Episode 92: Millionaires Convention
Many feeling the economic pinch lower summer participation. But those who remain wealthy gather for another round of seaside fun.
#AlvaVanderbilt, #Belmont, #MarbleHouse, #AstorCup, #FrankShields, #VincentAstor, #RichardMorrisHunt, #TennisWeekNewport, #lotterywinner
August 1932, many millionaires return for another Tennis Week and more yacht races in Newport, Rhode Island. Frank Shields joins other tennis stars on the courts, while Vincent Astor and his yacht Nourmahal focus on seafaring activities. This sleepy seaside enclave is having one of its best seasons in over a decade, but the biggest news is the recent sale of Marble House.
Other people and subjects include: William “Sam” Van Alen, Elizabeth “Betty” Kent Van Alen, James “Henry” Van Alen, Eleanor Van Alen, Princess Louise Van Alen Mdivani, Prince Alexis Mdivani, Frank Shields, John Jacob Astor VI aka “Jakey,” Doris Duke, Nanaline Duke, Barbara Hutton, Huntington Hartford, Henrietta Hartford, Mary Lee Epling Hartford, Helen Dinsmore Astor, Caroline Astor, Carrie Astor, John Jacob Astor IV aka “Jack,” William Backhouse Astor, Jr., William K. Vanderbilt, Alva Vanderbilt Belmont, Consuelo Vanderbilt, Duke of Marlborough, Jacques Balsan, Harold Vanderbilt aka “Mike,” Oliver H.P. Belmont, Elise Robson Belmont, Alice Vanderbilt, Cornelius Vanderbilt II, Grace Wilson Vanderbilt, Cornelius “Neily” Vanderbilt III, Cornelius “Neil” Vanderbilt, Gladys Vanderbilt Szechenyi, Gladys Szechenyi, Gloria Vanderbilt, Gertrude Vanderbilt Whitney, Ellsworth Vines, Wilmer Allison, Gregory Mangin, George Lott, Bunny Austin, Fred Perry, Clyde Adams, Maud Barger-Wallach, Mary Booker, Ogden Mills, Frederick Prince, William Stewart, Mrs. William Goadby “Queenie” Loew, Atwater Kent, King Edward VII of England, King George V of England, Queen Elizabeth II of England, King Charles III of England, Astor Cup, King’s Cup, America’s Cup, Nourmahal, Weetamoe, Vanitie, Lone Star, Marble House, Beechwood, Beaulieu, Rough Point, Seaverge, Wakehurst, the Elm, By-The-Sea, Crossways, Newport Casino, Clambake Club, Bailey’s Beach, Richard Morris Hunt, Charles Lindbergh, Anne Morrow Lindbergh, Jon Morrow Lindbergh, lottery winner, David Lee Edwards, Gloria MacKenzie, Edwin Castro
Archival Music provided by Past Perfect Vintage Music, www.pastperfect.com.
Extra Notes / Call to Action:
Instagram & Facebook Groups: MansionsoftheGildedAge and TheGildedAgeSociety by Gary Lawrance
New York Adventure Club www.nyadventureclub.com
Share, like, subscribe
Publish Date: August 20, 2023
Length: 23:02
Opening Music: My Heart Belongs to Daddy by Billy Cotton, Album The Great British Dance Bands
Section 1 Music: Sunshine by Jack Hylton, Album Fascinating Rhythm – Great Hits of the 20s
Section 2 Music: One In A Million by Brian Lawrance, Album The Great British Dance Bands
Section 3 Music: You Hit The Spot by Carroll Gibbons, Album The Age of Style – Hits from the 30s
End Music: My Heart Belongs to Daddy by Billy Cotton, Album The Great British Dance Bands
AS THE MONEY BURNS
Podcast by Nicki Woodard
Episode 092 – Millionaires Convention
Outline
Newport tennis
Wealthy cluster
00:00
[Music – My Heart Belongs to Daddy by Billy Cotton, Album The Great British Dance Bands]
AS THE MONEY BURNS is an original podcast by Nicki Woodard. Based on historical research, this is a deep exploration into what happened to a set of actual heirs and heiresses to some of America’s most famous fortunes when the Great Depression hits.
Each episode has three primary sections. Section 1 is a narrative story. Section 2 goes deeper into the historical facts. Section 3 focuses on contemporary, emotional, and personal connections.
00:29
Story Recap
Avoiding his boring bank job, Frank Shields tours the tennis circuit. Meanwhile lifelong friends and distant relations, Vincent Astor supports FDR’s presidential campaign.
