PDF Summary:Fortune's Children, by Arthur T. Vanderbilt II

The Vanderbilt empire rose from humble origins, built on the relentless ambition and industrious spirit of Cornelius "Commodore" Vanderbilt. In Fortune's Children by Arthur T. Vanderbilt II, we follow the Vanderbilt family's journey from the creation of a consolidated American railroad network to the accumulation of immense wealth and influence. At the same time, the narrative reveals the internal conflicts, power struggles, and lavish lifestyles that defined the Vanderbilt legacy.

As the dynasty solidifies its elite status, we see it riddled with the compromises that accompany the pursuit of noble prestige and social dominance. Over generations, the family's insatiable spending and drift from its foundational values lead to its eventual decline. The author provides insight into how the American upper class's pursuit of pleasure and recognition culminates in the Vanderbilts' hollow victory, showcasing the fleeting nature of fortunes built on extravagance alone.

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Practical Tips

• Reflect on your family dynamics by journaling to identify patterns that may lead to conflict or estrangement. Write down instances where favoritism, power struggles, or financial decisions have influenced relationships, and consider ways to address these issues openly or through mediation to prevent long-term discord.
• Create a personal or family mission statement that prioritizes values over wealth or status. Gather input from all family members to ensure everyone's aspirations and concerns are considered, fostering unity and preventing the kind of legacy disputes that can arise from a single person's rigid control.
• Establish a transparent and fair process for decision-making within your family, especially regarding financial matters or inheritance. This could involve setting up family meetings, using a voting system, or consulting with a financial advisor to ensure that decisions are made democratically and with everyone's best interests in mind, reducing the likelihood of the resentment and division seen in the Vanderbilt family.

The Vanderbilts' pursuit of social recognition and inclusion was marked by their lavish lifestyle and their conspicuous demonstration of affluence.

The narrative explores the lavish lifestyle of this wealthy family, providing a glimpse into their magnificent homes, sumptuous festivities, widespread travels, social maneuverings, and unique leisure activities. The progeny of America's first industrial tycoons struggled to find happiness and meaning, with some falling prey to opulent living and others weighed down by their constant quest for recognition and acceptance. The writer emphasizes that wealth did not guarantee joy or satisfaction for these unique Americans, who were famous for their opulent lifestyles.

The Vanderbilt family's grand homes were a display of their vast wealth and their quest for social prominence, as seen in the grandeur and extravagant decoration of these properties.

The Vanderbilts became the embodiment of the period's inclination toward lavishness. Arthur T. Vanderbilt II narrates the family's efforts to solidify their position in a society that initially saw them as outsiders, through engaging in a series of ambitious building projects that resulted in the establishment of opulent residences and extravagant retreats, designed to rival the splendor of European aristocracy.

The Vanderbilt family's inclination for grandiose construction was clear in their opulent homes along Fifth Avenue, which also served as stages for their individual pursuits of social recognition.

The lavish homes of the Vanderbilt family on Fifth Avenue served as emblems of the diverse architectural designs that epitomized the Gilded Age. The detailed craftsmanship and opulence of these brownstone residences surpassed even the grandest visions that Ward McAllister could imagine, having been constructed to compete with the grandeur of European estates. Arthur T. Vanderbilt II illustrates the intense competition for social supremacy during that era, showing how Alva and Alice strove to outdo one another by constructing increasingly lavish homes on Fifth Avenue. The author depicts Cornelius Vanderbilt II's pursuit of ever more opulent and grandiose homes, climaxing with the enlargement of his dwelling to cover an entire city block, an action that ignited considerable public criticism and indicated a transformation in the public's perception of the Vanderbilt family.

The aspiration of the Vanderbilt family to emulate the extravagant lifestyles typical of European aristocracy was clear in their luxurious summer residences in Newport, Rhode Island, providing a sanctuary of wealth and grandeur.

