Entrepreneur, Philanthropist. As a child, he was a friend and neighbor of Andrew Carnegie in Philadelphia and later became a partner of Carnegie in the Carnegie Steel Company. He became very wealthy as the company's second largest shareholder. After selling his stock in Carnegie Steel he donated his time and money to causes such as the Phipps Conservatory and Botanical Gardens in Pittsburgh, the Phipps Institute for the Study, Treatment and Prevention of Tuberculosis at the University of Pennsylvania, and the Phipps Psychiatric Service at Johns Hopkins Hospital. The latter was the first inpatient mental health facility attached to an acute care hospital. Phipps was also a real estate investor. He owned the property in New Jersey now known as Island Beach State Park and he also owned considerable property in Palm Beach and Fort Lauderdale, Florida. The Phipps family donated the ocean-front property now known as Phipps Park to the town of Palm Beach. Phipps died in Great Neck, Long Island, New York. His funeral was held at Protestant Episcopal Church of the Advent in Westbury, Long Island and he is buried in the Westbury Friends Cemetery.