The High Society Vanderbilt Family Ran Out of Money, Making Them Totally Broke

No one ever said that getting rich was easy, but few people realize that staying rich is even harder. Just ask the Vanderbilt family, one of the wealthiest families in the United States. Well, they used to be.

Their wealth began to accrue back in the 1800s when patriarch Cornelius Vanderbilt started earning revenue from his expanding industrial empire. But this prominent family became a cautionary tale of how quickly one can go from riches to normal.

The Vanderbilts Were Social Climbers on the Rise

The Vanderbilt family, who made their fortune thanks to the railroad industry, yearned to climb up the proverbial ladder of New York’s society of elites. To do that, they used their fortune to splurge on fancy cars and lavish social gatherings.

And for a while, everything went so well that they never saw their eminent downfall.

They Threw a $6 Million Party

In 1883, Alva Vanderbilt threw a party worth about $6 million and she invited over a thousand VIPs. Naturally, everyone who was anyone came wearing their fancy suits and dresses.

And they weren’t worried over how much their hostess had blown on the party because they knew the family was loaded.

They Built an Empire

Long before Alva was throwing parties, Cornelius Vanderbilt started building his empire when he was very young. This allowed his fortune to grow thanks to his success in the shipping and railroad industries.

But he couldn’t have done it without help from his parents.

His Parents Lent Him Money

As a teenager, Cornelius Vanderbilt, or the Commodore as he was known as, asked his parents for $100. It was a loan, but he never intended to spend it on frivolous things. He wanted to buy a boat, which served perfectly for moving cargo.