The Hunt brothers also inherited their father’s political inclinations. Burglaries rose as thieves broke into houses, looking to steal silver. To get notified when we post it → join our email list. In its simplest version, a corner occurs when someone buys up all (or at least, most) of the available quantity of a commodity. He was a billionaire whose fortune collapsed after he and his brothers William Herbert and Lamar Hunt tried to corner the world market in silver but were prevented by government intervention. NET WORTH: Unknown SOURCE OF WEALTH: Hunt Companies FUNDING AREAS: Healthcare, Education, Arts & Culture, Human Services, Economic Development. Please, The subscription details associated with this account need to be updated. Leonard donated $1 billion worth of paintings and sculptures to the Met. I’m also a Londoner and today is a day of great historical significance for London. , Hunt was born in El Dorado, Arkansas, but lived most of his life in Dallas, Texas. He attended the University of Texas, joined the Navy in World War II and, after being discharged, attended Southern Methodist University. We love racing as much as we love pizza. Evidently CBS thought so; the family is rumored to be the basis for the Ewings, the fictional Texas oil dynasty of Dallas fame. A future is an agreement to buy or sell some quantity of a commodity at an agreed upon price at a later date. Learn how to create content marketing that performs. They were right to single out the Hunts; in mid-January, they controlled 69% of all the silver futures contracts on the Commodity Exchange (COMEX) in New York. But for Bunker Hunt, who used his middle name, and his brothers — scions of one of the world’s richest clans — the boom and bust led to years of lawsuits, civil charges, fines, damage claims and bankruptcy proceedings that gobbled up vast holdings in real estate, oil, gas, cattle, coal, thoroughbred stables and other assets. By the end of the year, Bunker and Herbert owned 21 million ounces of physical silver each. The Brown family is behind Jack Daniel's, Woodford Reserve, and Old Forester, among other alcohol brands. since. He and his son, John Jr., donated more than $1 billion in philanthropic efforts. Herbert Hunt, with a net worth of $3 billion, is on Forbes magazine’s list of the 400 richest Americans. In 1988, a New York City jury found for the South American firm, levying a penalty of over $130 million against the Hunts and finding that they had deliberately conspired to corner the silver market. J. Howard Marshall II traded his Great Northern Oil Company shares for an estimated 15% stake in the Koch Industries. Cheap suits aside, the Hunts were not without their ostentation. Since then, the family-owned business has remained in the hands of second- and third-generation family members. Jerry Falwell and Pat Robertson and supported right-wing politicians and causes, including the John Birch Society. The Marshall family's wealth is diversified. Matt Schudel has been an obituary writer at The Washington Post since 2004. In 1959, the oil tycoon Sid Richardson left his nephews Robert, Sid, Lee, and Edward $2.8 million each. The default and resulting collapse of silver prices blew holes in balance sheets across Wall Street. In the 1960s and ’70s he was one of the world’s richest men, worth up to $16 billion by some estimates. The family has spent millions of their fortune on lawyers for J. Howard II, who had a short-term marriage to Anna Nicole Smith. After Mr. Hunt declared bankruptcy, the process of liquidation took seven years. It was not until years later that they discovered that their father had two other families: four children each with Ruth Ray and Frania Tye. People sold their silverware and candlesticks to cash in on what proved to be an illusory boom. Hunt (pictured above), an inspiration for the J.R. Ewing character on the long-running TV series Dallas. (Lamar Hunt died in 2006, Hassie Hunt in 2005 and Margaret Hunt Hill in 2007.). His children currently run Joseph Farms, while the descendants of Ernest and Julio run E & J Gallo Winery, which generates estimated annual revenues of $3.8 billion.  In 1999, he returned to thoroughbred ownership, spending a total of $2,075,000 on 51 juveniles and yearlings. In barely two months, their holdings and contracts for purchases — corralling a third to half the world’s deliverable silver — had plunged from a $7 billion value in January to a $1.7 billion loss in March. The Busch family fortune's roots in beer date back to 1876 when Adolphus Busch created what is now known today as Budweiser. Bunker Hunt attributed the whole affair to the political motives of COMEX insiders and regulators. New rules limiting trades had been imposed, and the glut of silver on the open market intensified the panic that led to the price collapse. Bunker Hunt was a jovial 275-pound eccentric who looked a bit like the actor Burl Ives. , In 1989, in a settlement with the CFTC, Nelson Bunker Hunt was fined $10 million and banned from trading in the commodity markets as a result of civil charges of conspiring to manipulate the silver market.  