the United States today.)
Death and legacy
- Vanderbilt died at age 82 on January 4, 1877, at his Manhattan home, and was buried in the Moravian Cemetery in New Dorp, Staten Island. He left the bulk of his fortune, estimated at more than $100 million, to his son William (1821-85).
Overview
Cornelius Vanderbilt (May 27, 1794 – January 4, 1877), nicknamed "the Commodore", was an American business magnate who built his wealth in railroads and shipping. After working with his father's business, Vanderbilt worked his way into leadership positions in the inland water trade and invested in the rapidly growing railroad industry, effectively transforming the geography o…
Death
Cornelius Vanderbilt died on January 4, 1877, at his residence, No. 10 Washington Place, after having been confined to his rooms for about eight months. The immediate cause of his death was exhaustion, brought on by long suffering from a complication of chronic disorders. At the time of his death, aged 82, Vanderbilt had an estimated worth of $105 million.
Ancestry
Cornelius Vanderbilt's great-great-great-grandfather, Jan Aertson or Aertszoon ("Aert's son"), was a Dutch farmer from the village of De Bilt in Utrecht, Netherlands, who emigrated to New Amsterdam (later New York) as an indentured servant in 1650. The Dutch van der ("of the") was eventually added to Aertson's village name to create "van der Bilt" ("of the Bilt"). This was eventually condensed to Vanderbilt. Anthony Janszoon van Salee was another of Cornelius Vand…
Early years
Cornelius Vanderbilt was born in Staten Island, New York, on May 27, 1794, to Cornelius van Derbilt and Phebe Hand. He began working on his father's ferry in New York Harbor as a boy, quitting school at the age of 11. At the age of 16, Vanderbilt decided to start his own ferry service. According to one version of events, he borrowed $100 (equivalent to $1,700 in 2021) from his mother to purchase a periauger (a shallow draft, two-masted sailing vessel), which he christened …
Steamboat entrepreneur
After Thomas Gibbons died in 1826, Vanderbilt worked for Gibbons' son William until 1829. Though he had always run his own businesses on the side, he now worked entirely for himself. Step by step, he started lines between New York and the surrounding region. First he took over Gibbons' ferry to New Jersey, then switched to western Long Island Sound. In 1831, he took over his brother Jaco…
Oceangoing steamship lines
When the California gold rush began in 1849, Vanderbilt switched from regional steamboat lines to ocean-going steamships. Many of the migrants to California, and almost all of the gold returning to the East Coast, went by steamship to Panama, where mule trains and canoes provided transportation across the isthmus. (The Panama Railroad was soon built to provide a faster crossing.) Va…
American Civil War
When the Civil War began in 1861, Vanderbilt attempted to donate his largest steamship, the Vanderbilt, to the Union Navy. Secretary of the Navy Gideon Welles refused it, thinking its operation and maintenance too expensive for what he expected to be a short war. Vanderbilt had little choice but to lease it to the War Department, at prices set by ship brokers. When the Confederate ironclad Virginia (popularly known in the North as the Merrimack) wrought havoc with the Union …
Railroad empire
Though Vanderbilt had relinquished his presidency of the Stonington Railroad during the California gold rush, he took an interest in several railroads during the 1850s, serving on the boards of directors of the Erie Railway, the Central Railroad of New Jersey, the Hartford and New Haven, and the New York and Harlem (popularly known as the Harlem). In 1863, Vanderbilt took control of the Harle…