The author vividly portrays the breathtakingly large "summer cottages" of the Vanderbilts in the seaside resort of Newport, Rhode Island, houses such as Alva's Marble House, clad in gleaming white marble, and Alice's The Breakers, modeled after an Italian Renaissance palazzo, houses that required scores of servants to maintain and hundreds of guests to fill. The grandeur of their majestic homes stood in stark contrast to the poverty of the laborers who built them and the squalid conditions of the surrounding tenements.

George Vanderbilt established Biltmore, a residence without equal in the United States in terms of magnitude, epitomizing the zenith of luxury and ambition, defying conventional wisdom and serving as an homage to a bygone era.

George Vanderbilt's creation, the Biltmore, epitomizes the Vanderbilt family's opulent architectural achievements, as chronicled by Arthur T. Vanderbilt II. The vast property in the mountains of North Carolina, featuring a majestic French Renaissance château with 250 rooms, exemplified the kind of opulence that the wealth of the Vanderbilt family could manifest. The writer depicts this unexpected haven, where the expansive vistas and complex landscape, along with the immense proportions of the residence, left the designer with the firm belief that only the adjacent mountains could rival its grandeur in magnitude.

The Vanderbilt family immersed themselves in societal traditions and indulged in lavish festivities, each member vying to outdo the others with grand displays of their wealth in their pursuit of pleasure.

The opulent Vanderbilt homes provided the setting for events that epitomized the extravagant splendor characteristic of the Gilded Age period. The story details the existence of a rising class of American millionaires who set themselves apart by engaging in extravagant rivalry and pioneering amusements, continuously seeking solace in their unique methods of diversion.

Alva solidified her prominent position within the social elite and became the embodiment of the period's extravagance by planning a luxurious masquerade event that reinforced her societal position.

The book provides a detailed portrayal of Alva's lavish masquerade ball, emphasizing its luxuriousness by noting the presence of over a thousand guests dressed in elaborate costumes, the carefully arranged dances, the abundance of champagne, and the lavish use of marble, while also mentioning the intentional omission of Mrs. Astor, New York's leading social figure of the era. The writer offers an insightful depiction of a unique event that illustrates Alva's ambitions and her clever orchestration of social dynamics to cement her place among New York's upper crust. The extravagant affair signified the Vanderbilts' full ascension into the upper echelons of the social elite.

Grace Vanderbilt's residence became the epitome of lavish gatherings, demonstrating the limitless possibilities of wealth and her ambition for high social standing, thereby cementing her position within the upper echelons of society.

Grace Vanderbilt exhibited a similar level of inventiveness and resolve as her aunt Alva while striving for social distinction. The author portrays a unique event in Newport, where Grace's unveiling of the renowned Broadway musical The Wild Rose serves as an example of the Vanderbilt family's desire to distinguish themselves through the uniqueness and grandeur of their gatherings. Driven by her desire to stand out, Grace consistently sought out unique and more lavish ways to entertain and socialize, rather than conforming to the typical pastimes of her contemporaries.

Harry Lehr and Mamie Fish orchestrated opulent events that playfully satirized the innate pretentiousness of the elite in New York, highlighting the era's typical extravagance.

Harry Lehr and Mamie Fish are remembered as the playful provocateurs within the elite circles of Newport, famous for their extravagant hoaxes and lavish parties, such as the doll-themed feast and the infamous Monkey Dinner, designed to highlight the absurdity and pretentiousness of their peers. Lehr, recognized for his talent in infusing humor and a playful spirit, frequently livened up the typically dull and repetitive high society gatherings, which he found tedious and predictable, often including his friend Mrs. Fish in his clever plots. Lehr and Fish played a role in both ridiculing and perpetuating the excesses of society, which highlighted the growing desperation in a culture fixated on ostentatious wealth yet increasingly lacking substance.