Now back to AS THE MONEY BURNS
Title
00:46
Millionaires Convention
[Music Fade Out]
Episode Tag
Many feeling the economic pinch lower summer participation. But those who remain wealthy gather for another round of seaside fun.
01:02
[Music – Sunshine by Jack Hylton, Album Fascinating Rhythm – Great Hits of the 20s]
Section 1 – Story
[Music Fade Out]
01:18
Wednesday, August 10th, 1932, Glen Cove, Long Island
Out from New York harbor, a fleet of high-priced prestigious yachts make their way down to Newport, Rhode Island. The lead yacht Nourmahal is captained by Commodore William Stewart. Nourmahal’s owner Vincent Astor is a member and previous head of the New York Yacht Club. This year fewer members participate as belts tighten with ongoing economic difficulties. The dazzling and most coveted are still participating – the Nourmahal, sunburnt Ogden Mills in his Avalon, Weetamoe, and Vanitie among the limited white-winged playthings with owners and family friends serving more as skippers during trips and races.
They head first to New Haven then Newport onto to Mattapoisett then back to Newport for ocean races. The Astor Cup sponsored by Vincent Astor, and the King’s Cup sponsored by Britain’s King George V.
02:17
It is summer again after all, and we all know what that means. Ever since the end of the Civil War, America’s wealthiest head to the shoreline for cooler temperatures and seaside fun.
Only this year, the dazzling and glittering coast is a little less magnificent. With several of the 40 room cottages boarded up and not occupied this summer. Not even as the dreaded rental – something in the past considered way declassee – both being the renter as well as the rentee. Well, even with the zeros falling off the back of the numbers, emptiness pervades.
Those facing ongoing tough financial times are not ponying up for the social set activities and flair.
And still, there are those that come. Those not impeded by imploding bank accounts.
03:09
Newport’s Tennis Week is one of those not to miss even if skipping the other events like flower and horse shows and of course yachting. Nope, this 1932 season promises to be one of the best in recent years.
Despite all budgeting concerns, Newport’s Tennis Week remains the premiere summer event. A veritable millionaires’ convention. Though there is a noticeable absence of regulars.
This fashionable week has become less ostentatiously glamorous than the past. It seems the most fashionable trend is economizing. Events form around charities, church bazaars, and benefit entertainments. Luncheons, teas, and small dinner parties held in place of large balls. The Clambake Club and other non-private venues are used for entertaining. Yet still locations like Bailey’s Beach serve a reduced clientele.
04:01
Amidst the frivolity, a major announcement is made. Mrs. Oliver H.P. Belmont has sold Marble House. A defineable marked end of an era. Mrs. Belmont is the former Alva Vanderbilt – the Gilded Age society queen who defied and toppled the other society queen Caroline Astor. Alva also began the trend of divorce and remarriage in the highest wealthy set and was a strong proponent of women’s suffrage. She also forced her daughter Consuelo Vanderbilt into an ill-fated unfortunate dollar princess marriage to the Duke of Marlborough. This summer in France Alva has taken quite ill as her children gather around to spend her last moments, including 1930 America’s Cup winner Harold Vanderbilt, who also goes by “Mike.” Even a formidable force like Alva eventually dims.
Unlike some of the other coveted Newport properties, Marble House has been frequently boarded up since the Vanderbilt divorce in 1895 and permanently from 1919 onward, so not related to the current financial crisis.
05:06
None of Alva’s adult children want the burden of maintaining the estate. Thus Harold arranges the sale to financier Frederick Prince, who has bought the property and intends to fully entertain there. Prince also owns a chateau in Pau, France, and another opulent residence in Massachusetts. In past years, Prince rented the Crossways cottage, the former Stuyvesant (stai-vus-snt) Fish residence now owned by the de Peysters. Prince also owns the yacht Weetamoe, which for 1932 Harold skippers and wins several competitions. This year Prince’s wife is recovering from injuries sustained during a fall recently aboard their other luxury yacht Lone Star.
Commonly referred as the White Elephant, the sale of Marble House itself is seen as a sign of hope that such a large property after over a decade of nonuse can be sold and bought in these darker times. Though it seems Prince got quite a deal on the price – hints at an extremely low price with furnishings included.
06:08
Even with a less than grand attendance of regulars, Tennis Week promises to be the best in 10 years with plenty of excitement and fun. The flush of young athletic men always delights the young debutantes, heiresses, and even older society matrons.
06:24
Saturday, August 13th, 1932
Prior to the men’s events, several females finish their round robin doubles tourney with prizes given by Mrs. Helen Dinsmore Astor. Among the 14 pairs, the female players include Countess Gladys Vanderbilt Szechenyi, the 1931 Davis Cup chaperone Mrs. Maud Barger-Wallach, and among the younger set the sisters and on opposing teams Virgina French and Ellen “Tucky” French.
