You’ve seen the photos. Those towering Italian Renaissance columns, the gold leaf that makes your eyes water, and that stretch of Atlantic coastline that basically screams "old money." But if you’re standing on the manicured grass of a place called The Breakers, you might actually be in two very different worlds.
There's the mansion in Rhode Island. There's the resort in Florida.
Most people assume these icons are owned by some faceless global hotel conglomerate or maybe the government. Honestly, the reality is way more interesting—and a bit more dramatic. It’s a story of family dynasties, billion-dollar preservation battles, and heirs who refuse to let go of the Gilded Age.
Who Owns The Breakers Palm Beach: The Flagler Legacy
If you’re talking about the massive, 538-room luxury resort in Palm Beach, Florida, the answer is remarkably simple but rare: the family still owns it.
Specifically, who owns The Breakers Palm Beach is the Kenan family. They are the direct descendants of Mary Lily Kenan, the third wife of the legendary industrialist Henry Morrison Flagler. Flagler was the guy who basically invented modern Florida, co-founding Standard Oil with John D. Rockefeller before deciding the sunshine state needed a railroad and some world-class hotels.
It’s kind of wild when you think about it.
In a world where every historic hotel eventually gets swallowed by Marriott, Hilton, or a private equity firm, The Breakers remains one of the last great independent family-owned resorts in America. We’re talking about a business that has been in the same bloodline for over 125 years.
The Flagler System Inc.
The property is technically held under a private company called Flagler System, Inc. While the Kenan family stays mostly out of the spotlight—seriously, they are notoriously private—they have kept the resort remarkably modernized.
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They don’t just sit on the history. They pour money back into it.
Every year, they invest about $25 million to $30 million into the property to keep it from becoming a dusty museum. Because of this private ownership, they don't have to answer to Wall Street shareholders who might want to cut corners to boost quarterly dividends. They play the long game.
The Newport Mansion: A Different Story Entirely
Now, if you’re looking at the 70-room "summer cottage" in Newport, Rhode Island, the ownership situation is totally different. This one belonged to the Vanderbilts, specifically Cornelius Vanderbilt II.
Today, the Vanderbilt family does not own The Breakers in Newport.
The Preservation Society of Newport County owns it.
They’ve had the keys since 1972. Before that, the Countess Gladys Széchenyi (Cornelius’s daughter) leased the house to the Society for just $1 a year because the taxes and maintenance were—to put it mildly—bankrupting the estate. It took a small army of 40 servants just to keep the lights on back in the day.
The 2026 Reality: Tension in the Halls
Even though the Preservation Society owns the bricks and mortar, the human connection didn't just vanish. For decades, Vanderbilt descendants actually lived on the third floor.
It was a weird, "Downton Abbey" style arrangement. Tourists would gawk at the gold ceilings on the first floor while Paul Szapary and his sister Gladys (the builder's great-grandchildren) lived in the private quarters upstairs.
But things got messy.
A few years ago, the Preservation Society decided to build a modern welcome center on the grounds. The family hated the idea. They felt it "Disney-fied" the historic integrity of the estate. The resulting legal and PR spat was basically Gilded Age warfare. Eventually, the family members moved out, and as of 2024 and 2025, the Preservation Society has even started opening that formerly private third floor to public tours.
Why This Matters for You
Knowing who owns The Breakers changes how you experience the places.
When you stay at the Palm Beach resort, you’re supporting a century-old family business. When you buy a ticket for the Newport mansion, you’re funding a non-profit museum dedicated to architectural history.
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One is a living, breathing business. The other is a preserved time capsule.
Actionable Takeaways for Your Visit
- For the Newport Mansion: Book the "Beneath the Breakers" tour. It’s the best way to see the actual tech—the boilers and tunnels—that made the house run. It’s way more interesting than just looking at old chairs.
- For the Palm Beach Resort: You don't have to stay overnight to see it. Grab a drink at HMF (named after Henry Morrison Flagler). It’s the social heart of the hotel and gives you the full "billionaire" vibe for the price of a cocktail.
- Check the Calendars: Both properties host massive events. The Newport mansion is famous for its Christmas decorations, while the Palm Beach resort is the epicenter of the food and wine scene in Florida.
The ownership of these icons represents two different ways we handle history in America. We either keep it in the family and keep it working, or we hand it over to the public to make sure the doors never close. Both are expensive. Both are beautiful. And both are, frankly, a miracle they still exist in 2026.
If you’re planning a trip to either, check the official websites directly. For the resort, go to TheBreakers.com. For the mansion, it’s NewportMansions.org. Don't get them confused, or you might find yourself in the wrong state with the wrong dress code.