Inheritance Alfred's father
Cornelius Vanderbilt II died in September 1899; during the following weeks the terms of Cornelius' will sparked a minor controversy within New York society when it was revealed that Vanderbilt's eldest surviving son,
Cornelius Vanderbilt III, had been effectively disinherited, and was to receive a substantially smaller share of his father's estate compared to his siblings. In his place Vanderbilt's second surviving son, Alfred Gwynne Vanderbilt, was named as the principal beneficiary under the terms of the will, inheriting over half of their father's $73,000,000 fortune. Cornelius Vanderbilt II also bequeathed to Alfred the Gold Congressional Medallion awarded to the founder of the family fortune
Cornelius "The Commodore" Vanderbilt I by the United States Congress in 1864—this heirloom had come to symbolise headship of the Vanderbilt family. The final version of the will bore the date 18 June 1896, the same date originally intended for the wedding of Cornelius Vanderbilt III to
Grace Wilson despite his parents' disapproval of the union. As a result of his older brother's dispute with his parents, Alfred's inheritance amounted to approximately $42,000,000. These figures may not have reflected additional holdings located in other states or abroad. Contemporary newspaper reports noted that the largest individual bequest in New York—valued at $5,100,930—went to his widow Margaret. Historian Edwin P. Hoyt, writing in 1962, estimated that the total value of Alfred's worldwide estate approached $26,375,000. However, this estimate does not include two large financial transfers that occurred during Alfred's lifetime: • A gift of $6,000,000 to his older brother
Cornelius Vanderbilt III following their father's death in 1899 • A $10,000,000 divorce settlement paid to his first wife,
Elsie French Vanderbilt, in 1908 Under the terms of Alfred's will, the estate was divided amongst Alfred's family: • $8,000,000 to his second wife,
Margaret Emerson Vanderbilt (including $5,100,930 from New York assets) • The
Oakland Farm estate to his eldest son,
William Henry Vanderbilt III • A Trust Fund of $4,612,086 to his son William • A life interest in $400,000 and the Congressional Gold Medal originally awarded to
Cornelius Vanderbilt, which had passed through three generations to his oldest son
William Henry Vanderbilt III • $500,000 to Alfred's younger brother,
Reginald Claypoole Vanderbilt • The residuary estate—valued in 1917 at approximately $5,106,408—was divided equally between his two younger sons,
Alfred Gwynne Vanderbilt Jr. and
George Washington Vanderbilt III, each receiving approximately $2,553,204. In addition to these bequests, Alfred maintained several estates and residences—including Oakland Farm in Rhode Island, a Fifth Avenue townhouse in New York, and a London residence—alongside a large staff. According to the findings of the U.S. Mixed Claims Commission (established to adjudicate Lusitania-related damage claims), Vanderbilt expended approximately $300,000 annually () for the support and comfort of his wife and children in the years prior to his death. In 1929, a further sum of $2,005,015.39 was awarded to Alfred's residuary estate following a decision by the Surrogate's Court of New York. The amount represented surplus principal and income from a trust fund created for his mother,
Alice Claypoole Vanderbilt, under the will of his father
Cornelius Vanderbilt II. As Alfred Sr. had been named as the residuary beneficiary of his father's estate, the court ruled that this surplus—accumulated during Alice's lifetime—should revert to Alfred's own estate. Under the terms of Alfred's will, this sum was divided equally between his two younger sons, Alfred Jr. and George, who received an additional $1,002,507.70 each. The 1864 Congressional Gold Medal which had passed to each successive oldest son of the Vanderbilt Family (with the exception of Alfred's older brother
Cornelius Vanderbilt III) was later bequeathed by Alfred's oldest son
William Henry Vanderbilt III to the latter's only son William Henry Vanderbilt IV in 1981. William H. Vanderbilt IV donated the medal to
Vanderbilt University in 2022. He loved the outdoor experience. In 1902, he bought
Great Camp Sagamore, on
Sagamore Lake in the Adirondacks, from
William West Durant. He expanded and improved the property to include flush toilets, a sewer system, and hot and cold running water. He later added a hydroelectric plant and an outdoor bowling alley with an ingenious system for retrieving the balls. Other amenities included a tennis court, a croquet lawn, a 100,000 gallon reservoir, and a working farm. In 1908, he donated $100,000 to build the Mary Street YMCA (today the Vanderbilt Hotel) in Newport, Rhode Island, in memory of his father Cornelius Vanderbilt II (1843–1899). Ground breaking was on August 31, 1908, with the cornerstone laid on November 19, 1908, by Vanderbilt. The dedication was on January 1, 1910.
RMS Lusitania On May 1, 1915, Vanderbilt boarded the bound for
Liverpool as a first class passenger. It was a business trip, and he traveled with only his valet, Ronald Denyer, leaving his family at home in New York. On May 7, off the coast of
County Cork, Ireland, German
U-boat, torpedoed the ship, triggering a secondary explosion that sank the giant ocean liner within 18 minutes. Vanderbilt and Denyer helped others into lifeboats, and then Vanderbilt gave his lifejacket to save a female passenger. Vanderbilt had promised the young mother of a small baby that he would locate an extra lifevest for her. Failing to do so, he offered her his own life vest, which he proceeded to tie on to her himself, since she was holding her infant child in her arms at the time. Many considered his actions especially noble since he could not swim and he knew there were no other lifevests or lifeboats available. Because of his fame, several people on the
Lusitania who survived the tragedy were observing him while events unfolded at the time, and so they took note of his actions. He and Denyer were among the 1,199 passengers who did not survive the incident. His body was never recovered. ==Legacy==