$90 Million

Wiki Biography

Wellington R. Burt (August 26, 1831 – March 2, 1919) was a wealthy industrial baron from Saginaw, Michigan. At the time of his death, his wealth was estimated to be between $40 and $90 million. For a time in the early 1900s, Burt ranked as one of the eight wealthiest men in America. He was best known for his lumber mills and timber holdings, but was also involved in iron mining, railroads, salt mines and finances. Burt was a politician, holding the offices of Mayor of East Saginaw (1867–68) and member of the Michigan Senate (1893–94). In his final years, he lived alone in a mansion with his servants. Estranged from friends and family and nicknamed "The Lone Pine of Michigan", he officially died of "senility" at age 87.Burt had an unusual will, "as bizarre but as finely-wrought as any in U.S. court annals". It contained a "spite clause" conceived by Burt to avenge a family feud. It specified to wait 21 years after his children and grandchildren were dead before the bulk of the fortune could go to any descendants, in effect alienating his children and grandchildren from the estate, beyond some small annuities. The conditions of the will were met in 2010 after the 1989 death of his last grandchild. In May 2011, twelve of Burt's descendants finally received the estate, worth about $100 million.Burt's legacy today is mixed, seen as a vindictive old man, a generous benefactor of the city of Saginaw and a famously wealthy American entrepreneur.