VANDERBILT

The TV anchor and scion of the dynasty examines his family’s checkered past.

There’s an old saying to the effect that the first generation makes the money, the second expands the fortune, and the third squanders it. So it was with the Vanderbilts, with Cooper’s mother, Gloria, one of the descendants for whom the fabulous fortune of 19th-century patriarch Cornelius was mostly a distant memory. In a country devoted to anti-royalist principles, he became the nearest thing there was to nobility only a few years after the Revolution. However, notes Cooper, writing with historical novelist Howe, “their empire would last for less than a hundred years before collapsing under its own weight, destroying itself with its own pathology.” Some of that pathology was the usual sort: overspending on lavish material possessions; showering money on bad investments and mistresses; and building mighty monuments to self, such as a splendid mansion in Newport, Rhode Island, “nearly three times as big as the White House,” that turned out to be a money sink. Cornelius Vanderbilt II had spent the modern equivalent of $200 million to build it in 1895, and less than a century later his descendants would be forced to sell it for a little more than 1% of that figure. Cooper turns up some family secrets, especially their connections to the Confederacy (which explains why there’s a Vanderbilt University in Nashville, Tennessee), and he explodes the long-held notion that Cornelius Vanderbilt was a wholly self-made man (he borrowed money from his mother to buy his first boat). Suicides, affairs, bad business deals, fierce rivalries, and occasionally an outburst of good sense (as when Billy Vanderbilt doubled his inheritance in just eight years, amassing $230 million) mark these pages along with moments of tragedy, such as the loss of one ancestor in the sinking of the Lusitania.

A sturdy family history that also serves as a pointed lesson in how to lose a fortune.