|
Erosion of the Belmont
fortune
Page entitled : Decline
of August Belmont jr and his fortune
Content of this page is about :
How the Cape Cod Canal and rich living eroded August Belmont jr's fortune,
his sons and the Belmont's sponsorship of horse racing at Belmont Stakes
Extract :
...
When he died in 1924, the
Cape Cod canal constituted the biggest asset in his estate. It was finally
sold by his heirs in 1928, for $11'500'000. Like the Mellons, August Belmont
jr had taken the riskier stand of a venture capitalist in the two major
infrastructure projects he financed. Unfortunately his ventures were not the
astounding successes the Mellon's Aluminum Company of America and Gulf Oil
became. Whereas the Mellons became billionaires through their ventures, the
Belmonts saw their wealth dwindle to the modest level of mere millionaires.
If August Belmont lost
most of accumulated wealth in the New York subway and the Cape Cod Canal,
another development put an end to the successful banking operation ...
…
|
|
