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Bubble in the Sun: The Florida Boom of the 1920s and How It Brought on the Great Depression

Christopher Knowlton (Goodreads Author)

4.04 · Rating details · 52 ratings · 18 reviews

Christopher Knowlton, author of Cattle Kingdom and former Fortune writer, takes an in-depth look at the spectacular Florida land boom of the 1920s and shows how it led directly to the Great Depression.

The 1920s in Florida was a time of incredible excess, immense wealth, and precipitous collapse. The decade there produced the largest human migration in American history, far ...more

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Hardcover, 432 pages

Published January 14th 2020 by Simon Schuster

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Oct 06, 2019 David Wineberg rated it it was amazing

It all started with Standard Oil money. Henry Flagler, Rockefeller’s partner (who John D. called the brains of the Standard Oil Trust) retired from the company and discovered the new frontier – Florida. Like a Jeff Bezos pushing into outer space, Flagler spent what today would be billions developing land in Florida and building a railway to and through it. This opened the state to freight and passengers, and the madness of the bubble began. Where mere mortals saw swamps, clouds of mosquitos and It all started with Standard Oil money. Henry Flagler, Rockefeller’s partner (who John D. called the brains of the Standard Oil Trust) retired from the company and discovered the new frontier – Florida. Like a Jeff Bezos pushing into outer space, Flagler spent what today would be billions developing land in Florida and building a railway to and through it. This opened the state to freight and passengers, and the madness of the bubble began. Where mere mortals saw swamps, clouds of mosquitos and impenetrable jungles, Flagler saw a potential wonderland.

In Christopher Knowlton’s excellent Bubble in the Sun, the young billionaires of the era flocked to the state, making it a high end, luxury destination for them and their kind. The book examines the excesses they went to, and how they built new fortunes selling their dreams (and their partying) to the rest of the country.

Over the (Roaring) 1920s, they would buy up raw land, subdivide it and put it on the market. Like bees to honey, people literally threw money at brokers to own their own piece. Knowlton relates how new records were set every time a development came to market, with millions committed on the first day of sales alone. At one point, he says, people were literally throwing checks at brokers, which had to be collected in a barrel because they couldn’t fill out the contracts fast enough. By the height of it all, there developed a shortage of police, because so many quit to become real estate agents.

The book thoroughly profiles the highflyers of the bubble, in all their anachronistic and anarchistic character. William Jennings Bryan, who got dragged into it as a shill, admitted “Coral Gables is the only city in the world where you can tell a lie at breakfast that will come true by evening.”

My own favorites are the Mizner brothers, the architect and the grifter, who rose to national fame on the back of the bubble. I treasure my first edition of Alva Johnston’s profile of them (The Legendary Mizners, 1952), and Knowlton gives him credit as he digs into the lives of all these hustlers from across the country and a couple from Europe too. They made billions in a short time, then lost it all and more even faster.

One was a bicycle racer who made his first fortune repairing bicycles in Indianapolis. Bikes had recently replaced the unworkable penny-farthings and become all the rage. He turned out to be quite the showman. After building the Indianapolis 500 Speedway, he took on Florida, where among other things, he developed cheesecake – the photos of young women in bathing suits that made the rest of the country wonder what they were missing. Like all of them, the bubble’s instability escaped him, and he died essentially penniless. Another megastar ended as a failing real estate agent, another became a beggar, and at least one committed suicide. Several blew their massive inheritances trying to make their own fortunes. These were people who until recently had fleets of buses and limousines circulating all over the southeast, bringing prospects to see for themselves. One employed an elephant as a golf caddy. They built world class marketing organizations so their projects were always in the newspapers all over the country. Prohibition was openly laughed off. Parties were everything.

The signs of a bubble were there, but everyone carried on regardless. Then a series of hurricanes wiped out almost everything they had built, and scared off new prospects. Even Flagler’s railway to the Florida Keys was torn to shreds, and no one raised their hand to restore it. Land prices plunged, banks closed, lending ceased, investors vaporized. The stock market crash of 1929 was the final nail, plunging the whole country into a depression the likes of which had never been seen in America. Nobody wanted to buy anything in that atmosphere. Nobody gave Florida another thought.

