How did America's richest family, once worth the equivalent of $200 billion, lose everything in just three generations? In this episode of History's Greatest Idiots, we explore the spectacular rise and catastrophic fall of the Vanderbilt dynasty, from the ruthless Commodore who built a fortune through steamships and railroads, to his descendants who spent it all on mansions, parties, and drinking themselves to death.
This is the story of how to lose $200 billion in 95 years, one absurdly expensive mansion at a time.
What You'll Discover:
How Cornelius "The Commodore" Vanderbilt built America's largest fortune through ruthlessness and refusing to spend money on anything (including his dying mother's medical care)
How his son Billy multiplied the fortune to $200 million (over $200 billion today) in just eight years
The $11 million mansion wars that turned Fifth Avenue into a Vanderbilt showcase
Alva Vanderbilt's $8 million costume ball (equivalent to $300 million today) that bankrupted New York's other wealthy families, trying to compete
How Cornelius II built a 70-room "summer cottage" in Newport that cost $12 million ($450 million in today's money)
Why Reginald Vanderbilt drank and gambled away $10.5 million in just 23 years and died at age 45
How Consuelo Vanderbilt was literally sold to a British Duke for $95 million to buy the family a title
Alfred Vanderbilt's terrible luck with transportation (dodged the Titanic, died on the Lusitania)
The 1973 family reunion where 120 Vanderbilt descendants gathered and not one was a millionaire
How Anderson Cooper and Timothy Olyphant became the last wealthy Vanderbilts by doing something radical: getting a job
From Empire to Museum Tours: The Vanderbilts once controlled 10% of all money in America. They built the largest private homes in American history, threw parties that cost hundreds of millions, and lived like European royalty.
Then they divided the fortune among multiple heirs, built mansions they couldn't afford to maintain, never worked, and spent wildly on gambling, alcohol, and social climbing.
The Mathematics of Destruction: The Commodore left everything to one son (smart). That son split it among eight children (less smart). Those eight split it among dozens of grandchildren (financially suicidal).
By the third generation, the money was so divided that maintaining the lavish lifestyle became impossible. The Great Depression accelerated the collapse, but the real problem was simple: they spent faster than the fortune could sustain.
The Mansions That Bankrupted a Dynasty: One by one, the legendary Vanderbilt palaces were demolished or given away because nobody could afford the property taxes, heating costs, and servants.
The Triple Palace on Fifth Avenue became a shopping plaza. Cornelius II's mansion was torn down after just 40 years. Today, tourists pay $30 to tour The Breakers, the ultimate irony: come see where we used to be rich.
Anderson Cooper's Revolutionary Concept: When Gloria Vanderbilt died in 2019, Anderson inherited $1.5 million (not $150 million, not $15 million). But Anderson is worth $50 million because he earned it as a journalist.
He built his fortune the old-fashioned way: by working. And he plans to give it all to charity, officially ending the Vanderbilt fortune after 150 years.
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Artist: Sarah Chey
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Animation: Daniel Wilson
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Music: Andrew Wilson
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