Other Perspectives

• The Vanderbilts' pursuit of social recognition may have also been driven by a desire to secure their family's legacy and influence in an era where new wealth was often dismissed by the established social order.
• The grand homes and estates could be seen as contributions to architectural innovation and the arts, rather than merely displays of wealth for social prominence.
• Biltmore and other Vanderbilt estates have been preserved as historical landmarks, suggesting that their creation had long-term cultural and educational value beyond personal ambition.
• The societal traditions and festivities the Vanderbilts indulged in were common among their contemporaries, and their participation could be viewed as an effort to integrate with their peers rather than simply outdo them.
• Alva Vanderbilt's masquerade ball, while a display of wealth, also reflected the social and cultural norms of the time, and her planning skills could be interpreted as a form of leadership and creativity.
• Grace Vanderbilt's gatherings, though lavish, may have supported the arts and provided patronage to performers and artists during the Gilded Age.
• Harry Lehr and Mamie Fish's satirical events, while opulent, could be seen as a form of social commentary that used humor to reflect on and critique the values of their society.

The prominence and wealth of the Vanderbilt family gradually waned, becoming less significant with each subsequent generation.

As the 19th century came to an end, the Vanderbilts struggled to maintain their prominent status amid shifting social, economic, and political landscapes, which had been shaped by the substantial fortunes amassed by Cornelius "Commodore" Vanderbilt and his son William. The writer documents the Vanderbilt family's slow decline and eventual collapse, as they shifted their attention from accumulating wealth to its meticulous preservation, ultimately yielding to the unavoidable decline of an empire once emblematic of American opulence and splendor.

As the Vanderbilts transitioned from direct management to a focus on less active investment approaches, their attention increasingly turned to individual interests, resulting in a slow decline of their influential position within the railroad sector.

Cornelius Vanderbilt insisted on maintaining complete control over his steamship and expanding railroad businesses, believing that ownership diminishes without hands-on management, and that giving up even a fraction of control is akin to giving it all away. The descendants, having diverged from their foundational values, found themselves encumbered with the responsibility of managing a vast network of railroads and consequently redirected their attention to activities that better suited their personal inclinations and dispositions. The narrative details how the withdrawal of the Vanderbilt family from active management led to a reduction in their sway over the American railway sector, making their fortune more vulnerable to outside factors.

Willie Vanderbilt's decision to sell off a substantial portion of his New York Central stock resulted in a gradual decline in the influence of the Vanderbilt family.

William Vanderbilt, who received the bulk of the wealth amassed by the Commodore, was deeply troubled by the unfavorable view the public held of the family's railroad enterprise. In 1879, William decided to decrease his substantial investment in the New York Central Railroad to sidestep the harsh scrutiny and unfavorable views linked to a tycoon who capitalizes on resources and individuals for self-enrichment. Arthur T. Vanderbilt II explores the pivotal ruling that diminished his family's dominance in the transportation industry, imparting to his kin the understanding that existence encompasses more than a persistent and occasionally fruitless pursuit of greater riches.

The vulnerability of the transportation empire established by the Vanderbilt family to changes in the market and the emergence of competing companies led to a steady decline in profits, ultimately resulting in the bankruptcy of the combined Penn Central.

After Willie Vanderbilt stepped down from his role at the helm of the New York Central, his family started to view the railroad mainly as a source of income, instead of a business to directly manage and govern. The author elaborates on the inevitable consequences of this neglect, as the railroad grapples with challenges in adapting to the changing economic and regulatory landscape. The author emphasizes the drastic impact of the financial crisis on the reduced worth of Central stock and the Vanderbilt family's reduced ability to steer the company during tough times, as they were merely shareholders. The story also details how the commercial endeavors of later generations frequently encountered difficulties instead of gaining advantages from their well-known family heritage. As the allure of railroads diminished and they grappled with economic fluctuations, new modes of transportation, and increased regulation, the previously powerful Vanderbilt dynasty experienced a decline in their sway, culminating in the financial downturn of 1970 when the prominent New York Central merged with the troubled Penn Central.

The Vanderbilts' inclination towards lavish lifestyles significantly contributed to their economic decline, as they continued to spend extravagantly while their investment returns diminished.

