20 Heirs Who Squandered Their Wealth
There are tons of families in the USA and around the world who take joy in the fact that they’ve been able to pass on millions of dollars to their children. But is that honestly the best way to raise your kids?
Some rich parents leave their children billions of dollars, but never train them in the best way to take care of their fortune. Then, these young heirs who have no business sense and who are used to being taken care of let their family’s hard-earned money slip through their fingers because they have no idea how to keep it safe.
Here are a few heirs who completely squandered all of their family wealth:
By the time the first Vanderbilt patriarch Cornelius died, he had amassed a fortune of over $100 million — more money than was held in the US Treasury at the time. His son Billy did a reasonable job when he inherited the family fortune, expanding their business and doubling their money. However, by the time the fourth generation rolled around, the fortune was divided between many different family members — many of whom were serious spenders — and with it, the family legacy began to disappear as well.
During the Golden Age of Hollywood, Huntington Hartford was the heir to the immense A&P fortune, a supermarket chain which he inherited from his grandfather George Huntington Hartford. He was friends with all of the biggest celebrities at the time, and owned property all over the globe. By the time the 1980s rolled around, he was a drug addict who had snorted away most of his fortune. He disappeared from society in 1989.
Patricia Kluge was married to billionaire John R. Kluge for nine years. In that time, she got used to the finer things in life – for example, their family home was a 45 room estate, which she had to leave upon their divorce.
Although she was awarded alimony payments of over $1 million per year, she squandered it on a very ill-advised vineyard.