06:54
Wednesday, August 17th, 1932
Back on the grass courts, tennis sensation and movie star handsome Frank Shields returns with the rest of the American Wimbledon and Davis Cup players along with several others. Seaverge resident, richest boy, and baby-faced heir Huntington Hartford plays well enough to make it into the rounds. In the first round, he faces off and loses to Britain’s premiere player Bunny Austin. While Frank’s Davis Cup replacement Wilmer Allison beats fellow American Clyde Adams before facing off with British Fred Perry.
At one point, five courts play simultaneous with Frank, George Lott, 1932 Wimbledon’s Singles Men Champion and World’s No. 1 player Ellsworth Vines, and Gregory Mangin. Mangin will do the impossible and beat Bunny Austin in 3 straight sets. Ellsworth will beat Wilmer for the finals at Newport.
07:47
But the real notice are the millionaires in the galleries, both for their remaining fortunes and noteworthy fashions. Mrs. Helen Dinsmore Astor in a candy-striped sport dress of red, white, and gray silk. She sits with her husband Vincent Astor and his best friend William Stewart, who joins them after the conclusion of the yacht races with today’s King’s Cup race, which disappointingly only had 2 sloops competing the Vanitie and winner Weetamoe which Harold serves as captain.
Nearby Astor cousin William “Sam” Van Alen with his red-haired bride Elizabeth “Betty” Kent Van Alen enjoy watching the sport along with his brother James “Henry” Van Alen and his wife Eleanor Van Alen.
In other notable fashions, Mrs. William Goadby “Queenie” Loew wears a white sports suit with a jabot of white and black polka dots with a polka dot cuff and a large black straw hat with a white pom pom. Another lady wore red slippers with a white sport dress and hat.
08:47
Elsewhere the Breakers is open again this season. Dowager Alice Vanderbilt has alternated seasons between her Fifth Avenue mansion and seaside cottage, and this year Alice returns to Newport with several daughters and granddaughters in tow. Artist Gertrude Vanderbilt Whitney accompanies her nieces – little Gloria Vanderbilt and this season future debutante Gladys Szechenyi. At nearby Beaulieu, rumors are the intrepid reporter and grandson Cornelius “Neil” Vanderbilt IV will be taking a break from his presidential news coverage for some seaside relaxation, though his parents Brigadier General Cornelius “Neily” Vanderbilt III and Grace Wilson Vanderbilt are less than pleased with their sons FDR adulation.
At Seaverge, Huntington Hartford’s smothering mother Henrietta Hartford hosts a dinner for 40 for his wife Mary Lee Eppling Hartford. Another guest is Henrietta’s niece Mary Booker who last year joined the couple during their secret honeymoon in Hawaii.
09:45
A more relaxed set of activities as colonists will drift into the fall, including a late night shirt race. Another upcoming event will be a full solar eclipse on Wednesday, August 31st, 1932, for most of Northeastern America. One of several eclipses in a semester series from 1931 to 1935.
When the summer season ends, more than usual will linger in their seaside cottages through part of November. Many have marked their voting residences at this enclave and will leave after the 1932 presidential election.
Everyone indeed is ready for a change.
10:29
[Music – One In A Million by Brian Lawrance, Album The Great British Dance Bands]
Section 2 – History & Historiography
[Music Fade Out]
10:47
Our story began back in the summer of 1929 in Newport, Rhode Island, where many of high society and the Social Register gather for their annual summer pilgrimage for seaside activities, most of which is to maintain or further establish the societal pecking order and was the best locale to broker elite engagements for later winter marriages.
The colonial town Newport gained more prominence after the Civil War when the Gilded Age fortunes wanted a cooler summer location and began building elaborate mansions, referred as cottages.
11:23
Famed architect Richard Morris Hunt’s Marble House began the trend of replacing many of the former wooden homes with magnificent 40 room mansions along Bellevue Avenue. Marble House was a birthday gift to the highly ambitious Alva Erskine Smith Vanderbilt who was most determined to social climb into the highest echelons of capital “S” society. She herself came from society in the South but not quite as prestigious to infiltrate the illustrious Caroline Astor’s 400. The massive Vanderbilt fortune too was not considered acceptable to the snooty New York elite. Still the formidable Alva plays their daughters against each other by non-inviting the young Carrie Astor to the opening of Alva’s new Fifth Avenue chateau and another Hunt creation in New York. Later, Alva will also force her daughter Consuelo Vanderbilt to marry the Duke of Marlborough, for which another ball was held at Marble House for the engagement.
