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'Harry Potter': Why Did He Have so Much Money at Gringotts? New Secrets Revealed!

If you're a fan of the "Harry Potter" books, you might have wondered how Harry's family got hold of the Invisibility Cloak. Or why Harry had so much gold coins at Gringotts--was their family filthy rich?

Finally, after 18 years since the first book came out in 1997, fans got their answers, straight from the author J.K. Rowling herself. In Pottermore, Rowling's website dedicated to the beloved series, the British author released a new short story detailing Harry Potter's family background. We're breaking down what we've learned.

1.  The Potter family has a long history in the wizarding world, but they've always kept a low profile. Their first known ancestor was a 12th century wizard named Linfred, who lived with muggles all his life. He was great with medicinal herbs, often seen by his neighbors "potting around" with his funny plants. The nickname stuck, and Linfred kept the name. He went on to create several remedies and potions, including the Skele-gro (Harry used the very same potion in "The Chamber of Secrets" when Professor Lockhart accidentally made Harry's bones disappear).

The sales of these medicines were the start of the Potters' wealth.

2.  Lindfred's eldest son, Hardwin, married a witch named Iolanthe Peverell. She was the granddaughter of Ignotus Peverell, the youngest of the three brothers who cheated Death. His prize was the Invisibility Cloak, which he made a tradition of passing down to his eldest heir. In Iolanthe's generation, there was no male heir. Being the eldest daughter of the eldest son, Iolanthe inherited the cloak, passing it to the Potter family through her line.

3.  Linfred's direct descendant, Fleamont Potter, inherited the original Potter's love for potions. He invented the Sleekeazy's Hair Potion (the one used by Hermione Granger to fix her hair when she attended the ball at "The Goblet of Fire"). When he retired, he sold the company for a large sum of money (or gold, in the wizarding world), quadrupling their family's savings.

4.  Fleamont Potter and his wife, Euphemia, despite their wealth, were barren. To their shock, Euphemia conceived in their old age, giving birth to a son named James. James, as readers know, would have a son named Harry.

According to Wall Street Journal, J.K. Rowling is also working on a film adaptation of her book "Fantastic Beasts and Where to Find Them," and a stage play entitled "Harry Potter and the Cursed Child," to debut in London next year.


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