He was chairman of Hunt Exploration and Mining Company (HEMCO). After he died in 2010, the company remained under family control and his four children inherited a $10 billion estate. With experience in the convenience store space since 1991, Hunt Brothers® Pizza makes foodservice success simple. Keep reading to see the top 28 richest families in the US, ranked by net worth, starting at $10 billion. Bunker, who had been worth an estimated $16 billion in the 1960s, emerged with under $10 million to his name. Florence Butt founded H-E-B grocery store in Texas in 1905, which her son Howard expanded throughout the state when he took over the company in the 1920s. Part of the family launched back into the business with William K Busch Brewing. But if the holder of the long position just so happens to be sitting on all the readily available supply of the commodity under contract, the short seller faces an unenviable choice: go scrounge up some of the very scarce product in order to “make delivery” or just pay the cornerer a hefty premium and nullify the deal entirely. They had even larger positions in the silver futures market: Bunker was long on 45 million ounces, while Herbert held contracts for 20 million. As an investment, there was a lot to like about silver. H.L. Following its success, they founded Sam's Club in 1983. Bonnie Lynn Hunt was born in Chicago on September 22, 1961, to her parents Robert Edward Hunt and Alice E. Hunt. America may not be home to any rich royal families, but that doesn't mean some families haven't created their own sort of empire. Nelson Bunker Hunt was born in El Dorado, Ark., on Feb. 22, 1926, one of seven children of Haroldson Lafayette Hunt Jr. and Lyda Bunker Hunt. Hunt’s first wife died in the 1950s, it was discovered that he had a bigamous marriage that produced four other children. Since the first Roosevelt administration, the U.S. dollar had been pegged to the value of gold at a predictable rate of $35 per ounce. From a spot price of around $6 per ounce in early 1979, the price of silver shot up to $50.42 in January of 1980. But unlike most investors, when their profitable futures contracts expired, they took delivery. By some accounts, the Hunts owned as much as half the transportable supply of silver in the world. Just two months earlier, these contracts had been trading at four times that amount. Bunker Hunt ran through a $250 million inheritance looking for oil before coming upon a spectacular find in Libya in the late 1950s. JFK conspiracy theorists have been obsessed with Hunt ever since. The siblings run the Mars Foundation, which donates to educational, environmental, cultural, and health-related causes. Nelson Bunker Hunt, right, with his brother, William Herbert Hunt, center, appearing before a House panel in 1980 that was looking into their attempt to corner the silver market, with their lawyer, Ivan Irwin Jr. “In the U.S., people rifled their dresser drawers and sofa cushions to find dimes and quarters with silver content and had them melted down,” says Pirrong, from the University of Houston. (Associated Press). He was a billionaire whose fortune collapsed after he and his brothers William Herbert and Lamar Hunt tried to corner the world market in silver but were prevented by government intervention. In April 2016, Sam's sons sold cable TV company Bright House Networks for $11.4 billion in cash and stock. They reportedly spent much of the 2000's arguing over trusts, ultimately dividing up the fortune at the end. Nelson Bunker Hunt, a Texas wheeler-dealer once reputed to be the world’s richest man, who controlled international oil fields and, for a time, much of the world’s silver market before losing his wealth in a spectacular downfall in the 1980s, died Oct. 21 at an assisted-living facility in Dallas. Clark Hunt sits atop a family sports empire worth at least $1.3 billion, as if you could really value such things. Today, Walmart reports sales of $500 billion, making it the largest retailer by revenue in the world. The business skyrocketed when it began selling OxyContin in 1995. Between Bunker, Herbert, and the accounts of five of their children, the Hunts collectively purchased the right to buy one-third of the entire autumn soybean harvest of the United States. But silver was not the Hunts' only speculative venture in the 1970s. As oil prices rose in the 1970s, the family’s wealth skyrocketed — as did inflation. He previously worked for publications in Washington, New York, North Carolina and Florida. I’m a businessman with a sense of history. “There is little evidence to support the ‘corner the market’ narrative.”. A privately orchestrated bailout loan from a number of banks allowed the brothers to start paying off their debts and keep their creditors afloat, but the markets and regulators were rattled. By mid-January 1980 they owned or controlled such vast quantities of silver that they were reaping $100 million in paper profit with every $1 increase in the price. He bought 2,500 square miles of Australian pastureland and owned as many as 1,000 thoroughbred horses, which were stabled around the world. For the first time in modern history, the paper dollar did not represent some fixed amount of tangible, precious metal sitting in a vault somewhere.