What Will Happen To Gloria Vanderbilt's Money
Even though CNN anchor Anderson Cooper is a descendent of one of the richest people to always alive in America, he has said in interviews that he never expected an piece of cake ride in life, including a trust fund from his heiress mother: fashion designer and writer Gloria Vanderbilt.
Still, there were suggestions that Cooper would come into a pretty sizable fortune — inheriting every bit much as $200 million — after Vanderbilt died last month at historic period 95, Page Six reported.
It turns out that Cooper's inheritance is nowhere near $200 1000000. Vanderbilt's will said that her eldest son, Leopold "Stan" Stokowski, was to receive her Manhattan co-op, which is valued at $1.ii million, while "all the rest" of her manor — less than $1.5 million — would go to Cooper.
To well-nigh people, anything approaching $1.five million is a tidy sum. But the Vanderbilts were never like nigh people. The prominent Golden Age family unit once allowable a aircraft and railroad empire that fabricated their founding male parent, Cornelius, one of the wealthiest men in the earth. The Vanderbilts are best remembered for displaying their improvident wealth past erecting opulent mansions on Manhattan's Fifth Avenue, in Newport, Rhode Island, and in North Carolina.
So what happened to the Vanderbilt fortune? And where did Gloria Vanderbilt'due south money go?
When the great-great-granddaughter of "Commodore" Cornelius Vanderbilt was born in 1924, she received a $2.5 one thousand thousand trust fund, which is equivalent to $35 million today, Page Vi said. Gloria Vanderbilt was chosen the "poor little rich girl" after a battle for her custody made tabloid headlines in the 1930s, CNN said. At the historic period of 21, she causeless control of her inheritance of $4.two one thousand thousand, which is worth nigh $53 one thousand thousand at present.
But even with her coin, Vanderbilt e'er worked, starting equally a model when she was a teenager. Vanderbilt likewise thrived as an artist, actress and writer. In the 1970s, she channeled her souvenir for pattern into a launching a fashion empire, selling designer jeans and fragrances, that eventually was worth $100 meg, Page Six said.
Meanwhile, the "Fall of the House of Vanderbilt" was underway during the first role of the 20th century, some other Vanderbilt descendent, Arthur Vanderbilt, wrote in his 1989 volume "Fortune'south Children," according to a New York Times review. By the mid-20th century, the family unit'due south prominence in American public life had waned considerably, demonstrated by the fact that the family unit's great Fifth Avenue mansions had been torn down, sold or turned into museums
Gloria Vanderbilt suffered personal heartbreak in 1988 when son Carter committed suicide by jumping from the 14th flooring terrace of her Manhattan flat, CNN reported.
Her manner empire likewise faded, and she faced legal and financial challenges, including a 1993 lawsuit in which she declared that her lawyer and psychiatrist stole millions of dollars and sold off her business interests without her permission, Page Vi said. She had to sell her vii-bedroom mansion in Southampton and her v-story Manhattan townhouse to pay dorsum taxes and other debts.
Despite her financial setbacks, Vanderbilt all the same spent "lavishly" on philanthropic and personal pursuits, which may in part explain where the millions went, co-ordinate to Page Half dozen.
Anderson Cooper said he never expected a windfall after his mother died, telling Howard Stern in a 2014 interview: "My mom's fabricated articulate to me that there'southward no trust fund. There'southward none of that."
Co-ordinate to Arthur Vanderbilt's book, William Kissam Vanderbilt, 1 of the Commodore'southward grandsons, once said: "Inherited wealth is a real handicap to happiness."
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Cooper, who earns a reported $xi million a year every bit a CNN anchor, echoed that view in his interview with Stern: "I don't believe in inheriting coin … I think it's a curse. … From the time I was growing up, if I felt like in that location was some pot of gilded waiting for me, I don't know if I would take been so motivated."
Source: https://www.mercurynews.com/2019/07/09/what-happened-to-gloria-vanderbilts-money
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