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William Kissam Vanderbilt

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William Kissam Vanderbilt
Born(1849-12-12)December 12, 1849
New Dorp, New York,[1] U.S.
DiedJuly 22, 1920(1920-07-22) (aged 70)
Paris, France
OccupationHorse breeder
Spouses
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(m. 1875; div. 1895)​
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(m. 1903)​
Children
Parent(s)William Henry Vanderbilt
Maria Louisa Kissam
RelativesHerbert M. Harriman (brother-in-law)
Signature

William Kissam Vanderbilt I (December 12, 1849 – July 22, 1920[1]) was an American heir, businessman, philanthropist, and horse breeder. Born into the Vanderbilt family, he managed his family's railroad investments.[2]

Early life

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William Kissam Vanderbilt I was born on December 12, 1849, in New Dorp, New York, on Staten Island. His parents were Maria Louisa Kissam and William Henry Vanderbilt, the eldest son of Commodore Cornelius Vanderbilt, an heir to his fortune and a prominent member of the Vanderbilt family who was the richest American after he took over his father's fortune in 1877 until his own death in 1885.[3]

He was the third of eight children born to his parents. His siblings were Cornelius Vanderbilt II, Margaret Louisa Vanderbilt, Emily Thorn Vanderbilt, Florence Adele Vanderbilt, Frederick William Vanderbilt, Eliza Osgood Vanderbilt, and George Washington Vanderbilt II.[2]

Career

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Vanderbilt inherited $55 million (equal to about $1.9 billion today) from his father in 1885. He managed his family railroad investments. In 1879, after taking over P. T. Barnum's Great Roman Hippodrome which was on railroad property by Madison Square Park, he renamed the facility Madison Square Garden.[4]

Thoroughbred horse racing

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Vanderbilt was one of the founders of The Jockey Club. He was a shareholder and president of the Sheepshead Bay Race Track in Brooklyn, New York, and the owner of a successful racing stable. In 1881, he built the American Horse Exchange at 50th Street (Manhattan) and Broadway.[5] In 1911 he leased it (and eventually sold it to) the Shubert Organization who then transformed it into the Winter Garden Theatre.[6]

After his divorce from Alva, he moved to France where he built a château and established the Haras du Quesnay horse racing stable and breeding farm near Deauville in France's famous horse region of Lower Normandy. Among the horses he owned was the U.S. Racing Hall of Fame filly Maskette, purchased from Castleton Farm in Lexington, Kentucky, for broodmare services at his French breeding farm. Vanderbilt's horses won a number of important races in France including:

Personal life

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Alva Erskine Smith, first wife of William Kissam Vanderbilt

On April 20, 1875, Vanderbilt married his first wife, Alva Erskine Smith, daughter of Murray Forbes Smith and Phoebe Ann Desha.[7] Together, they had three children:[2]

Anne (née Harriman) Sands Rutherfurd, the second wife of William Kissam Vanderbilt, ca. 1915

Alva later coerced Consuelo into marrying Charles Spencer-Churchill, 9th Duke of Marlborough on November 6, 1895.[8] Alva divorced Vanderbilt in March 1895, at a time when divorce was rare among the elite, and received a large financial settlement reported to be in excess of $10 million (equal to about $380 million today). The grounds for divorce were allegations of Vanderbilt's adultery. Indeed, one account of cheating on his wife was with none other than the Duchess of Manchester, Consuelo Yznaga, also known as his wife's best friend. Alva remarried to one of their old family friends, Oliver Hazard Perry Belmont, on January 11, 1896.[7]

In 1903, Vanderbilt married Anne Harriman, daughter of banker Oliver Harriman.[9] She was a widow to sportsman Samuel Stevens Sands and to Lewis Morris Rutherfurd Jr., son of the astronomer Lewis Morris Rutherfurd. Her second husband had died in Switzerland in 1901. She had two sons by her first marriage and two daughters by her second marriage. She had no children by Vanderbilt.[2]

Residences

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William K. Vanderbilt House on Fifth Avenue, New York City

Like other prominent Vanderbilts, he built magnificent houses. His residences included Idle Hour (1900) on Long Island and Marble House (1892), designed by Richard Morris Hunt, in Newport, Rhode Island. Hunt also designed Vanderbilt's 660 Fifth Avenue mansion (1883).[10]

Château Vanderbilt in Carrières-sous-Poissy, France.

