Banking Empire to Bust: How to Squander a Family Fortune (Castlewood)
ฝัง
- เผยแพร่เมื่อ 17 พ.ค. 2024
- Dive into the astonishing saga of Peder Sather, the wealthiest man in California, and his daughter's spectacular downfall. Join Ken as we unravel the story of Castlewood, an opulent mansion that symbolized immense wealth and extravagant living, only to become a haunting tale of financial ruin and tragic loss.
Like, Comment, and Share our video, Subscribe if you enjoyed this video!
Location: Newport, Rhode Island
Check out our Merch: thishouse.media
Join our Membership program:
/ @thishouse
Banking Empire to Bust: How to Squander a Family Fortune (Castlewood)
• Banking Empire to Bust...
Public Domain Photos from: Library of Congress
CC BY-SA 3.0(creativecommons.org/licenses/... from: Wikipedia User: Gryffindor
Assets from: Envato Elements
Music from Epidemic Sound
It appears only here in the US they demolished beautiful homes like that. The amount of work that went into them, the PERFECTION and SPEED in which these colossal mansions were built is truly astonishing. Lucky for all of us there’s still many homes that when visited is truly hard to comprehend even today that somebody called those places home! There’s not a single modern home that can hold a candle to any of those buildings.
You mean shitrock is not inspiRATIONAL. I wish I could be in her so call budget.
Lots in the UK over the years too. Mostly because of the war.
Homes like that have been demolished for centuries. Entire cities have been razed and new ones built atop their remains.
@@videoprotectedcom if youre going to comment, at least make sure the rest of the world understands what drunk you is saying.
It never ceases to amaze me how wasteful people are. There have been so many great homes and building torn down and neglected that is really mind boggling. People are too wasteful.
This is the ultimate story of material greed. The thought of her saving her diamonds while the ship was sinking... What a tale! It's so terrible that these places get torn down, but who can afford them? Great episode. Thanks.
Too much money spent too quickly on un-needed extravagance! Her choice to save her diamonds cost her own life! The house was beautiful inside and out! Amazing craftsmanship!
The costs of extravagance can be high, and in this case, it had serious consequences. Glad you enjoyed the beauty of Castlewood.
In all seriousness she was fortunate enough to not have to deal with commoners.
She clearly couldn’t have handled it.
Very thoughtful and well done Ken....totally agree....I am much happier retired making 80% less a year than when I was working! Castlewood was very nice and had she not spent so much money on clothing and 27 servants, she could have lived there much longer! Running back to your stateroom on a sinking ship for diamonds is classic!
Dragged to the ocean floor with diamonds in her hands. What an image
It breaks my heart that something so beautiful was torn down. These treasures can't be replaced
That wasn't a treasure. It was a paean to vanity and hubris.
It’s so sad to see that in building these ultra expensive mansions so many wealthy families lost everything 😢
Not really. I think it's hilarious!
Stupid is as stupid does - Forrest Gump
Sadder to see the buildings disappear.
Maybe they would not have lost everything if they had not spent all their money on this ultra expensive mansions? 🤔You say it's sad, I say it's poetic justice.
Oh don’t worry Newport Rhode Island is loaded with mansions.
It’s a criminal shame such a gorgeous ornate mansion such as this and others I’ve seen in your fantastic videos have been demolished. Such an incredible piece of artwork and elegance. Such a striking interior . Beautiful woodwork and such a beautiful staircase. This mansion was truly a masterpiece of beauty, elegance and grandeur. The plasterwork , the wood paneling and absolutely lovely chandelier scand furnishings scream royalty. But to hear they end up getting torn down really is a crime . These homes are rich in history just the way they were built and the wealthy family that occupied these grand estates . Thank you Ken this was a beautiful mansion indeed👍🏻👍🏻👏🏻👏🏻😊😊💕❤
It's a criminal shame that there have always been people who did nothing to earn their fortunes utterly waste that fortune on idiotic vanity projects.
Wow! This home is a feast for the eyes. The chandeliers in the salon are truly magnificent. The fireplaces, too.
A very sad story of a great building... Those gardens looked fantastic. Pity the property didn't become a Musuem or open to the public to enjoy... The US has destroyed some wonderful Architectual buildings.
The stories behind these houses are what makes them homes… sadly most follow the same path of dereliction. Those who made the original fortunes know the value of hard work, saving and how poverty was always just a fall away unlike the heirs. 💸
*The symmetry of this home is soo lovely. Thank you for your attention to detail, your love of architecture and your truly artistic eye. 😃🥰*
Her home gone, and she with her jewels in hand in the the watery grave.
