Changes

Joe made his money in banking, movies, Wall Street, liquor,<ref>Joe was never a bootlegger, but was the official U.S. distributor for expensive British gin and scotch, and Canadian whiskey. Rose Kennedy's uncle did operate a speakeasy in the 1920s.</ref> and real estate. He was a shrewd investor with long-term financial goals. He set up a complex series of trust funds, real estate investments, and oil and gas leases from the 1920s through the 1940s; they still yield income. The trust funds send out checks every month but the recipients have no control over the fund itself.  

Joe made his money in banking, movies, Wall Street, liquor,<ref>Joe was never a bootlegger, but was the official U.S. distributor for expensive British gin and scotch, and Canadian whiskey. Rose Kennedy's uncle did operate a speakeasy in the 1920s.</ref> and real estate. He was a shrewd investor with long-term financial goals. He set up a complex series of trust funds, real estate investments, and oil and gas leases from the 1920s through the 1940s; they still yield income. The trust funds send out checks every month but the recipients have no control over the fund itself.  

The main family fortune came from the giant office building the Merchandise Mart in Chicago, which Joe purchased in 1945 for $12.5 million. It has been highly profitable. In 1998, the family sold the Merchandise Mart and other real estate holdings for a total of $625 million and split the money. Different family members received different amounts. Ted Kennedy received about $75 million, while members of the next generation, such as Caroline Schlossberg and John F. Kennedy Jr., received about $38 million each.<ref>Michael O. Allen, William Goldschlag and Richard T. Pienciak, "Glimpse Inside the Kennedy Fortune" [http://www.nydailynews.com/archives/news/1998/02/01/1998-02-01_glimpse_inside_the_kennedy_f.html (New York) ''Daily News'' February 1 1998]</ref>

The main family fortune came from the giant office building the Merchandise Mart in Chicago, which Joe purchased in 1945 for $12.5 million. It has been highly profitable. In 1998, the family sold the Merchandise Mart and other real estate holdings for a total of $625 million and split the money. Different family members received different amounts. Ted Kennedy received about $75 million, while members of the next generation, such as Caroline Schlossberg and [[John F. Kennedy Jr.]], received about $38 million each.<ref>Michael O. Allen, William Goldschlag and Richard T. Pienciak, "Glimpse Inside the Kennedy Fortune" [http://www.nydailynews.com/archives/news/1998/02/01/1998-02-01_glimpse_inside_the_kennedy_f.html (New York) ''Daily News'' February 1 1998]</ref>

In the 1980s, Ted Kennedy's income was about $500,000 a year. In 2007, his net worth was estimated to be as high as $163 million, based on campaign records.

In the 1980s, Ted Kennedy's income was about $500,000 a year. In 2007, his net worth was estimated to be as high as $163 million, based on campaign records.