Otto Young

Otto Young (December 20, 1844 – November 30, 1906) was a German American merchant and real estate mogul from Elberfeld, Prussia. After his father died in his youth, Young struggled to earn enough money to follow his mother to the United States. After he did, he sold toys on the streets of New York City before attending some school. He then worked as a clerk in a cigar store, eventually amassing enough money to open a jewelry store. The store was very successful and Young moved west to establish a new store in Chicago, Illinois.

With the earnings from his Chicago store, Young purchased a half interest in The Fair Store. The value of the store skyrocketed afterward and Young became wealthy. He maintained several interests in real estate, including the Heyworth Building, and served on the board of trustees of the First National Bank of Chicago. Young was also a philanthropist, and often donated to the Chicago Home for Incurables in memory of his son. Young's estate in Lake Geneva, Wisconsin is today recognized on the National Register of Historic Places.

Early life Otto Young was born on December 20, 1844, in Elberfeld, Prussia.

While working a temporary job on a dock, Young decided to follow his mother to the United States. He boarded the SS Great Eastern, arriving in New York City. There, he noticed a particularly successful toy store on Broadway. He purchased a supply of toys from a wholesaler and peddled them on the street. After a week, he had saved up enough money to return to his mother. She encouraged him to attend a school, where he studied for eight months. Young then ran away and took a job as a clerk of a cigar store in New York City.

In 1886, Young purchased a half interest in The Fair Store, a department store founded by Ernst J. Lehman, upon its incorporation. The store's value quintupled from $200,000 to $1 million by 1890. By 1901, the company employed over 3,000 people. Young was also on the board of directors of the First National Bank of Chicago and the Chicago City Railway.

Personal life

In 1867, Young married Ann Elizabeth Murphy. In 1901, his Renaissance Revival mansion, known as Younglands, was completed in Lake Geneva, Wisconsin. Cecile Selma Young (1875–1935), who married Lawrence Heyworth and Josip Korwin.

He was a member of the Union League Club of Chicago. He enjoyed collecting rugs, and his Persian collection in Lake Geneva was thought to be worth over $150,000. He was thought to be worth about $20 million at the time of his death; $460,000 was donated to charity in his will, mainly to the Home for Incurables.

Legacy

In his son's memory, Young funded an addition to the Chicago Home for Incurables.