Nah he's New Money. His Grandfather came over after WWII and bought up apartments that they've built up since then expanding in commercial space(which is how they're in so much debt).
Real Old Money aren't generally that super wealthy but they have lots of assets and investments built over many generations that keep them very comfortable.
When you're Old Money you get into Ivy Leagues just because, Charles Kushner had to spend 2.5 million to get little Jared into Harvard. That's the most New Money thing you can do.
a lot of money for a piece of paper he probably never going to have to use