I am sure, you must have heard about American TV personality Anderson Cooper. But do you know he comes from the line of royals? Yes, he is 6th generation Vanderbilt. An American richest family was into a booming railroad business. The American royalty came into the limelight for their lavish home, extravagant parties, and elite social life. But with time they lost everything.
It all started with Cornelius “Commodore” Vanderbilt who started his family business by borrowing $100 from his mother. He started with a steamboat and later went on to build a railroad in New York Central. Slowly and gradually the business expanded across the U.S.A creating a monopoly in rail services. He reportedly made around $100 million fortune at the time of his death in 1877.
Later Cornelius Vanderbilt II took over and managed the business till his death in 1899. Then William Kissam Vanderbilt dived into the business but later exited to focus on his yachts. According to Vanderbilt’s book, William is said to have remarked: “Inherited wealth is a real handicap to happiness… It has left me with nothing to hope for, with nothing definite to seek or strive for.”
The most notable personality among the family roots was fourth generation Vanderbilt – Cornelius’ son Reginald “Reggie” Claypool Vanderbilt, a gambler and playboy. Father of fashion designer Gloria Vanderbilt, and grandfather to CNN anchor Anderson Cooper. His brother Cornelius “Neily” Vanderbilt III made most of his high-profile appearances in society. He infamously said “Every Vanderbilt son… has increased his fortune except me,” Neily once remarked, according to Fortune’s Children.
As time went on. New York was going through major changes. Family’s fortune was getting dispersed more and more among The transport business was declining and was replaced by trucks, barges and aeroplanes by the end of World War II.
The family had to sell their shares in New York Central. Chesapeake and Ohio Railway became major shareholders in New York Central later.
6th generation Vanderbilt Anderson Cooper once mentioned during his appearance on Howard Stern’s radio show: “My mom’s made clear to me that there’s no trust fund.”
By 1947, their New York City homes were taken down. Vanderbilt Mansion is taken over by a 5-acre conservatory garden in Central Park along with Cornelius and Alice Vanderbilt’s block-long house in Manhattan’s midtown district 57th Street is run by high-end department store Bergdorf Goodman.
Still, their legacy lives on the Vanderbilt University in Nashville, Tennessee, and Vanderbilt Avenue in New York’s Manhattan and Brooklyn.