Pier Francesco, son of Lorenzo 'the elder' de` Medici, generally called Pier Francesco the Elder to distinguish him from his grandson of the same name, was eighteen when the family were banished, and he accompanied his father in their exile in Venice. In the following year they returned, and in a short time his uncle Cosimo became the chief power in the State; while the death of his father six years later left Pier Francesco head of his branch of the family. Like his father, he preferred a retired life; and though his share of the family wealth, divided between them in 1453, was nearly as great as that of his uncle Cosimo, he lived very quietly, taking little part in public affairs, and confining himself to the banking business of the family. Nor did he nourish any jealousy towards his uncle Cosimo and his cousins, Piero and Giovanni, on account of more exalted position they had come to occupy in the State. He was fifty when Cosimo Pater Patriae died, and he survived his cousin, Piero 'il Gottoso', seeing the first
seven years of the rule of the latter's son, Lorenzo 'il Magnifico'. Pier Francesco died in 1476 at the age of sixty-one. He married somewhat late in life to Laudomia Acciajoli, and left two sons, Lorenzo and Giovanni, aged respectively thirteen and nine when their father died. None of this younger branch possessed the financial talent which distinguished the elder branch, so that their wealth, instead of increasing, gradually diminished; but nevertheless Pier Francesco at his death left his two sons very rich.

Source: Artem Kaplan