|
THE MARSES
McLean.
Family
fortune shared by Forrest E. Mars Sr., 93, Forrest E. Mars Jr., 66, John
Franklyn Mars, 61, and Jacqueline Mars Vogel, 58. Candy company started
in 1911 by Frank and Ethel Mars. Since expanded into pet food, snack foods
and prepared foods all over the world, most recently Russia. Forrest Sr.
retired 1973. Runs Ethel M chocolate firm. Forrest Jr. now co-president
with brother John. Sister Jacqueline recently divorced Hank Vogel.
Net Worth: $12 billion
Confidence: B+
JOHN W. KLUGE
Charlottesville, New York and
Palm Beach.
82. Chairman of New Jersey-based Metromedia International
Group Inc., communications, media and entertainment company. German-born;
builds businesses from ground up. Started by investing $15,000 in Maryland
radio station. Assembled core properties that would become Fox network.
Pioneered cellular business in New York and New Jersey. Built nation's
fourth largest long-distance network. Metromedia this year agreed to sell
2,200 film and TV titles, including Oscar winners, "Dances With Wolves,"
and "The Silence of the Lambs," to Metro-Goldwyn-Mayer for $573
million. Metromedia will turn attention toward developing wireless cable,
radio, telephone and paging services in Eastern Europe and Far East. Recent
philanthropic gifts include more than $5 million to Library of Congress
for Internet project plus $1 million to University of Virginia School of
Medicine to establish urology professorship. Owns 10,000-acre Albemarle
County farm. Last month bought 7 percent of PHP Healthcare in Reston.
Net Worth: $10 billion
Confidence: A
THE McGLOTHLINS
Bristol and Grundy.
Record
earnings in 1996 for James W. McGlothlin and father Woodrow W. McGlothlin,
two of three partners in Bristol-based United Cos. "Nineteen ninety-six
was the best year ever for the oil and gas division," says Jim, 57.
"And so far in '97, it's been even better." Last year United
acquired half the assets of Northern Reef Exploration, a Canadian company.
Canadian and U.S. production increasing along with prices. United started
as coal mining company in Buchanan County. Coal now small fraction of company
profits. McGlothlin, an avid golfer, will increase golf holdings to 10
when four new golf courses are completed in near future. Crown jewels are
three courses associated with the St. Augustine Hall of Fame golf village,
where United owns interest in nearby shops and time-share villas. Meanwhile,
company optioned land in Gulf Port, Miss. United's investment corporation
had another banner year. So did mine-supply company, which is expanding
beyond coal business. Company's cogeneration plant in Nevada is doing "better
than we had hoped." Plant generates electricity for local power company
and steam for tomato hothouses. Even tomato production is swelling -- more
than 3.5 million pounds last year. Speculative investment in gold exploration
might pan out. Venture's partnership changed recently. McGlothlin hopes
new partner, Ashanti, will use proven ability to locate and mine gold on
United properties in Tanzania. McGlothlin investigating adding other businesses
to United's portfolio. Woodrow, 83, lives in Grundy.
Jim McGlothlin: $750 million
Woodrow McGlothlin: $750 million
Confidence: A-
THE GOTTWALDS
Richmond.
Family continues
to make big deals in chemicals and insurance. Ethyl Corp. (run by Bruce
C. Gottwald, 63) completed acquisition of Texaco's worldwide lubricant
additives business, boosting annual revenues by $300 million. Company needs
lubricant additives revenues to offset dwindling sales of lead-based fuel
enhancers. Family voted to sell insurance spinoff, First Colony Corp.,
(run by Bruce C. Gottwald Jr., 39) to G.E. Capital for $1.8 billion. Albemarle
Corp. (run by Floyd D. Gottwald Jr., 74) sold olefins business to Amoco
for $487 million. Tredegar Industries Inc. (run by John D. Gottwald, 42)
logging impressive profits ($45 million last year) for spinoff that started
with Ethyl's marginal misfits.
Net Worth: $1 billion
Confidence: B+
PAUL MELLON
Upperville.
90. An Anglophile
who has overcome the burden of his upbringing. "Wealth offers no immunity
against pain or sorrow." Mellon continues to generously donate works
of art. This year Virginia Museum of Fine Arts received bronze equestrian
statue. Last year museum got an oil on panel by Sir Alfred J. Munnings.
Honorary President of Virginia Historical Society, has donated well over
$300 million in paintings alone to the Virginia Museum and other galleries.
Purchased land for Cape Hatteras National Seashore reserve. Donated $1,000
to political coffers of ex-son-in-law, John Warner -- maximum allowed by
law.
Net Worth: $1 billion
Confidence: B+
THE TAUBMANS
Roanoke.
Advance Stores
Co. founder Arthur Taubman died in 1994 at 92. Started his first auto-parts
chain in Baltimore. Chain failed in 1930s. Started over in Roanoke, buying
three failing auto-parts stores. Advance Auto now has about 700 stores
in Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama,
West Virginia, Ohio, Pennsylvania and Kentucky. Estimated sales of $808
million and still growing. During World War II, Taubman helped about 500
European Jews escape to the United States by claiming them as "cousins."
Son Nicholas F. Taubman became president and CEO in 1969. Family this year
hired Goldman Sachs to pursue a buyer, but took company off market last
month.
