How Did The Vanderbilts Make Their Money
Olivia Luz
When cornelius vanderbilt the commodore passed away in 1877 he left the majority of his fortune valued at 95 000 000 to his oldest son.
He was the first american to give away 1 million which he donated for the purpose of funding vanderbilt university. He left smaller amounts to all of his other children. Huge homes the breakers and biltmore pictured all 178 000 square feet of it were built by two of william s sons. Treasury at the time.
Cornelius vanderbilt acquired his wealth through shrewd competition in the shipping industry when he owned several steamship lines and then he owned many powerful railroads that helped make cross country transportation cheaper and more efficient. The family patriarch cornelius commodore vanderbilt managed to transform 100 borrowed from his mother into a 100 million dollar fortune by the time of his death. Cornelius commodore vanderbilt started the family business by borrowing 100 from his mother and piloting a passenger boat on staten island in 1810. In today s dollars this fortune would be worth around 2 1 billion.
Cornelius vanderbilt created a fortune from ferries steamship lines railroads and stock manipulations. The story of this wealth goes the. He expanded into steamboats and then went on. Yachts horses living well and it is rumored substance abuse contributed further to the decline.
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