Book: Empty Mansions

A few weeks ago, I visited some small towns in northern Arizona that were created by the mining industry in the 1800's. One of my high school friends recommended the book Empty Mansions as it starts with the story of WA Clark, a mine owner and (as a result) billionaire who owned a mine in the area.

The story is mainly about Clark's youngest child. He married a woman his own age and had 5 children. His first wife died when they were in their early 50's and about ten years later, he married a woman 40 years younger. They had two children: the oldest died at 17 and the youngest was named Huguette.  By the time Huguette was born, the family was one of the wealthiest in the country. Since WA passed on all of his wealth to his children, who then basically squandered it, his name is not known today.

Huguette was an odd bird and her life story is simply strange. She inherited $300 million in her early twenties. She lived her life in self imposed seclusion and spent lots of time playing with dolls. It is a case study in why the US needs an estate tax. It is also proof of one of Malcolm Gladwell's theories in David and Goliath. Money can be a positive influence but it's influence can be drawn as a U-shaped curve. At some point, the money is no longer a positive influence and it becomes negative even harmful.