The Vanderbilts, despite the gradual erosion of their once-dominant transportation dynasty, continued to lead a life marked by opulence and grandeur, which was familiar to them since their infancy, and they paid little heed to the changing societal, economic, and political environments. The author details the hefty costs involved in maintaining their opulent residences, holiday retreats, lavish yachts, prized horses, sumptuous festivities, regular travels, and the extensive retinue of servants, even as their fortune, which stemmed from the railroad business, slowly dwindled and eventually vanished. The writer emphasizes that the descendants failed to embrace the deep-seated appreciation for thriftiness that was a hallmark of their forebear. Their insatiable pursuit of pleasure and elite standing, fueled by a boundless craving for extravagance, stretched their financial means to their utmost capacity.

The escalating costs of maintaining the expansive properties and their staff, coupled with increased taxation and changing social attitudes, led to the sale and eventual demolition of the Vanderbilt family's luxurious homes on Fifth Avenue.

The author provides a detailed portrayal of the difficulties the Vanderbilts faced in maintaining their city properties as their once serene residential neighborhood evolved into a bustling center of commerce. The writer details the untenable circumstances surrounding the grand estates, pointing out that the hefty costs associated with employing a staff of thirty to forty individuals for each residence, coupled with rising property taxes and the allure of selling to property developers, played a role in their decline. Arthur T. Vanderbilt II's narrative thoroughly chronicles the financial struggles resulting in the Vanderbilts' forfeiture and eventual razing of their landmark homes, such as their grand brownstones along the prestigious Fifth Avenue.

The opulent Fifth Avenue homes and rural properties underwent a transformation, becoming venues for public recreation, historical displays, and leisure activities, signifying the end of an era dominated by a family dynasty's luxurious lifestyle.

As the years went by, the Vanderbilts, who had become part of the elite yet were not as wealthy as their forebears, were compelled to relinquish their luxurious holiday abodes and country havens, as well as their magnificent city dwellings located along the famed avenue in the metropolis known as the Big Apple. The author illustrates how these symbols, originally designed without practicality in mind, evolved to serve a range of purposes. Marble House and The Breakers, once symbols of extravagant wealth, have been transformed into museums that invite the general public to explore the luxurious areas previously accessible only to the most affluent members of society. Idlehour was repurposed to function as a campus for higher education. The division of the Beaulieu estate resulted in Wheatley Hills being converted into a golf course. Biltmore and Belcourt Castle stand as lasting tributes to the lavishness of the Gilded Age, now attracting those who wish to experience the grandeur of a bygone era. The writer vividly depicts how the Twomblys' opulent Florham estate, with its 110 rooms and situated amidst 1,200 acres of carefully tended gardens that featured a greenhouse managed by Queen Victoria's ex-head gardener, evolved into an institution for advanced learning. The former equestrian facilities on the property, including stables and barns, have been transformed into centers for education and leisure activities, equipped with science labs, sports facilities, and libraries.

The family's once formidable fortune gradually eroded as it was split among numerous heirs, drained by lavish spending, and affected by economic declines, leading to the ultimate downfall of their empire.

The Commodore and William Vanderbilt's intention to safeguard their family's wealth for future generations swiftly diminished after they passed away. Arthur T. Vanderbilt II explores the narrative of a wealthy lineage whose descendants diverged from the thrifty and industrious values of their ancestors, opting to indulge in opulent lifestyles and squander their legacy on fleeting indulgences, thus instilling in their offspring an awareness of wealth that was not present in the pioneering founders of the family.

Reggie Vanderbilt's tale, highlighting the perils of excessive spending, starkly contrasts with the Commodore's strategic and deliberate wealth management, illustrating Reggie's squandering of the inherited fortune.

