SAGINAW, Mich. — Ninety-two years after his death, Saginaw lumber baron Wellington R. Burt is finally parting with the fortune he withheld from his descendants until 21 years after the death of the last grandchild born in his lifetime.
The estate is now valued at $100 million to $110 million. It will be shared among 12 of his heirs later this month.
According to The Saginaw News, Burt once was among the eight wealthiest Americans. He made millions of dollars in the harvesting of the Saginaw Valley’s timber and then another fortune in Minnesota’s iron mines. He served as mayor of Saginaw and later as a Michigan state senator.
But when it came time to divide his fortune, he gave his children and grandchildren small allowances comparable to the one he gave his cook. He died March 2, 1919, and his remains rest in a 15-foot-tall white mausoleum in Forest Lawn Cemetery.
Under terms of Burt’s will, the bulk of the estate was to be distributed 21 years after the death of his last surviving grandchild.
At 19 years old, Christina Cameron of Lexington, Ky., is the youngest of the 12 and is in line to receive $2.6 million to $2.9 million.