In 1946, Davis married Marguerite Sawyer Hill,[2] the widow of James N. Hill.[4] Margaret was an art patron, socialite, and heiress to a railroad fortune.[2] She owned Big Tree Farm in Glen Head, New York, on Long Island.[4]
Margaret died at St. Luke's Hospital in Kansas City, Missouri, on March 18, 1948, of a heart attack. Davis received her nine-million-dollar fortune upon her death. He rebuilt and renovated his Glendale Farm in Independence. In 1949, Davis purchased the Claremont Estate in Colorado Springs, Colorado. The mansion, which he renamed Trianon, was sold to the Sisters of St. Francis Seraph in 1952.[2] Woodmen Sanatorium, also in Colorado Springs, was purchased by Davis in July 1950. His wife, Marguerite Davis, a railroad heiress died in 1948 and wished to have her fortune used for charitable purposes. The Modern Woodmen Sanatorium property and Trianon were sold to the Poor Sisters of St. Francis (Sisters of St. Francis of Perpetual Adoration) for $1 in 1952. The combined fortune that they received was worth $2,325,000 (equivalent to $27,222,955 in 2024).[7][8][9]
In the 1950s, Davis moved to Lima, Peru. While in London on a business trip, Davis died of a heart attack[2] on July 16, 1971. He had no surviving children.[4] His Princeton obituary stated that he lived a "colorful career" and spent $10 million during his "high-living days".[4]