 In 1907, Phipps established the Bessemer Trust Company to manage his substantial assets that would be shared by his offspring following his death.Phipps was also one of the pioneer investors in Florida real estate.At one time, he and his family owned one-third of the town of Palm Beach, 28 miles of oceanfront between Palm Beach and Fort Lauderdale, prime bayfront property in downtown Miami, and 75 square miles of land in Martin County.