As much as I enjoy your videos, I've been thinking... It would be so lovely to see some more "normal" historic homes sometimes. I know it's not as easy to find footage and so forth. But I'm just saying.. what would a ranch built around 1850 in Arizona look like, for example? I don't really know but I'm fascinated. I'd love to see some more ordinary homes and travel back in time in my imagination. I hope one day you'd consider this! Anyways, have a great weekend! ✌️
Her wealth and spending created many great paying jobs and supported numerous families and businesses in her community.
Until she blew all her money...
I read somewhere, that many family fortunes are lost within just a couple of generations. It's amazing to me how some can run through so much wealth, so quickly. It's sad that such beauty as this house contained, was so ephemeral.
What an excellent story and I loved the longer format as well!
It's very sad how many times ocean travel has been deadly. Thanks, Ken!
You, my friend, are a top notch storyteller. Another excellent and informative video! Thank you for giving me a glimpse of the past once again.
Love all the stories and all the beautiful homes you feature on your videos whether they're still standing or are no longer around. You should do a compilation of all the beautiful homes built between the 1800's - 1930's which are still standing and are museums today, which we can be visit. Thank you.
So sad that another amazing home was torn down. That hige fireplace was just incredible. Thank you so much for sharing.
Thank you for all these great stories, I look forward to every episode.
AdamB
What a house! Very beautiful, but such a sad story. Thank you for sharing 💜
This was a beautiful & opulent mansion with a fascinating story!!! 👍👍🦃
The house was beautiful but the drowning with the jewels was nuts.
Very well done, as usual. I needed a break, and this is my favorite distraction!
A true cautionary tale!
Classic example of keeping up with the Jones it seems it was profound in that age
There’s a school on the place it was. I live with in a 2 minute walk. The concrete where the foundation was was still there until a couple years ago. Thanks for looking into this! Not many people know about this, it was a rumor as a kid and a fact now,
"Diamonds in her hand " 😅😅😅😅😅😊
Fantstic work! Thanks for this sad story.
Ken, I enjoy all your videos. So informative and your voice is so relaxing ❤
great research and script, as usual, Ken :)
That was a grand home. So sad how the story goes.
Very interesting story. This house reminds me of the Hearst Castle.
We Americans love the myth of the "Self-made man." The rugged frontiersman who arrived with nothing and single-handedly carved an empire out of the wilderness. Our books and movies are filled with this story, told in a thousand different ways. What we persistently ignore (it rather tarnishes the myth, after all) is that for every self-made emperor, there were a thousand failures, and a thousand more tragedies. The uncounted millions who worked themselves into an early grave, who died of disease and poverty and quite often, violence. Whole families who never found their pot of gold, only suffering and loss. Nobody talks about them.
Very throught provoking Ken. Did any of these wealthy people actually read books? I wonder if many of the libraries were merely for show?
I'm guessing they read more than we do.
I wonder if any of the interiors were saved, such as the paneling and especially that fireplace, and if they incorporated into some new construction somewhere.
I love your videos. I appreciate beauty and opulence, and at the same time I want to remember that none of it lasts forever.
Sadly, being satisfied with your life is sometimes never enough for people…always more more more
If you are bequeathed half a mil, you can't afford a 200K crash pad with an additional hundred to fit it out. All you can afford are sensible investments and a realistic lifestyle.
Thank you for an awesome epilogue, very thought provoking. I do enjoy your videos and really appreciate that you put this excess into perspective. It makes me appreciate what I have --- even if it doesn't include a bifurcated marble grand staircase!
I've always wanted a set of the Stourhead dining chairs that are in this house's dining room. Excellent video.
an incomprehensible waste, all the best stuff was knocked down way before we got here, we will never know how beautiful America really was!
Great video 🎉❤
I do like grand staircases as I always wonder what’s beyond 😊
at the end it all goes back in the box......
Check out Hugette M Clark as well, if you haven't already.
Excellent video, rather amazing ending. Those diamonds turned out to be overpriced...that submarine commander sank a passenger ship. 😡
It seems a lot of the extravagent homes of this era did not last long. There was so much new technology which outdated them very quickly, and ballrooms went out of style by around 1910.
Beautiful mansion!!
The Vanderbilts have a similar story.
