Cryptocurrency billionaire and banking heir Matthew Mellon II has died aged 54 in a Mexican rehabilitation facility after struggling with drug addiction.
Earlier today (Wednesday April 18) an announcement was made as to the tragic and shocking news that banking heir Matthew Mellon II had died while battling drug addiction in a rehabilitation facility in Cancun, Mexico. The announcement was made by Matthew Mellon’s cousin Peter Stephaich, who confirmed Mellon’s death but declined to provide any further details.
It is understood that Mellon had struggled with addiction to prescription painkillers for many years, and reports said he died at a rehabilitation center in Cancun, Mexico. Mellon, who was 54, is from the Mellon and Drexel New York banking dynasties.
Who Was Matthew Mellon?
If ever somebody truly had it all, it was Matthew Mellon II, who inherited $25 million on his 21st birthday, and had no less than 14 trust funds set up for him throughout his life. On both his maternal (Drexel) and paternal (Mellon) sides, Mellon was US investment banking royalty from birth. New York-born Mellon spent his childhood in family homes in Manhattan, Palm Beach and Northeast Harbor, Maine. He attended the exclusive Phelps school for boys, then studied management at Wharton, a private Ivy League university geared exclusively toward business excellence.
Mellon’s father Matthew Mellon the 1st couldn’t handle the pressure of the family name. He abandoned his wife and children, and eventually committed suicide in 1983.
That family name began with Thomas Alexander Mellon, also known as Judge Thomas Mellon, who in the 19th century founded Mellon Bank. That in turn became Mellon Financial, one of the world’s largest money management firms, which in 2007 merged with Bank of New York to form The Bank of New York Mellon, also known as BNY Mellon.
BNY Mellon is the world’s largest custodian bank and asset servicing company. It has $1.9 trillion in assets, plus a further $33.3 trillion in “assets under custody” (as of December 2017). As well as his connections with the family business, Mellon was on the boards of both Drexel and Carnegie Mellon Universities, both of which were founded by members of his family. In addition, Mellon was chairman of the New York Republican State Committee’s finance committee.
Despite his family’s vast fortune (Mellon was the direct heir and main beneficiary), he was independently wealthy, and had recently become a billionaire in his own right from shrewd cryptocurrency investments made in 2017. Mellon invested $2 million in Ripple just before its value surged during 2017. Mellon cashed out his investment to the tune of $1 billion.
In a statement published in the New York Post, Mellon’s family said he “made his fortune in cryptocurrency, turning a $2 million investment into $1 billion.”
Mellon’s first wife Tamara is the co-founder of the shoe empire Jimmy-Choo. He is survived by three children, Force, Olympia and Minty.
Drug Addiction And Death
Mellon reportedly died because of complications brought about by his long-time addiction to the prescription painkiller OxyContin, which is chemically known as oxycodone, an opioid three times more powerful than morphine. Mellon had been highly vocal about his addiction in recent years, and in 2016 admitted himself into a Malibu treatment facility. He admitted to spending $100,000 a month on his habit, and said he was ingesting around 80 OxyContin pills a day. Mellon even described himself as “the death zone”.
Mellon blamed his addiction on the casual way he was prescribed what were powerful opioids to recover from a surfing injury in his youth. As Mellon himself said:
“The doctors kept writing prescriptions like they were Smarties. It’s very irresponsible. OxyContin is like legal heroin. And it needs to be addressed.”