In 1907, Vanderbilt and his second wife built Château Vanderbilt, a Louis XIII style manor house along with three thoroughbred race tracks in Carrières-sous-Poissy, an hour outside Paris and on the route to Deauville, famous for its horse racing.

Vanderbilt was a co-owner of the yacht Defender, which won the 1895 America's Cup and briefly owned the large steam yacht Consuelo. Vanderbilt was a founder and president of the New Theatre.

Vanderbilt made significant charitable contributions to Vanderbilt University, a private university in Nashville, Tennessee, named for his grandfather.[11][12]

Death and legacy

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Vanderbilt died in Paris on July 22, 1920.[1] His remains were brought home and interred in the Vanderbilt family mausoleum in New Dorp, Staten Island, New York.[13]

Vanderbilt's portrait, painted by F. W. Wright from an original painting by Richard Hall between 1911 and 1921, was donated to Vanderbilt University in 1921; it is hung in Kirkland Hall.[11]

In World War II, the United States liberty ship SS William K. Vanderbilt was named in his honor.

Founding member of the Jekyll Island Club aka The Millionaires Club on Jekyll Island, Georgia.[14]

Estate

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At the time of William K. Vanderbilt’s death in July 1920, contemporary estimates placed the value of his estate between $40,000,000 and $100,000,000. A formal accounting submitted to the Surrogate’s Court of Suffolk County later reported a gross estate of $54,530,966.59. Following deductions for debts, administrative costs, attorney’s fees, and the application of $1,934,571.73 in New York State estate tax and $11,459,290.16 in federal estate tax, his sons received the bulk of the net estate: William Kissam Vanderbilt II received $21,252,757.38, and Harold Stirling Vanderbilt received $21,739,867.38.[15]

A summary of the contents of his will, published by the law firm Anderson & Anderson and widely reported in the press, outlined the following principal bequests:

  • $250,000 to Vanderbilt University
  • $50,000 to St. Mark’s Church at Islip, Long Island
  • Numerous paintings and artworks to the Metropolitan Museum of Art
  • A life interest in his Paris residence at 10 & 11 Rue Leroux and a château in Normandy to his widow, Anne Harriman Vanderbilt, with reversion to his daughter, Consuelo Vanderbilt
  • The Idle Hour estate on Long Island to Harold
  • Real property and contents at Marble House, Newport, and property on Wheatland Avenue, to whichever son succeeded to the estate from their mother Alva Belmont
  • $1,000,000 in trust for his grandson William Kissam Vanderbilt III
  • $100,000 each to his stepdaughters Margaret Rutherfurd Mills and Barbara Rutherfurd Hatch
  • The residuary estate in equal shares to his two sons William II and Harold

Consuelo Vanderbilt, William's only daughter, was further provided for through a combination of legal settlements, testamentary trusts, and substantial inter vivos gifts. As part of her 1895 marriage settlement to Charles Spencer-Churchill, 9th Duke of Marlborough, William covenanted to pay $2,500,000 to her trustees upon his death, to provide her with an annual income of $100,000. This amount was treated as a debt against the estate and fulfilled accordingly.[16] His will also established a separate $2,500,000 trust for her benefit, administered by her brothers, with income payable for life and the principal to vest in her children upon her death.