A new generation of billionaires scooped up the remains at bargain prices and the cycle has of course repeated. Today, it’s rising seas and more violent hurricanes that are the primary threats, but that has stopped nothing in the way of land development. As long as prices are rising, everyone is happy to dive right in.

There are three things that make Bubble in the Sun outstanding, besides the characters, who wrote themselves for Knowlton. He is careful to put things in perspective, because we take so much for granted. He explains the rolling daisy-chain effects of the depression so readers can see how it deepened and took Florida down. He explains the monetary policy of the era, banking policy as it was then, and always tells readers what a dollar amount would mean in today’s money. All this keeps the book from being just a flat history that today’s readers could not relate to. This adds tremendous value.

Knowlton also seems to have tapped everyone in the world for their takes on the players and the era. He assembled everyone’s contributions into an easy-reading, engaging and often exciting tale that is seamless where it could easily have been disjointed. A tremendous amount of work went into Bubble in the Sun, and it wears well.

Finally, he is very clear on the racism of the builders. Communities had in their very contacts that no one could sell to a non-white. Blacks could work in construction or service (after protests by a megarich doyenne to the state about her need for servants), but lived in shantytowns far away. That this was normal for the times is no excuse. These innovative builders missed a huge opportunity to make a real difference. But the difference they were after was who died with the most toys.

I was particularly taken with Knowlton’s emphasis on Marjory Stoneman Douglas, born and raised in the Miami area – the only one. She started out in journalism because her father ran the paper, but developed into a national storyteller for the Saturday Evening Post. She lived alone, appreciating more and more the nature she grew up with as the developers made it disappear. She became a rabid environmentalist, attempting to stanch the destruction of the Everglades, the main source of freshwater in the state. As Frank Barbour said in 1944: “It was an easy state for man to ruin and he ruined it with ruthless efficiency.” She outlived all of the other characters, getting a Congressional Medal of Honor from the president at the age of 103. She was a product of the bubble, one that turned out far better because of it, and far better than all the celebrity developers combined. Knowlton acknowledges her outsized contribution to there being more to life than making billions destroying a state.

David Wineberg ...more

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Jan 19, 2020 Michael Perkins added it

I've done a bestseller on the tech stock bubble, so the dynamic of this bubble, especially the irrational psychology behind it (FOMO) was very familiar.

The book really has no story arc. It's largely episodic, full of a lot of detail, which makes for a choppy read. But I think the formula was clear. The tycoons were selling average people something that was too good to be true. They were told there was a chance you could "flip" the "land" you bought to someone else and pocket the gain. Too much ...more

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Jan 05, 2020 Amy Robertson rated it really liked it

Shelves: 2020-releases, netgalley

Thank you to Simon and Schuster and NetGalley for an advance of this title in exchange for my honest review. Bubble in the Sun, by author Christopher Knowlton , was like reading about the Gold Rush, of the West, but rather the land rush of the state of Florida. From early discovery of Florida's beaches, to the purchasing of land, through the industrialization of the state, to development, and marketing, Knowlton creates a picture of wealth and glamorous living. We learn of the railroad expansion Thank you to Simon and Schuster and NetGalley for an advance of this title in exchange for my honest review. Bubble in the Sun, by author Christopher Knowlton , was like reading about the Gold Rush, of the West, but rather the land rush of the state of Florida. From early discovery of Florida's beaches, to the purchasing of land, through the industrialization of the state, to development, and marketing, Knowlton creates a picture of wealth and glamorous living. We learn of the railroad expansion and the hotel industry. The billions of dollars dumped into the creation of this, America's new playland, were astronomical, by the standards of then and now. Developers and investors were not interested in keeping up with one and other. Bigger, better, newer, more luxurious and more outrageous were the expectations.

The book goes on to follow the dreams of the movers and shakers of the prospect. The many interesting stories and people were shared in great wonderment and detail. Everyone wanted a piece of this action and there was no shortage of buyers. The prohibition was in full swing, but in Florida, the excesses of alcohol and luxury partying were welcome. People could not get enough or fast enough. At one point in the book it states "4000 people were entering Florida daily by car, an additional 3,000 by train, and hundreds more by ship". The author tells us this is a conservative estimation and does not include vacationers, snowbirds, retirees, etc. Populations soared, realty was booming, and the money flowed.