12:19
After divorcing from William K. Vanderbilt, Alva retains ownership of Marble House as it was her birthday present. However she would use another Newport cottage Belcourt also designed by Hunt during her marriage to Oliver Belmont. She would close Marble House permanently in 1919 when she moved to France to be near her daughter who was now happily remarried to French aviator Jacques Balsan. None of Alva’s children wanted the expense of upkeep of the cottage, which needs a minimum of 40 servants to maintain.
12:50
Via Vanderbilt relations, Alva’s in-laws are Alice Vanderbilt and Cornelius Vanderbilt II, who built the nearby Breakers, also designed by Hunt. Their surviving son Cornelius “Neily” Vanderbilt III and his wife Grace Wilson Vanderbilt stay in Beaulieu House, built in 1859 is one of Newport’s oldest mansions which was bought by John Jacob Astor III – granduncle of Vincent Astor and his siblings. Neily and Grace first rented the home then bought it in 1911.
Marble House is situated on the south by Beaulieu and on the north by another Astor mansion Beechwood owned by William Backhouse Astor, Jr. and his wife – Gilded Age society queen Caroline Astor, whose grandson Vincent Astor controls it in 1932.
Grace’s nephew Robert Wilson Goelet and his wife return to his cottage – another Hunt design Ochre Court after a 2 year absence, and the Goelet couple is feted throughout the Colony at various dinners.
13:50
Via Belmont relations, Alva’s sister-in-law and actress Eleanor Elise Robson Belmont upon widowhood abandons her estate titled By-the-Sea for the Berkshires and other areas. By-the-Sea will for a time be rented by Hope Diamond owner Evalyn Walsh McLean. Now remember Evalyn’s husband Washington Post owner Edward “Ned” Mclean will be banished by Helen Astor from Newport society around 1914, but newspapers in 1927 and 1929 will reference the couple residing at By-The-Sea. Though I see no mention of them during the 1930s except for at Bar Harbor and other summer hotspots.
14:29
Other cottages in use during the 1932 season include the Elm, the Astor’s Beechwood, the Van Alen’s Wakehurst, and Hartford’s Seaverge. Rough Point is not mentioned in the reports as the formerly awkward tall heiress Doris Duke and her socially ambitious mother Nanaline Duke remain abroad and will be spotted later in August at Cannes. Barbara Hutton too is traveling around France though her family only previously rented in Newport, and John Jacob Astor VI aka Jakey skips hanging with his disagreeable older half-brother Vincent Astor at Beechwood preferring to make his way westward in a grand world tour from Asia to Europe before matriculating to Harvard. Princess Louise Van Alen Mdivani and her husband Prince Alexis Mdivani were anticipated but not confirmed to join her family. However at a Bar Harbor estate, radio magnate Atwater Kent Atwater and family entertain at the former Vanderbilt estate Sonogee while his daughter Elizabeth “Betty” Kent Van Alen spends time with her new in-laws at Wakehurst.
15:27
By the 1920s, it was considered that it would take at least 3 seasons to finally break into the elite of the elites. New money always trying to join old money. Only Newport with its highest of the highest elites and stuffy rules meant many had started avoiding the enclave or at least choosing the more open and fun scenes at Bar Harbor, Palm Beach or Southamptons if not remaining abroad in Europe at least for the younger members.
However in 1932, there is a resurgence of interest and attendance at Newport. Young members might be economizing so using family and family friends’ residences for vacation rather than footing larger expenditures. Still many regulars are missing, and it is harder to find in the records who isn’t there versus who is.
16:13
Newport is not only known for Tennis Week at its Casino, but several yachting events – the annual Regatta, Ida Lewis Yacht Club, the Astor Cup, and the King’s Cup among some of the races. All within a short period of time. Every few years the America’s Cup returns when a challenge has been issued but the next in our story timeline will be in 1934. In modern times, another is due in 2024.
The Astor Cup yachting competition began in 1882 and the first trophy was donated by John Jacob Astor III – uncle to John Jacob Astor IV and granduncle to Vincent Astor. Vincent would sponsor a similar Astor Cup for auto racing. The King’s Cup yachting trophy began when King Edward VII (formerly the longest running Prince of Wales and son of Queen Victoria) donated the trophy to the New York Yacht Club. Upon Edward’s death in 1912, another cup would be donated by his son and successor King George V. The Queen’s Cup would be donated by Queen Elizabeth II in 1953. As of 2023, another King’s Cup for King Charles III in relation to this race has not been established.
