5 Wealthy Heirs Who Squandered Their Fortune

Inheriting a fortune can seem like a dream come true. From the Rockefellers to the Koch’s, many families keep their immense wealth, passing the skill of investment from one generation to another, and from one heir to another. But for some heirs, it has turned into a cautionary tale of mismanagement and extravagance. Here are five notable examples of wealthy heirs who squandered their fortunes:

Barbara Hutton, the Woolworth heiress, was one of the wealthiest women in the world during her time. She inherited a fortune estimated at $50 million (equivalent to over $900 million today) from her grandfather, the founder of the Woolworth retail chain.

Hutton was notorious for her lavish lifestyle, including extravagant parties, multiple marriages, and a penchant for expensive jewelry. Despite her vast wealth, Hutton’s excessive spending and poor financial decisions led to her dying nearly penniless in 1979. She died with about $3,000 to her name.

Huntington Hartford, the A&P supermarket heir, inherited a significant portion of his family’s grocery empire fortune. However, his ambitious projects, including the development of Paradise Island in the Bahamas and investments in art and entertainment, led to financial ruin.

Hartford’s fortune dwindled due to poor investments and lavish spending, and he spent his later years living in relative obscurity and financial difficulty.

Casey Johnson, heiress to the Johnson & Johnson fortune, lived a life marked by excess and turmoil. Despite inheriting millions, Johnson struggled with substance abuse and legal issues. Her extravagant lifestyle and erratic behavior led to financial problems, and she was reportedly cut off from her family’s fortune.

Johnson passed away in 2010 at the age of 30, leaving behind a legacy of unfulfilled potential.

Photo disclaimer: This photo is used for representational purposes.

Doris Duke, often referred to as the “richest girl in the world,” inherited a vast fortune from her father, tobacco tycoon James Buchanan Duke, founder of the American Tobacco Company. While Duke was a philanthropist and had a passion for art and culture, she also had a tumultuous personal life. Her extravagant spending on homes, travel, and a luxurious lifestyle, coupled with a series of failed relationships, led to speculation about the management of her wealth.

Although Duke did not entirely squander her fortune, her lavish lifestyle and the costs associated with maintaining her properties raised questions about her financial acumen.

Photo disclaimer: This photo is used for representational purposes.

John Hervey, the 7th Marquess of Bristol, was a member of English royalty who inherited a fortune estimated at $6 million on his 21st birthday in the late 1970s. Adjusted for inflation, this inheritance would be close to $65 million today. Hervey further increased his wealth in his 20s through savvy investments in real estate, oil, and other ventures.

Despite his financial acumen, Hervey chose to live a decadent lifestyle that quickly depleted his vast fortune. His wealth was squandered on yachts, sports cars, and escorts, but these expenses paled in comparison to his uncontrollable drug habit. Over a decade, he spent more than $9 million on cocaine and heroin. His addiction led to multiple drug offenses, one of which resulted in his deportation.

By the early 1990s, Hervey was penniless and eventually succumbed to organ failure related to his drug use. His story serves as a cautionary tale of how even the most substantial fortunes can be squandered through reckless living and addiction.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.