The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-27
BOLDT NET ESTATE
HERE $1,1O5,SS5
Appraisal Of Former Waldorf
Astoria PrOprietor's Prop
erty Surprises Friends.
GROSS WAS S2,154,995
Bulk of Fortune Lies in Other
States-S7,OOO,OOO in
Philadelphia.

Philadelphia.
George c. Boldt, known as the
best hotel man in the world and at
his death proprietor of the Waldorf
Astoria in this city and the Bellevue
Stratford in Philadelphia. left n net
estate in this State of only s1,105,sS5,
according to an appraisal filed yester-
day in the office of the Deputy state
Comptroller. The appraisal filed here
does not include Mr.. Roldt's interests
in the Bellevue Stratford and some
other properties which he held out
side of New York, but even this cir
cumstance did not lessen the surprise
among friends Of the dead hotel man
when they learned the result of the
appraisal.
When Mr. Boldt died in tho Wal
dorf December s. 1916. unofficial esti-
mates placed his fortune at not less
than SIS, 10000 Some OF his most in
innate friends said he was worth az
least $25O0O.Oo0. hasing their asser-
lions upon the belief that he had been
unusually fortunate in real estate
transactions as we'll as stock market
trading. Nevertheless the final APP
praisal shows the gross estate cam
vassed by the State Comptroller to
have been only $2,1549s5. which. with
deductions, left a net OF s1.105,Ss5.
~
The entire estate goes in equal
shares to George C. Boldt, Jr., a son,
and Mrs. Clover Boldt Miles, a daugh-
ter. and wife of Alfred Graham Miles
Of Alexandria Bay, in the Thousand
Islands, where Mr.. Boldt had a large
estate and passed parts o. his sum
mers
Explanation for the apparent
shrinkage Of Mr.. Boldts fortune as re-
vealed in the appraisal filed yesterday
probably lies in the fact that. despite
his proprietorship of the Waldorf AS
toria, his heaviest holdings were not
in this State. He did not own the site
or the buildings of his big hotel VEN
ture here, but he did own the site and
the buildings Of the Bellevue StratfOrd,
which represents a big fortune itself.
When the Boldt will was made pub
lie several daye after his death. Fran
els s. Hutchns p Pine street, said the
Bellevue Stratford had been appraised
at 10000. 900. and that II carried a
s., 900, 900 mortgage. Mr.. Huchins
declined at that time to estimate the
value OF Mr.. Boldt's interest in the
H. = "a
earned for him 100000 a year.
Lost Money in 1914 and 1915.
Apparently that estimate of the
Waldorf's earnings was based upor
! conditions before the war because the
| appraisal schedules showed that the
! Waldorf was operated at a loss in both
| 1914 and 1915. In the former year the
loss was $50 69S. In another year the
| deficit had grown to s26I.732. These
, items. of course. had much TO DO witt
! the reduction Of the size OF the estate
| In 1916 the earnings Of the Waldorf
amounted only to s67,730.
! The Bellevue Stratford on the con,
! trary was an income producer for Mr.
Boldt. and in the same period that the
Waldorf earned s67,79O the Bellevue
! Stratford returned profits of S47l .573
With the Bellevue Stratford however
Mr.. Boldt. being the owner had NJ
rental to pay. How the war affecte,
the Waldorf's earnings is clearly re-
vealed by the fact that in 1913, th'
year before the war the big New
York hotel turned in a profit of 5000,
s1l, and in 1912 its profits were $2l5.
1879.
Another losing venture by Mr.. Bold
was speculation in the coffee market
When he died he left debts of s353,22'
due to Grossman & Sielcken. which tn
estate now is paying Off. Testimon,
taken before the appraiser revealed
that Mr. Boldt's coffee speculation
losses were even greater than tina
amount, however
His sublime faith in human natur
also cut down Mr.. Boldt's estate. TIL
appraisal showed he never would con
sent TO mark on his books debts tina
were unCollectible Because of unpai
accounts, charged by the appraiser a
bad debts. $3.50 900 was reserved to tn
estate. on similar accounts the book
of the Bellevue Stratford showed SIO7.
4S3, making a total of $357,4S3 OF ba
debts he carried.
Mr.. Boldt always thought the mora
law would come in and restore the nc
counts" testified F.. W. La Frcntz O
the American Audit Company, whic
, had charge of the appraisal. "Thes
debts ranged from six to hfteen year
old"
The appraisal record showed h
owned sos shares Of the stock Of tn
Waldorf-Asto Hotel Company, an
the appraisal gave them total valu
of sl7525O In addition to that. how
ever the assets of the estate include
$2O9. 900 notes due from the Waldorf
Astoria Segar Company.
1000 shares of Bethlehem steel
MIR. Boldt's heaviest holding her
, outside Of his hotel interests, was 1
! preferred stock of the Bethlehem Ste,
| Corporation. He held 1000 shares {
| this stock. upon which the appraiser
placed a value of 100000. His othe
stock holdings included 200 shares
Aston Trust Company, $4,000; 1,O2
> shares International Mercantile Ma
, rine preferred. s11sO65, and 100
shares American steel Foundry value
5 at $4,000 His total stock and bon
= holdings were valued by the appraiser
at ss20,45 and We're distributed anon
forty-seven organizations.
/. The cash found by the appraiser
Y totalled $l91,32 and personal propert
| taxable here was appraised at $3.50
$ 900.