Have been wondering the same thing... Have you had any luck in confirming this? I am researching the family as the Midland Railway was key in bringing cottagers to the Kawarthas and the Hugel families were one of the first to purchase land and build a cottage at Sturgeon Point. The 1860 US cenus for Philadelphia certainly indicated that his personal estate was valued at $10,000 and their home valued at $7,000. While paltry when compared to Astor, it was none the less a solid fortune for the period.

However the Baron part, I suspect, may have been self-styled as his son did not claim the title and most of the Baron von Hugels I can find are of Austrian origin.