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| Real Estate & Land |
Land Through the Generations
Daniel Gross
06/01/2004
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For families that amass substantial wealth, land and real estate can be the most
difficult asset to manage over several generations. Dividing a 100-acre
homestead or a skyscraper among 10 heirs is far more complicated than
apportioning cash, stocks or bonds. The experiences of the Rockefeller, Hearst
and Pingree families illustrate how canny individuals have been able to
preserve, conserve and develop their real estate patrimonies over several
generations. Each of these three families established its own distinct goals,
which include capital appreciation, preservation for the sake of privacy and
recreation and the maintenance of a long-standing business. But the desire to
preserve and build value, an understanding of the need to plan for the long run,
and a willingness to entertain potentially risky alternatives are common to all
their efforts.THE ROCKEFELLERS: A Civic Commitment
The Rockefellers’ vast fortune was founded on oil. But real estate—specifically
the bustling plot of iconic skyscrapers in Midtown Manhattan—has been the engine
driving its more recent growth. As Daniel Okrent reports in his masterful
history of Rockefeller Center, Great Fortune, long-time associates deemed the
multigenerational development “by far the largest single repository of wealth”
for the storied family.
The Rockefellers became involved in real estate in
the 1890s—but not for profit. In 1893, patriarch John D. Rockefeller bought 400
acres in the Pocantico Hills in Westchester County, N.Y. The spread would
ultimately expand to 3,400 acres. The family’s other holdings eventually
included townhouses in Midtown Manhattan and retreats in Maine (for the summer),
Florida (for the winter) and New Jersey (for better golf).
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