He was the son of a farmer and worked as a lumberman and banker. He was the founder of the Saginaw Valley Lumber Company and the Saginaw Valley Bank. He was also a major shareholder in the Michigan Central Railroad. He was one of the wealthiest men in the United States at the time of his death and had a net worth of $90 million.
Wellington R. Burt was an incredibly successful American industrial baron who had a net worth of $90 million at the time of his death in March 1919. Born in Pike, New York in August 1831, he was the son of a farmer and worked as a lumberman and banker. He founded the Saginaw Valley Lumber Company and the Saginaw Valley Bank, and was a major shareholder in the Michigan Central Railroad. His success made him one of the wealthiest men in the United States.
Wellington R. Burt is a member of Executives
💰Wellington R. Burt Net worth: $90 Million
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At one point Burt was ranked as the 8th wealthiest man in America. He was involved in iron minding, salt mines, railroads, finances, and best known for lumber mills and timber holdings. Burt was also a politician and was Mayor of East Saginaw from 1867 to 1868. He served as a Senator from Michigan from 1893 to 1894. Burt was nicknamed "The Lone Pine of Michigan" and lived alone in a mansion with his servants.
Will and Estate: Wellington had a strange will that contained a spite clause to avenge a family feud. The clause said that the bulk of his fortune could not go to any descendants until 21 years after both his children and grandchildren passed away. Those conditions were met in 2010 when 12 of his descendants received the estate which was worth around $100 million. Burt owned most of the Ann Arbor Railroad system at one time and bought railways in China and Russia.