Finally, as all good things must come to an end, it was the natural disasters of Florida hurricanes that burst it's economic bubble and broke the state of financial strength. This not only devastated investors and developers, but shut down banks and sent people fleeing the state. All those involved were left destitute and broke. They lost, and they lost big, most never again to regain their fortunes and inheritances. Coinciding with Stock Market Crash of 1929, the Florida Sun Bubble became nothing but a poor investment example in greed and excessive overspending.

Very interesting read. Certainly a topic in which I had never considered. Full of fast talkers and big spenders, glitz, and doom. Maybe a bit lengthy, but I would recommend this read.

#netgalley #simonandschuster #bookreview @Bubbleinthesun #nonfiction ...more

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Feb 08, 2020 Rita Ciresi rated it really liked it

For fans of Florida lore. Of special interest to me were the stories of architect Addison Mizner and the mysterious disappearance at sea of D.P. Davis, founder of Davis Islands.

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Jan 14, 2020 S. Smith rated it it was amazing

The author's lively style matches the exuberant tempo of the times chronicled in this well-documented social, economic, and environmental history of boom and bust in Florida. His intriguing analysis of the Sunshine State's real estate craze during the 1920s and his memorable prose portraits of the wild, risk-taking characters who drove the development of South Florida will interest both general readers and specialists. Note: The publisher supplied an advance reading copy via NetGalley in ...more

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Dec 13, 2019 Sue Fernandez rated it really liked it

Thank you to Simon and Schuster and NetGalley for an advance of this title in exchange for my honest review. I didn't know what to expect from this book, but it looked interesting. I wanted to see where it was going. I'll warn you that the foreward/beginning of the book is a bit slow, but once you get past that the book is so very interesting. Florida was a swamp, and it became a place for the elite to play.
One thing I loved was the author's ability to describe the people, the place and the ...more

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Nov 25, 2019 Online Eccentric Librarian rated it it was amazing

Shelves: arc, non-fiction, historical

More reviews at the Online Eccentric Librarian http://surrealtalvi.wordpress.com/

More reviews (and no fluff) on the blog http://surrealtalvi.wordpress.com/

Bubble In The Sun is a thoroughly researched and engagingly written history of the Florida land boom in the 1920s. The book focuses mainly on four real estate speculators: Carl Fisher in Miami Beach, Addison Mizner in Palm Beach and Boca Raton, George Merrick in Coral Gables, and David Paul D. P. Davis in Tampa and St. Augstine. But other important individuals such as Henry Flagler (investor) and Marjory Stoneman Douglas (writer and preservationist) receive attention in this account of how Florida went from swampland to exotic hotel escape and then to exotic and alluringly-named subdivisions in the span of a few short decades.

The history is chronological, starting with Henry Flagler arriving in Florida at the turn of the century and seeing opportunities in the seaside East Coast with its soft sand beaches and excellent weather. He built an initial infrastructure (railroads) to bring the people to Florida and then he built huge and exotic hotels that would cater to the wealthy New Englanders looking for an place for Summer Homes or upscale hotels. From there, the opportunists came and took huge risks and chances in buying and selling Florida land for subdivisions.

Author Knowlton provides a lot of background information on each individual profiled as well as the environment in the country at the time. That big picture was useful to put everything into perspective but as a small nitpick was also bordering on overly tangential filler. But this is definitely not a book where you will be left with questions. If anything, I found myself next to the computer several times to look at old post cards and photographs of the original architecture (I wish there could have been images but understand the costs associated with printing images). The information is nicely presented in a conversational way, as if told by a great storytelling recalling his old days in roaring 20s Florida.

The writing is extremely engaging and we definitely get a feel for each of the individuals - their personality, drives, foibles, weaknesses, and exceptional strengths - along with the wives, friends, servants, etc. that enabled their successes or contributed to their downfalls. As well, other important aspects of the time such as racism and the fate of the black workers who toiled there are also given full treatment. It's a very well rounded approach that really gives a complete picture: the infrastructure, the money, the goals, the pitfalls, the crazy speculation, and finally the factors/events that contributed to the beginning of the Great Depression.