Additional records disclosed in 1926 revealed that in 1912, William created a $5,000,000 trust using New York Central and Hudson River Railroad bonds, granting Consuelo a life interest with remainder to her sons. In 1919, he transferred a further $450,000 in liberty bonds to her brothers, instructing that they be held in trust for her benefit.[17]

Contemporary newspaper reports speculated that, in addition to these confirmed transfers, William may have gifted a further $15,000,000 in cash and securities to Consuelo and $1,000,000 each to her sons, the Marquess of Blandford and Lord Ivor Spencer-Churchill, in the months before and after his death, although no official probate filings substantiated these claims.[16]

She also inherited a reversionary interest in her father’s French real estate—his townhouse at 10 & 11 Rue Leroux, Paris, and a château in Normandy—following the death of her stepmother, Anne Harriman Vanderbilt[16]; and she received one-third of the $5,000,000 trust originally created by her grandfather, William Henry Vanderbilt, which passed by default to William K. Vanderbilt’s children.[16]

Transfer of Wealth to Consuelo and the Churchill Family

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In total, William K. Vanderbilt is confirmed to have settled or transferred well over $17,000,000 for the benefit of Consuelo, her husband, and their children. This included:

  • $2,500,000 in 1895, placed in trust under her marriage settlement to provide the 9th Duke of Marlborough with $100,000 per year for life, later payable to Consuelo if she survived him (trust created by deed prior to marriage)[18];
  • $2,500,000 covenant made in 1895 by William K. Vanderbilt to pay Consuelo’s trustees this amount within one year of his death, to provide her with $100,000 annual income for life (paid as a debt from his estate in 1920)[16];
  • $2,500,000 placed in trust under his 1920 will, with income to Consuelo for life and principal to her children (testamentary trust administered by her brothers as trustees)[16];
  • $5,000,000 trust created in 1912 using New York Central and Hudson River Railroad Company 3.5% Lake Shore collateral trust bonds, providing Consuelo with a life interest and remainder to her sons (inter vivos trust)[19];
  • $450,000 in liberty bonds conveyed to her brothers in 1919, with instructions to hold them in trust for her benefit (inter vivos gift and trust)[20];
  • Approximately $2,500,000 spent between 1895 and 1902 to acquire land on Curzon Street and construct and furnish Sunderland House as a London residence for Consuelo and the Duke (real estate and capital improvement, inter vivos expenditure)[21];
  • $1,167,000 representing Consuelo’s one-third share of the $5,000,000 trust originally created by her grandfather, William Henry Vanderbilt, for William K. Vanderbilt, which passed by default in equal shares to his children after his death[16];
  • A reversionary interest in her father’s French residences—his townhouse at 10 & 11 Rue Leroux, Paris, and a château in Normandy—following the life tenancy of her stepmother, Anne Harriman Vanderbilt[16];
  • A London townhouse reportedly purchased by William K. Vanderbilt as a wedding gift in 1920 for his grandson, Lord Blandford.[22]

