Cornelius Vanderbilt
Titan of RailRoads industry
During the Erie Railroad War of 1868, he memorably squared off against fellow Wall Street financiers Jim Fisk and Jay Gould. Once Daniel Drew and Cornelius Vanderbilt plotted to purchase up the bulk of the Erie's shares, the latter became the railroad's controlling shareholder. In retaliation, Gould and Fisk issued more dilute shares, which Vanderbilt nonetheless continued to purchase. Newspapers of the time were thrilled by the conflict between the robber barons. Gould and Fisk's acquisition of final control of the Erie Railroad, which forced Drew to resign and repaid Vanderbilt for his diluted equity holdings, brought an unusual end to the conflict between the two parties. Vanderbilt was undeterred by this setback, and he went on to be a leading influence in the creation of the Grand Central Terminal in Manhattan, which first opened to the public in 1871. The current Grand Central Terminal, which opened in 1913, was built on the site of the demolished station.
After the Success
Unlike his fellow Gilded Age titans, such as steel magnate Andrew Carnegie (1835-1919) and Standard Oil founder John D. Rockefeller (1839-1937), Vanderbilt did not have any mansions or donate a large portion of his fortune to charity. Towards the end of his life in 1873, he gave $1 million to establish and endow Vanderbilt University in Nashville, Tennessee. This was the only major philanthropic contribution he ever made. (The school's athletic teams are known as the Commodores, in honor of the founder's namesake.)
The successors of Cornelius Vanderbilt commissioned the construction of the opulent houses associated with the Gilded Age, such as the Breakers in Newport, Rhode Island, and the Biltmore in Asheville, North Carolina. In the United States, the largest privately held residence is the Biltmore Estate, a mansion with 250 rooms built in the late 19th century by one of Vanderbilt's grandchildren.
In the morning of January 4, 1877, at the age of 82, Vanderbilt passed away at his Manhattan residence. He was laid to rest in the Moravian Cemetery in New Dorp, Staten Island. His son William inherited the most of his inheritance, which is valued at over $100 million (1821-85).
Net Worth
At 82, the Commodore died with a fortune of about $100 million, worth more than $2,849,238,095.24 in today's terms.
Vanderbilt left $95 million to his son William and between $250,000 and $500,000 to his eight daughters.
Vanderbilt was not philanthropic like James Hill and other railroad tycoons. Instead, he gave $1 million to Nashville's Central University. This university is now Vanderbilt.Â