Wednesday, May. 18, 2011

Vanderbilt vs. Whitney: Trust-Fund Complications

Following husband Reginald Vanderbilt's death in 1925, 21-year-old widow Gloria Morgan Vanderbilt was left to care for their daughter — and her $2.5 million trust fund. Vanderbilt family members, led by sister-in-law Gertrude Whitney, alleged that Gloria was neglectful of her daughter (who would become a noted designer) and misspent family funds. The custody battle that ensued erupted into the scandal of the century in a case overly sensationalized by the media, resulting in Gloria losing custody of her daughter. The issue was reopened several times and at one point was even brought before the Supreme Court.