References

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  1. ^ a b c "William Kissam Vanderbilt". Long Island University. Retrieved October 15, 2009.[permanent dead link‍]
  2. ^ a b c d "W.K. VANDERBILT DIES IN FRANCE IN HIS 71ST YEAR; Was Eldest Male Survivor of Family That Built Fortune in New York Central. CHILDREN AT HIS BEDSIDE Duchess of Marlborough and Her Brothers Present with Financier's Widow. ESTATE NEAR $100,000,000 $300,000,000 Left by His Father in Eight Shares Believed to be Over Billion Total Now". The New York Times. 23 July 1920. Retrieved 18 July 2017.
  3. ^ "Wm. H. Vanderbilt Dead. He is Prostrated by Paralysis While Talking to Robert Jarrett, President of the Baltimore and Ohio Railroad, and Dies Without Speaking. His Vast Wealth Estimated at Two Hundred Millions". Washington Post. December 9, 1885. Archived from the original on June 4, 2011. Retrieved 2008-08-01. William H. Vanderbilt died at his residence in this city, of paralysis, at half-past two o'clock this afternoon. He arose this morning at his usual hour, and at breakfast served to the members of the family, most of whom were present, he appeared to be in his usual health and in a more than usually happy frame of mind.
  4. ^ Suppes, Munsey. "Madison Square Garden I". hockey.ballparks.com. Retrieved 18 July 2017.
  5. ^ [1]
  6. ^ Winter Garden Theatre - shubertorganization.com - Retrieved April 3, 2008
  7. ^ a b Patterson, Jerry E. The Vanderbilts., pages 120-121. New York: H.N. Abrams, 1989. ISBN 0-8109-1748-3
  8. ^ "W.K. VANDERBILT'S GIFTS.; House to Grandson, Marquis of Blandford". The New York Times. 29 January 1920. Retrieved 18 July 2017.
  9. ^ "WILLIAM K. VANDERBILT ABOUT TO REMARRY; Justice Giegerich Modifies Divorce Decree to Permit. The Ceremony Arranged for Tomorrow in Paris -- Countess Fabbricotti and a Mrs. Ingraham Mentioned as Bride-to-Be". The New York Times. 21 April 1903. Retrieved 18 July 2017.
  10. ^ "BUSINESS MEN IN DEAL FOR VANDERBILT HOME; 660 Fifty Avenue to be Sold-- Home Of Mrs. Cornelius Vanderbilt Also for Sale". The New York Times. 10 November 1920. Retrieved 18 July 2017.
  11. ^ a b "Vanderbilt Collection - Kirkland Hall: William Kissam Vanderbilt 1849 - 1920". Tennessee Portrait Project. Retrieved November 17, 2015.
  12. ^ "VANDERBILT RICHES GO TO SONS; MAY BE SUIT ON ESTATE TAX; State to Press Claim for $500,000 on Recent Gift of $15,000,000 to Daughter. ART BEQUESTS TO THE CITY Fine Old Masterpieces and Bronzes Left to the Metropolitan Museum.$50,000 TO ISLIP CHURCHResidue, After $13,520,000 in Legacies and Trusts, Willed to W.K., Jr., and Harold S." The New York Times. 28 August 1920. Retrieved 18 July 2017.
  13. ^ "PLAN VANDERBILT FUNERAL.; Preparations Being Made for Burial in Staten Island Cemetery". The New York Times. 22 August 1920. Retrieved 18 July 2017.
  14. ^ "Jekyll Island Club and Island History". Jekyll Island Club Resort. Archived from the original on 2017-01-27. Retrieved 18 July 2017.
  15. ^ Times Union. (7 March 1923), Page 16. Estate Tax – William Kissam Vanderbilt. Newspapers.com. Retrieved 18 April 2024, from https://www.newspapers.com/article/times-union-estate-tax-william-kissam/145585294/
  16. ^ a b c d e f g h "Vanderbilt's Sons Get Bulk of Estate". The New York Times. 28 August 1920. p. 6. Retrieved 18 April 2024.
  17. ^ The Idaho Statesman; (21 November 1926, Pages 1 and 27). C. Vanderbilt old documents. Newspapers.com. Retrieved 8 January 2025, from https://www.newspapers.com/article/the-idaho-statesman-c-vanderbilt-old-do/120094468/
  18. ^ "Vanderbilt v. Balsan, 190 Misc. 824". Casetext. pp. 825–826. Retrieved 15 July 2024.
  19. ^ The Idaho Statesman; (21 November 1926, Pages 1 and 27). C. Vanderbilt old documents. Newspapers.com. Retrieved 8 January 2025, from https://www.newspapers.com/article/the-idaho-statesman-c-vanderbilt-old-do/120094468/
  20. ^ The Idaho Statesman; (21 November 1926, Pages 1 and 27).
  21. ^ "Duke and Duchess of Marlborough Separated – Financial Particulars". The Birmingham News. 1906-10-25. p. 15. Retrieved 2024-07-15.
  22. ^ "KING AND QUEEN AT BLANDFORD NUPTIAL; Marquis, Son of Duchess of Marlborough, Marries the Honorable Mary Cadogan IN ST. MARGARET'S CHURCH Bridegroom Is a Grandson of Wm. K. Vanderbilt, Sr., Who Gave Him a London House as Present". The New York Times. 18 February 1920. Retrieved 21 March 2020.

Further reading

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