The meetings were held in luxurious surroundings, as Houghton became the perfect home for WalpoleвЂ™s vast art collection including works by Rubens, Rembandt, Van Dyck and VelГЎzquez. When he became a politician and eventually Prime Minister he would often host meetings with members of his Cabinet, which became known at the time as the вЂNorfolk CongressвЂ™. The house was used by Walpole to host a variety of parties for the Norfolk gentry, whilst visits from Royalty were also commonplace. The building began its construction in 1722 and was completed thirteen years later. His economic foresight allowed him to construct the extravagant Houghton Hall which can be visited today. Fortunately for a young Walpole his personal wealth remained intact and growing as he had been buying from the bottom and selling at the top of the market allowing him to increase his wealth considerably. The resulting South Sea crisis was an economic catastrophe which hit Europe causing suffering for many who had invested in this venture. With the shares increasing companies were launched in a frenzy of activity which ultimately concluded with the economic вЂњbubbleвЂќ bursting. Unfortunately, rapid speculation on the markets grew out of control with everyone wanting a piece of the action.

The South Sea Company as it was known was a British joint-stock company used for reducing the national debt. An enormous responsibility for a twenty-four-year old just out of university.ДЇortunately for Walpole he possessed a great deal of business acumen as well as academic skill and whilst he was still very young he had bought shares in a company which had a trading monopoly with South America, the Caribbean and Spain. Only two years later his father died, leaving Robert the successor to the entire Walpole estate, which included one manor house in Suffolk and nine in Norfolk. Walpole however was forced to reconsider his plans when on 25th May 1698, after hearing news that his last remaining elder brother Edward had passed away, he left the college to help his father manage the family estate. With his impressive scholarly credentials, he made the natural progression to KingвЂ™s College Cambridge, with the intention of becoming a clergyman. The young Robert Walpole attended a private school in Norfolk and in 1690 entered the esteemed Eton College where he gained an excellent academic reputation. He came from a high ranking, important family with political links that would prove vital for his future career. Walpole was born in Houghton, Norfolk, the son of Robert Walpole senior, a Whig politician who served in the House of Commons, and his wife, Mary Walpole, a member of the gentry, daughter of Sir Geoffrey Burwell of Rougham. On 26th August 1676 Sir Robert Walpole was born, a man who would become not only BritainвЂ™s first Prime Minister, but also the longest serving Prime Minister in British history.

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