Estate
Following Alfred's death aboard the RMS Lusitania in 1915, his estate underwent extensive probate proceedings in the Surrogate's Court of New York. His widow, Margaret Emerson Vanderbilt, who had already remarried by 1917, made the formal claim on the estate. Estimates of its total value vary significantly depending on whether inter vivos gifts, trust funds, and divorce settlements are included.
A 1917 appraisal filed in the New York County Surrogate's Court valued the gross estate in the State of New York at $16,769,314 and identified a separate trust fund worth an additional $4,612,086. After the payment of debts, funeral expenses, and administrative costs, the net value of the estate within New York was calculated at $15,594,836.32 (equivalent to $289,042,225 in 2025). 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 following his death was approximately $26,375,000, whilst also noting 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 bulk of his estate was divided amongst his widow and three sons:
A total of $8,000,000 was bequeathed to his second wife, Margaret Emerson Vanderbilt (including $5,100,930 from New York assets), which included:
$2,000,000 per the couple's ante-nuptial agreement, which was treated as a debt against Alfred's gross estate;
$1,000,000 as an outright bequest to Margaret; and,
$5,000,000 placed in a trust fund from which Margaret would receive the income during her lifetime, after which the Trust would vest into the ownership of their sons Alfred Jr. and George Vanderbilt.
Alfred's Oakland Farm estate in Rhode Island was bequeathed to his eldest son William Henry Vanderbilt III
A $5,000,000 trust fund Alfred had received from his own father's will (valued at $4,612,086 in 1917) was also bequeathed to William H. Vanderbilt III
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 $5,100,000) was divided equally between Alfred's two younger sons, Alfred Gwynne Vanderbilt Jr. and George Washington Vanderbilt III, whose shares were initially work approximately $2,550,000 each.
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 (equivalent to $5,560,345 in 2025) for the support and comfort of his wife and children in the years prior to his death.
In 1929, a further sum of approximlately $2,000,000 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 Alfred's mother, Alice Claypoole Vanderbilt, under the will of his father Cornelius Vanderbilt II; as Alfred had been named as the residuary beneficiary of his father's estate, the court ruled that the surplus which had accumulated during Alice's widowhood should revert to Alfred's own estate. As Alfred had predeceased his mother, the $2,000,000 was treated as part of his residuary estate. Consequently Alfred's two younger sons each received an additional $1,000,000 from their father's estate.
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 later donated the medal to Vanderbilt University in 2022.