5 Ultra Rich Families Who Lost Millions of Money
Seeing the ultra rich families and how they live a life of luxury, you can never imagine their loads of cash running out. However, the stories of these families who had millions of dollars worth of properties, businesses, and money tell us that even them are susceptible to losing their wealth.
1. The Vanderbilts
During his lifetime, Cornelius Vanderbilt established his fortune through his railroad and steamship companies that changed the course of transportation and shipping in the United States. He had become so rich that his estimated net worth blew up to $185 billion, which makes him one of the richest people of all time. However, after six generations, the companies that Vanderbilt grew are no longer owned by the family. Media personality and Vanderbilt descendant Anderson Cooper once mentioned in an interview that his mom Gloria Vanderbilt told him that there’s nothing much left for the family besides a legacy of philanthropy.
2. The Hartfords
The heir of the supermarket and liquor chain in the US, Huntington Hartford received $1.5 million as salary every year from The Great Atlantic & Pacific Company, known to many as A&P. Although his family was named as one of the richest clans in the 40’s, the Hartfords declared bankruptcy a couple of years later due to Huntington’s extravagant lifestyle and failed business ventures. Huntington died in 2008 in the Bahamas where he immigrated after losing millions of his fortune.
3. The Kluges
After almost a decade of marriage, John Kluge, the founder of MetroMedia, that owned TV and radio stations in the US, paid his wife Patricia a sum of $1 million and a 200-acre piece of land as a divorce settlement. However after two decades, Patricia found herself filing for bankruptcy after failed investments, including a vineyard which she purchased.
4. The Strohs
In the 1800’s an immigrant from Germany, Bernhard Stroh, started to build himself a brewery empire from his family’s beer recipe. This company, which his sons grew, became the third-largest beer company in the US during the 80’s. However, after five generations, this beer empire had to be shut down due to mismanagement, stiff competition, and a huge debt.
5. The Pulitzers
Peter Pulitzer, the grandson of the American newspaper publisher, Joseph Pulitzer, had an 800-acre citrus grove (which he owns with his twin sons) that was on the brink of bankruptcy. If not for his ex-wife’s husband Tim Boberg, who helped the business out of bankruptcy, Pulitzer would have been left with almost nothing. Boberg generously gave $220,000 as mortgage on the property, gave an additional $1.3 million mortgage, and even extended the Pulitzers a $400,000 credit line.