And the moral that I got out of the story is if you take your jewelry on a ship and it sinks you probably not going to be able to get it
3:17 BOY THAT LOOKS HOMEY
Oh yeah sorry so many comments, but where it was is now is the east bay met school and surrounding is Newport heights a public and mixed housing complex. It’s nice looking, and down the street a ways is Walmart, there’s also the miantonomi tower close by.
Well at least Josephine saved her jewelry, gave up her life to do so, SAD. If people get "Free Money" and not earn it, they will waste it away. I have heard/read that fortunes last three generations and then they gone. As far as Castlewood goes, I like the big fireplace. When I moved out from home all my belongings fit in the back of a pickup truck and my first house was a 2 bed 1 bath fixer. Now by living in my means that turned into multiple rentals, residential and commercial and the renters get below average rent for the areas. Remember, nothings free, don't be afraid of work stay within your budget.......
Thanks for your time, work and posting........
Drexel & Co., Is the same bank Edward T. Stotesbury got his start.
Bless it
16.5 million is blowable in a day today. It wouldn’t even cover a very high end home in Cali. Still very sad
One townhouse and maybe 5 servants, she would have been good for the rest of her life....And her son's life.
I am a cousin or two removed from Pierpont money. They created parks in Atlanta but lost most thier money during the depression. Inman Smith Park was the bougie town in atlanta. I belevie it is again. But it was tertiary Pierpont money.
So sad. If you act like you're rich, you soon won't be.
What happened to the money given to her siblings?
You mentioned Mr. Sather had several children, each inheriting the same amount of the fortune. I'm curious, did any of the other children live a more successful life and did *not* squander their share of the fortune?
Great but tragic story of his daughter who, I'm certain, had to abide by the social mores of the time...
I liked this huse
Both the demise of the house and the way in which the owner lost her life, especially it's very reason - running back for her jewellery, have made a lasting impression on me. Such a waste. The house itself.... well, the exterior vaguely reminds me of Hampton Court Palace and other work by Sir Christopher Wren. But not as good and well proportionned. The money saving interior solutions are quite clever in my opinion. The grand stairway and the library seem most appealing. However, the proportions of most of the interior architecture are not as they should be. Too pompous doorways, too big fireplaces. However, the loss of any of the house you present us Ken, is a great shame. It's a loss of cultural heritage and that's in my opion always dreadful. Thank you so very much for all the exraordinary houses you present!!! 👌🙏
Alas, she inherited a lot of money from her father, but not his business savvy! The exterior was quite striking and compared favorably with the homes of her Newport neighbors.
Handsome, stalwart, bold.
One upsmanship is what kills you. You cant be satisfied with the uniqueness of what you have you have to upgrade it to someone else's standard.
"transient nature of wealth"? Not really .. .It's the story of someone who grew up with great wealth, but with no awareness of something called discipline or accountability. Bad decisions typically redound to bad outcomes.
She received half a million and proceeded to build a $200k house…..yeah, she didnt have a clue, literally……
I wonder what happened to her sister.
I was the 100th like!!!!
I'm 360!
Great episode, but not a fan of this particular home. So many beautiful homes in Newport. She could have restored an older colonial or Federal style home. Sad! Well done episode.
Damn
Thank you °~•.☆.•~°
Articulate observations.
❤
Maple ave and Gerard are are still there til this day ,
What happened to the other sister?
Inherited money never grows.
Why did she build a public library styled building to live in?
you can't escape karma
Doesn't really seem she squandered her fortune. She wasn't destitute.
✨✨✨
She should have downloaded the Honey app to save on that ballroom
😂
Why does he have to say "THIS HOUSE".....oooof
humble norwegian fisherman to high up in a Drexel bank overnight wtf?! zero education? HE was probably good at counting fish
Stop right there. How did a "humble Norwegian fisherman" come to own the bank? Worked his way up?
Applied his fishing expertise?
Torn down after 50 years???
Sad. Narcissistic spending habits like a child. Since, she’s too lonely.
click BAIT: that is just one twig of the family. not an empire. where is the rest. Drexel you say? lasted till the late 1980's. until Michael Milken
Did her siblings fair any better?
$16mil not much of a fortune. Otherwise great vid though.
DefinItely overdone
What a waste.... these people were delusional. All that money just wasted. And dying for diamonds. What a wasted life.
Hilarious
In America, we have to do the Joneses bigger, pool, bigger car the dumbest thing I’ve ever heard I’m broke and happier than 99.9% of the people in the world.
I spent the night in this house before it was torn down
I can see her getting caught up in the fast devil may care of the early 1900s