Estate
Vanderbilt's philanthropy had been such that he did not increase the wealth that had been left to him. His estate at the time of his death was appraised at $72,999,867, $20 million of which was real estate. In 2025 dollars, $73 million is equivalent to $2.83 billion.
In the weeks following Cornelius Vanderbilt II's death, the terms of his will sparked a minor controversy within New York society when it was revealed that Vanderbilt's eldest surviving son, Cornelius Vanderbilt III, was to receive a substantially smaller share of his estate compared to his siblings. In his place Vanderbilt's second surviving son, Alfred Gwynne Vanderbilt, was named as the principal beneficiary, inheriting over half of the fortune as well as the Gold Congressional Medallion awarded to his grandfather, 'Commodore' Cornelius Vanderbilt I, by the United States Congress—an heirloom which had come to symbolise headship of the Vanderbilt family. The final version of the will bore the date 18 June 1896, the same day originally intended for the wedding of Cornelius Vanderbilt III to Grace Wilson despite his parents' disapproval of the union.
Under the terms of the Will, the bulk of Vanderbilt's estate was divided amongst his widow and children:
His widow, Alice Claypoole Vanderbilt received an income of $250,000 annually for her life from a $7,000,000 Trust Fund, which she had the power to bequeath amongst their descendants under her Will in whatever proportions she saw fit. Alice also received $2,000,000 outright, the Family's Box at the Metropolitan Opera, a life interest in their Newport Estate The Breakers, and a life interest in their Manhattan Townhouse Cornelius Vanderbilt II House at 1 West 57th Street, Manhattan. The Will also gave Alice the power to leave their Newport and Manhattan homes to any of their children.
His elder daughter Gertrude Vanderbilt Whitney received a $5,000,000 Trust Fund and $2,250,000 outright
His two youngest children Reginald Claypoole Vanderbilt and Gladys Vanderbilt Széchenyi each received $1,250,000 and a $5,000,000 Trust Fund
His eldest son Cornelius Vanderbilt III received a far smaller bequest than his siblings; $500,000 outright and a $1,000,000 Trust Fund
His second-eldest son Alfred Gwynne Vanderbilt Sr received a $5,000,000 Trust Fund, a specific bequest of $1,250,000, The Oakland Farm Estate in Rhode Island, as well as the Residuary Estate, reportedly valued at $28,000,000 to $35,000,000. In the weeks following Vanderbilt's death it became publicly known that Alfred had gifted his elder brother Cornelius Vanderbilt III $6,000,000 from his own inheritance to provide Cornelius with an inheritance of an equal size to that of their other siblings.
Vanderbilt's Will also provided for a specific bequest of $100,000 to his younger brother Frederick William Vanderbilt, whilst other relatives, friends, and servants collectively received approximately $565,000. Various churches and charitable organisations collectively received charitable bequests totaling $1,020,000.