17:20
By the way, bittersweet good news, Charles Lindbergh and his wife Anne Morrow Lindbergh welcome their second son Jon Morrow Lindbergh on Tuesday, August 16th, 1932. Immediately with the arrival comes threats of kidnapping and murder for the newborn.
Life recycles – what is old is new, and what is new becomes old… Patterns re-emerge and continue. Life renews, but the dark times aren’t over. But don’t worry, the good inevitably returns, even if not as quickly as we wish it.
17:57
[Music – You Hit The Spot by Carroll Gibbons, Album The Age of Style – Hits from the 30s]
Section 3 – Contemporary & Personal Relevance
[Music Fade Out]
18:12
Recently, the Mega Millions reached the third largest American lottery payout ever $1.55 billion and was won by one man in Florida with a lump sum payout of $783 million. The largest jackpot sole winner is Edwin Castro in the November 2022 Powerball of $2.04 billion with a lump sum of $997.6 million in California. As of March 2023, several reports mention he has already bought 2 homes – one $4 million and another in the $25 million range. Plus he has hired 3 bodyguards. The latter expenditures first told to me by my elderly neighbor who was asking me did that sound like smart financial moves due to the nature of this podcast.
I told him I was on the fence, and there are some red flags to be concerned. My motto – you can always outspend a fortune. Lottery winners are especially vulnerable to these sudden losses and bankruptcy. I know it seems unimaginable with such a large sum, but the pressure to buy more and the unawareness of short and long term costs can quickly lead to a spiral. An inheritance too is a sudden windfall, but for the most part those can be anticipated and structured with some lessons or advisors in place. The lottery comes with much more chaos and vulnerability.
19:30
Sadly, I remember back in the 00s learning of one 2001 Powerball winner David Lee Edwards who seemed to be managing his money well while flossing. Well only a few years later, he was deep into drug addiction, his latest wife a drug addict too, within 5 years in 2006 living in squalor and a vicious divorce, and in 2013 he will die penniless in hospice penniless.
Another story from 2013, the then largest sole jackpot winner was elderly 84 year old Gloria MacKenzie in Florida. Her Powerball win yielded $590 million with a $371 million lump sum payout and after taxes down to $278 million. Within 5 years, she was suing her son Scott for mismanagement and abuse. She died in 2021 before the suit was settled. Castro himself is already facing multiple lawsuits which is one of the major side effects of such a large and public financial windfall.
20:29
That’s not to say that I didn’t get a ticket or two during the larger tail end of the bloated jackpots. Hell, I think it is natural to say we are willing to try the other side of that fence. With fingers crossed, we avoid the pitfalls.
Remember the secrets of old money. Don’t show it off. Keep things discreet. Save more and hide the periodic dips. Easy come, easy go. It doesn’t always come, but it will certainly always go.
We are getting to juicier stories that we have long been building up to. This fall is going to be a very bumpy and tumultuous ride for some of our regulars. Love is in the air when a brief affair is uncovered as a love triangle flips. Meanwhile a Ponzi scheme is exposed.
Love, sex, and money are complicated matters. Hearts beware when fortunes are the more coveted targets.
21:26
The past can be so beautiful and thanks to Gary Lawrance whose Instagram and Facebook groups Mansions of the Gilded Age and The Gilded Age Society regularly feature many of the cottages and people discussed in today’s episode, we can revisit many of these beauties whether too far away or have been lost in time. He also hosts several webinars through New York Adventure Club. Come listen to Gary discuss with great details the homes of the elite and several of our characters at www.nyadventureclub.com. Gary is also developing a YouTube channel, and with his amazing archival collection it’s so going to be worth a look. Links in the notes and transcript.
Instagram & Facebook Groups: MansionsoftheGildedAge and TheGildedAgeSociety by Gary Lawrance
New York Adventure Club www.nyadventureclub.com
If you enjoy As The Money Burns, then please share, like, & subscribe.
Hook
22:12
[Music – My Heart Belongs to Daddy by Billy Cotton, Album The Great British Dance Bands]
Next when we return to AS THE MONEY BURNS…
At another sunny beach enclave, a romance blooms into a twisted love triangle between a prince and two heiresses.
Until then…
Credits
22:31
AS THE MONEY BURNS is an original podcast written, produced, and voiced by Nicki Woodard, based on historical research. Archival music has been provided by Past Perfect Vintage Music, check out their website at www.pastperfect.com.
Please come visit us at As The Money Burns via Goodpods, Twitter (aka X), Facebook, or Instagram. Transcripts, timeline, episode guide, and character bios are available at asthemoneyburns.com.
23:02
THE END.