Reggie Vanderbilt's life serves as a cautionary tale, illustrating the rapid decline of an inheritance and its associated riches when one's life is devoted to pursuits of leisure. The book draws an interesting comparison between Reggie and his ancestor, the Commodore. Reggie was raised amidst opulence and indulgence, dulling his perception with regular indulgence in premium liquors and the excitement of automobile competitions, leading him to dissipate his legacy on lavish festivities, the ownership of racehorses, and gambling, as well as lavishing expensive presents on short-lived affairs. He embodied the essence of affluence and comfort, yet he died in 1925 at the age of 44, having not left behind any notable accomplishments to warrant his wealth. His lifestyle marked a stark contrast to the unyielding quest for commercial triumph and the steadfast ambition for affluence and influence that characterized the Commodore's ethos a hundred years prior.

Neil Vanderbilt's dissipated legacy, stemming from fruitless ventures in spite of his attempts to forge a unique trajectory, underscores the challenges faced by later descendants who did not have access to the same foundational prospects that gave rise to the Vanderbilt fortune.

Neil Vanderbilt, born to Neily and Grace, is portrayed as an individual who strove to transcend the limitations linked to his family's distinguished legacy by carving out a career in the field of journalism and striving to build his personal fortune. Neil's efforts faced continuous obstacles, first from his parents' doubts and then from the economic downturn that struck in the year 1929. Arthur T. Vanderbilt II narrates Neil's failed attempt to establish a media dynasty with the financial backing of his family, highlighting the contradictory nature of the Vanderbilt legacy: immense fortune that served as both an advantage and a weight for the heirs.

The conflict surrounding the appointment of Little Gloria's guardian highlighted the deep personal compromises linked to a lifestyle dominated by wealth, showcasing the hollowness of an era marked by extravagant expenditure and the chase for societal prestige.

The sorrowful contradiction of the Vanderbilt family history is encapsulated by the notorious court battle concerning the custody of Gloria Vanderbilt's young daughter, illustrating how a child can be engulfed by affluence but fundamentally lacking in everything else. The narrative delves deeply into Gloria Morgan Vanderbilt's struggle to retain custody of her child and her efforts to assert autonomy from her family, even though her economic well-being is closely linked to her role as the recognized guardian of her offspring. Arthur T. Vanderbilt II depicts the Vanderbilts' societal sphere as a ruthless and strategic domain where people are seen simply as pieces to be maneuvered. Gloria revealed the profound psychological scars left by the dispute over the remaining Vanderbilt fortune, despite the influence her mother, grandmother, aunt, and nurse had on her.

Other Perspectives

• While the Vanderbilt family's prominence may have waned, it's important to consider that their influence and contributions to American industry and culture remain significant in historical context.
• The transition from active management to investment could be seen as a strategic adaptation to changing times and not necessarily a decline in influence or business acumen.
• Selling off New York Central stock might have been a prudent decision in light of the changing economic landscape and not solely a cause of decline.
• The bankruptcy of Penn Central could be attributed to broader economic and industry-wide challenges rather than just the Vanderbilt family's management decisions.
• The Vanderbilts' lavish lifestyles were a product of their era, and their spending may have reflected the norms of the wealthy class at the time.
• The sale and demolition of Fifth Avenue homes could be viewed as a response to urban development pressures and changing real estate markets, not just financial mismanagement.
• The transformation of Vanderbilt properties into public venues could be seen as a positive legacy, providing cultural and educational benefits to the public.
• The erosion of the family fortune could also be seen in the context of the vast philanthropic contributions made by the Vanderbilts, which may have diminished their wealth but enriched public life.
• Reggie Vanderbilt's lifestyle, while contrasting with the Commodore's, could be understood within the broader cultural shifts of the Roaring Twenties, which affected many individuals of wealth.
• Neil Vanderbilt's challenges in establishing a media dynasty might reflect the difficulties of entrepreneurship and innovation, which are not guaranteed to succeed regardless of one's starting wealth.
• The custody battle over Little Gloria could be interpreted as a reflection of the complex personal dynamics within wealthy families, which are not unique to the Vanderbilts and do not necessarily indicate a hollow pursuit of wealth and prestige.