Billionaire banking heir Matthew Mellon died in rehab center at 54. According to reports, his cousin Peter Stephaich confirmed Mellon’s death on Tuesday but declined to comment on further details.
Mellon was a prominent New York Republican and died reportedly at a rehabilitation center in Cancun, Mexico due to drug addiction, the report said. He also recently made his billions in investments in cryptocurrency but had struggled with an addiction to drugs.
He is survived by Tamara Mellon, his first wife, and Jimmy Choo co-founder as well as his second wife, designer Nicole Hanley, and three children. He was an heir of both the Mellon and Drexel families of Bank of New York Mellon and Drexel Burnham Lambert.
Mellon and Tamara married in 1999 at Blenheim Palace in England with friends Elizabeth Hurley and actor Hugh Grant among the guests and then divorced several years later.
“Mellon made his fortune in cryptocurrency, turning a $2 million investment into $1 billion. He is survived by his three children, Force, Olympia, and Minty. The family asks that their privacy is respected at this very painful time,” a representative of the billionaire said in a statement.
According to his Linked In account and documents of the Securities and Exchange Commission, he completed his graduation from the Wharton School and later worked in fashion telecommunications and finance. He previously directed finance committee of New York Republican Party.
Mellon invested in the digital currency company Ripple Labs, pouring $2 million into the company’s XRP cryptocurrency as well as worked as an advisor.