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The Biltmore Estate is a study of how an entrepreneur can turn a large heritage resource from a non-revenue generator into a heritage tourism destination. In an article: "The Cost of Doing Business" by Edward Cone in Sky Magazine, October 1996, William Amherst Vanderbilt Cecil described how he turned a 255-room white elephant into a heritage tourism destination grossing 100 million dollars a year in revenue. The article states: "At a time when public funding is tight and competition for entertainment dollars intense, Biltmore's entrepreneurial model is increasingly pertinent to America's historic museums and attractions and increasingly studied by them." "There's a real culture change ahead for the people who run sites devoted to historic preservation," says the younger Cecil. Dick Moe of the National Trust said: "You have to be more entrepreneurial to survive in the '90s and beyond." The Biltmore Estate was falling into disrepair in the late '50s and '60s, and by 1960 was losing $250,000 a year, with the barn, not the house bringing in most of the property's income. However, in 1978, Bill Cecil took possession of the house and began to capitalize on the economic opportunities of the day. With superb timing he recognized that travel and tourism was a burgeoning business and set about to restore the grandeur of the Biltmore. Cecil reasoned that attention to detail and the quality of a preservation project would pay for itself many times over as visitors met the price increases that accompanied each significant improvement. Cecil recognized early that when people go on vacation they are looking for an uncommon experience. The Biltmore employs a Disneyesque strategy of providing visitors with experiences which make them feel they've received value for their money--and then cashing in on that good feeling by selling products that let them carry a bit of the feeling home. The Biltmore has developed cross-promotional and marketing strategies. In fact, a cover story in the November/ December 1995 issue of Historic Preservation magazine called Biltmore "a Model of Private Enterprise." The Biltmore Estate is continuing to develop new attractions. Managers are currently considering the addition of lodging. Biltmore products are available for sale in the gift shop which stocks reproductions from the house and other souvenirs, priced somewhat higher than your basic shake-and-snow bauble. The Biltmore label wine continues to be an important seller. Overall profit margins at the company are now running at nine percent. Visitation is high in spite of the remote location of the Biltmore Estate. Bill Cecil said, "Government should be the preserver of last resort. You do best without absentee management, with the full interest and efficiency of people who are directly involved." How to Use This Tool Contacts |