August Belmont

August Belmont, originally named August Schönberg, was born December 8, 1816, in Alzey, Rhenish Prussia

At age 14, Belmont entered the banking house of the Rothschilds at Frankfurt am Main, and he later transferred to the Naples office. In 1837, he moved to New York and opened a small office on Wall Street, where he served as the American agent for the Rothschilds and laid the foundations for his own banking house.

From 1853 to 1855 he was chargé d’affaires for the United States at The Hague, and from 1855 to 1857, he served as resident minister there. After the American Civil War began, Belmont became a loyal supporter of President Abraham Lincoln and exerted strong influence upon merchants and financiers in England and France in favor of the Union. He also served as chairman of the Democratic National Committee from 1860 to 1872.

Belmont was a fixture of New York’s high society. He was also a prominent figure in the establishment of Thoroughbred horse racing in the United States as a major financer of the first Belmont Stakes, part of the trio of races that compose the American Triple Crown. The event was subsequently named in his honor.

His son, August Belmont, Jr. took a prominent part in financing and building the New York subway, was a major owner and breeder of Thoroughbred racehorses. Belmont Jr. organized the Westchester Racing Association in 1895. In 1905, he built Belmont Park racetrack in Elmont, on Long Island which operates to this day as the largest thoroughbred racing facility in the state.

Belmont Jr. spent his last years on his 1,100-acre estate in North Babylon, New York. His widow, Eleanor, then sold most of the estate to a property developer. The remaining 158 acres including the family mansion, lake, and main farm buildings, were taken over by New York State. Under the control of planner Robert Moses, the estate was later expanded to 459 acres and turned into Belmont Lake State Park. The mansion served as headquarters for the Long Island State Park Commission until 1935, when it was demolished to make way for the current building.

Sources:

“August Belmont Jr.” Wikipedia, Wikimedia Foundation, 20 May 2019, en.wikipedia.org/wiki/August_Belmont_Jr.

Drager, Marvin. “August Belmont.” Encyclopædia Britannica, Encyclopædia Britannica, Inc., www.britannica.com/biography/August-Belmont