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9 Largest Fortunes Wasted

The Stroh Family
Warren Buffet lives hard by one steadfast rule: “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” His rule has helped him amass and, most importantly, keep a fortune. These nine largest fortunes ever wasted are stories of people and families going from riches-to-rags.

(1) The Stroh Family: The End of a Generation

The Stroh Family, known for their multigenerational brewery business, lost everything. In an issue of Forbes Magazine, Frances Stroh talked about her relationship with her father: “My life with my father felt like living inside of a gilded bubble.” The company was once valued at $9 billion. During the 1980s and 1990s, the company took on excessive debt to become the nation’s third largest brewing franchise. Going national without liquid finances caused a perpetual family empire to collapse almost instantaneously. The Stroh Family heirs received their last check in 2008. The last remaining vestige of the Stroh brewing empire is an almost-empty office building in Detroit.

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