The subtitle gives the best indication of the focus of the book: it about defining how the Florida land speculation and development craze greatly contributed to the Great Depression. Knowlton is careful to separate the stock market crash as NOT being the beginning of the Depression and instead discusses all the signs that were foreshadowing 1929 (especially the sudden reticence/cessation of investments and speculation around 1926 in Florida). So although this may seem like a historical, in reality I would consider the history as fact building in order to support Knowlton's later assertion that Florida was a major cause of the Depression. Unlike many history books, Knowlton's writing isn't dry but it isn't meant to be a simple factual. He freely gives his thoughts and opinions throughout, most of which feel very rooted in facts and not hyperbole.

In all, I greatly enjoyed this book. It gave great perspective on Florida in the 1920s but also on the reasons why the Great Depression was inevitable. It was a period of wild speculation throughout the US but no where more concentrated than in land investment on both coasts of the State of Florida. All perpetrated by, to quote the book, "a handful of daring men who, eager for fame and wealth, took enormous risks to open up Florida for real estate development and then chased the boom to its ruinous conclusion." Reviewed from an advance reader copy provided by the publisher. ...more

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Jan 13, 2020 Susan rated it it was amazing

Shelves: 2020-reading-challenge

When a book is written this well history comes alive, in technicolor. It has it all - huge fortunes, huge homes, huge dreams and it all comes together to create the Florida we know today. Billions and billions of dollars spent by today's values and nothing was thought to be impossible. Family fortunes had been made in oil and sewing machines, chemicals and lumber and now that money was being spent to build a tropical playground for America. What a playground it turned out to be. From Flagler ...more

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Jan 18, 2020 O Prism rated it it was amazing

Wow! What a GREAT read! One of the best mystery/thrillers I’ve read recently! A tale of two sexual assaults, 25 years apart, woven together by a podcaster who inadvertently connects the two when a relative of the former crime anonymously contacts her pleading for her to investigate during her coverage of the present one. And how, does she connect! This story will make you think, and question what you believe wrt morals, ethics, and sexual assault/rape. This book had everything - who to trust or ...more

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Feb 14, 2020 Cian O hAnnrachainn rated it it was amazing

How appropiate that I chose this for my beach read on a sun holiday?

The premise for the book, that land speculation run amok caused the Great Depression, may be a bit of a stretch, but the book itself is fascinating. Quite a cast of characters went south and started selling bits of Florida, creating a cycle of buying and selling in a frenzy of speculation. Everyone wanted to strike it rich, but reality has a most unpleasant habit of inserting itself when least welcome. Mr. Knowlton takes the ...more

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Jan 14, 2020 Dale Dewitt rated it it was amazing

I loved this book. I found myself comparing the Florida land rush to the 2008 financial crisis and how uncontrolled greed in real estate effected every aspect of our economy. The cast of characters that basically created the Florida that we know today is amazing. These visionaries took what was swampland and converted into a state that is now the fastest growing in the country. I am a recent Florida transplant myself and you hear people lamenting the disappearance of "Old Florida" but in reading ...more

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Jan 14, 2020 Kristine rated it liked it

Shelves: amazon-reviewed

Bubble in the Sun by Christopher Knowlton is a free NetGalley ebook that I read in late November.

Chapters on the huge amount of housing and resort construction in Florida during the 1920s & 1930s, sprawling exploits and naughtiness, crime, racist violence, stormy weather, collapse of the stock market, and gambling amid quantitative (versus biographically qualitative) introductions to Floridian barons, mostly having to do with who can do what for how much and how fast; some dainty and prim, ...more

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Feb 16, 2020 Rachel Sharf rated it really liked it · review of another edition

A lot of research went on in the writing of this book (The bibliography list takes almost 1/3 of the book). As a Floridan, who does not know much about the beginnings of the current day S. Florida, I found the book illuminating. I also never connected Florida and the bubble it created, with the 1929 Depression. All in all interesting and enlightening.

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Feb 15, 2020 don rated it it was amazing · review of another edition

Fascinating and A MUST READ

An extraordinary trip back to the 20’s .
A tremendous read so insightful as to the flavor and excitement of the frenzy that enveloped the FLORIDA boom .
I could not put it down
Bravo!

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