After the death of
Cornelius Vanderbilt, who owned the site, his grandson
William Kissam Vanderbilt took back control and announced on May 31, 1879, that the arena was to be renamed "Madison Square Garden." Vanderbilt presented sporting events such as indoor
track and field meets, a convention of
Elks, the
National Horse Show and more boxing, including some bouts featuring
John L. Sullivan, who began a four-year series of exhibitions in July 1882, drawing over-capacity crowds. P.T. Barnum also used the Garden to exhibit
Jumbo, the elephant he had bought from the
London Zoo; he drew sufficient business to recover the $10,000 pricetag. Madison Square Garden was the most important bicycle racing track in the United States and the Olympic discipline known as the
Madison is named after the original Garden. However, the Garden was hot in the summertime and freezing in the wintertime. It had a leaky roof and dangerous balconies that had collapsed resulting in deaths. Vanderbilt eventually sold what ''
Harper's Weekly'' called his "patched-up, grimy, drafty, combustible old shell" to a syndicate that included
J. P. Morgan,
Andrew Carnegie,
James Stillman and
W. W. Astor, who closed it to build a new arena designed by noted architect
Stanford White. Demolition began in July 1889, and the
second Madison Square Garden, which cost more than a half-million dollars to build, opened on June 6, 1890. It was demolished in 1926, and the
New York Life Building, designed by
Cass Gilbert and completed in 1928, replaced it on the site. ==See also==