Gloria Vanderbilt chose early on that her family’s legacy would be hard work and determination without the backing of a large trust fund.  Perhaps this was fueled by the turmoil she endured as a child that seemed to have roots in her family’s money.

Gloria Vanderbilt was born in 1924 as the great great granddaughter to the 19th century railroad and steamship magnate Commodore Cornelius Vanderbilt. Gloria didn’t get to know her Father since he passed from a lifetime of heavy drinking before she turned one.  Gloria’s only knowledge of her Father was that he had inherited a hefty trust fund from his Father which seemed to stop all ambitions with the exception of having a good hand and his love of horses.  Upon his death in 1925, Gloria inherited a $4.5 million dollar trust fund (worth nearly $37 million today) that she would have access to on her 21st birthday.  Until that time her Mother, who had her as a teenager, would receive a monthly allowance of $4,000 for expenses in raising Gloria.  Perhaps a third party should have been named as a trustee since it seemed that Gloria’s Mother wasn’t equipped to handle the responsibility of accessing such an influx of funds.  Gloria’s Mother hired a Nanny and spent the majority of Gloria’s early childhood traveling abroad and attending events on the party scene.

Gloria’s Aunt, herself a wealthy woman, fought and won custody of Gloria in 1934 after years of what she would describe as neglect from Gloria’s Mother.  Gloria’s Mother continued to draw on Gloria’s trust fund, although her allowance was drastically reduced. She was also awarded visitation which was often supervised. When Gloria turned 21 she stopped all payments towards her Mother.

Seeing how money can change a direction of one’s life, especially unearned money, Gloria decided that she wanted to earn her paycheck.  She pursued artistic dreams by acting, becoming a well-known artist, and a writer.  When a fashion designer asked her to be the name for his new line she became the first American to exploit a family name on designer clothing.  The named clothing flew off the shelves earning Gloria a $10 million dollar paycheck in 1980 alone.

In a 1985 interview with the New York Times, Gloria said, “I’m not knocking inherited money, but the money I’ve made has a reality to me that inherited money doesn’t have.”

Gloria’s net worth at the time of her death is currently unknown.  It is speculated from the interviews her son and CNN correspondent, Anderson Cooper, has given that no Vanderbilt heirs will be receiving a check from her estate or family trust.  If there is any money left in the trust it will most likely go to charity.  If this is the case, will her other two sons fight for a share of something their Mother never intended for them to have?