Wellington R. Burt's Net Worth and Legacy
Wellington R. Burt, an influential American industrial baron, accumulated a net worth of $90 million. Born in Pike, New York in August 1831, Burt made significant impacts in various industries until his passing in March 1919. At the peak of his career, he was recognized as the 8th wealthiest man in America.
Industries and Ventures
Burt's ventures spanned across multiple sectors, including iron mining, salt mines, railroads, and finances. However, he was best known for his substantial lumber mills and timber holdings. His involvement in these industries established him as a formidable player in American business.
Political Career
In addition to his business endeavors, Burt also dabbled in politics. He served as the Mayor of East Saginaw from 1867 to 1868. Furthermore, he represented Michigan as a Senator during the period of 1893 to 1894. Burt earned the nickname "The Lone Pine of Michigan" due to his solitary lifestyle in his mansion, accompanied only by his servants.
The Unusual Will and Estate Distribution
Wellington R. Burt's will contained an unusual clause, reflecting a longstanding family feud. This clause stipulated that the majority of his fortune could not be inherited by any descendants until 21 years after the deaths of both his children and grandchildren. These conditions were fulfilled in 2010, leading to the division of his estate, valued at approximately $100 million, among 12 of his descendants.
At one point, Burt owned a significant portion of the Ann Arbor Railroad system and even ventured into purchasing railways in China and Russia, showcasing his extensive influence and reach in the railway industry.