Net Worth: $1 billion
Confidence: B-
THE BATTENS
Virginia Beach.
Frank Batten's
media company, Landmark Communications, owns seven daily newspapers, more
than 80 smaller publications and two TV stations. Properties include Weather
Channel, Virginian-Pilot, and Roanoke Times. Landmark started Internet
service provider InfiNet in 1994. Rapidly expanding venture is now jointly
owned by Landmark, Knight-Ridder and Gannett. Frank Jr., executive vice
president, is responsible for developing new investment opportunities and
acquisitions. Operating revenues exceeded $500 million in 1995.
Net Worth: $830 million
Confidence: B
THE SMITHS & KOGODS
Crystal City and
Washington.
Immigrant Charles E. Smith incurred major losses during
Depression, left New York in 1942, founded The Charles E. Smith Cos. in
1946. Passed away in 1995 at age 95. Firm is state's largest real estate
development and management company. Son, Robert H. Smith, 68, joined company
in 1950, and son-in-law, Robert Kogod, 66, came onboard in 1959. Took residential
portfolio public in 1994.
Net Worth: $600 million
Confidence: A
DENNIS W. BAKKE
Arlington.
51. Bakke and
partner Roger Sant started AES Corp. in 1982 with a $60,000 personally
guaranteed bank loan and ideas about competitive generation of electricity.
Today the company expects to have capacity to serve 50 million people by
year 2000. Gave $85,000 to Democratic National Committee last year.
Net Worth: $525 million
Confidence: A
ROGER W. SANT
Middleburg.
65. Started AES
Corp. with ex-Federal government energy executive, Dennis Bakke, in 1982.
Arlington-based company now owns 46 power plants in 16 countries with 14,000
employees and $5 billion market value.
Net Worth: $525 million
Confidence: A
ALICE FRANCIS DU PONT MILLS
Middleburg.
84. Daughter of A. Felix du Pont, a major owner of E.I. du Pont de Nemours
& Co. Alice was among first licensed American transport pilots. She
and late husband, James, flew single-engine airplane from New York to Buenos
Aires in 1946.
Net Worth: $500 million
Confidence: C+
THE CURRIERS
The Plains.
Andrea B.,
41, and Lavinia M., 40, serve on the board of nonprofit Friends of Bull
Run. Together have loaned or donated more than $2 million to the Virginia
Outdoors Foundation to help preserve land in Bull Run area. Have acquired
nearly 1,000 acres from foundation.
Andrea B. Currier: $250 million
Lavinia M. Currier: $250 million
Confidence: C
THE MERCHANTS
Manassas.
Family matriarch
is Mae S. Merchant, 74, widow of W. Caton Merchant, founder of Manassas-based
Merchant's Inc. With her three children owns mid-Atlantic auto-service
chain, which employs 1,800 and last year generated revenues of $230 million.
Net Worth: $420 million
Confidence: C
CARL W. SMITH
Charlottesville.
69. Runs
Amvest Corp. from Charlottesville, but heart of company is in Fola, W.Va.
Mechanized surface-mining operation there is exploiting one of few remaining
virgin fields of low-sulfur coal in Eastern U.S. Fola's location and transportation
setup allow it to compete in markets as far away as Canada, Michigan and
Wisconsin. With giant hydraulic shovels, Fola has boosted production to
4 million tons a year. Coal is loaded into 150-car "unit" trains
that roll over 16 miles of Amvest-owned track linked to CSX and Conrail.
Access to competing rail lines gives Smith more flexibility in negotiating
rates. With coal production stable in Virginia mines, Amvest is enjoying
record profits, but Smith is nervous about impending absorption of Conrail
by CSX and Norfolk Southern. Also worries about electric utility deregulation.
He expects power companies to close uncompetitive plants, which could cut
demand forcoal. Coal business tougher than ever, he says. But that's not
all bad. When competitors bail out, Amvest gets bigger and stronger. Smith
reinvests in industry he knows best.
Net Worth: $400 million
Confidence: A
THE OHRSTROMS
Middleburg and The Plains.
Magalen Ohrstrom Bryant, 68, and brother, George L. Ohrstrom, 69, inherited
small fortune from financier father, George L. Ohrstrom Sr. They hold big
stakes in Dover Corp. and Carlisle Cos. in New York. Bryant's family struggling
with Dulles Greenway, but she continues to hold on to first privately financed
toll road built in United States in 100-plus years. Family's original equity
of $4 million increased to $68 million before $326 million expressway opened
in 1995. Initial ridership on 14-mile road from Dulles to Leesburg was
below expectations, so owners reduced tolls from $1.75 to $1 last year.
Traffic beginning to top 30,000 mark on busy weekdays this spring. Owners
hope to refinance project and maintain control.
Magalen O. Bryant: $330 million
George L. Ohrstrom: $60 million
Confidence: B+
WILLIAM H. GOODWIN JR.
Richmond 56.
Sold AMF Bowling for roughly $1 billion last year. "Easing" out
of business. Word leaked out last fall that he was in market for timberlands.
In January, announced sale of AMF Bakery Systems for undisclosed sum. Still
has many other holdings: His companies make golf clubs, boating equipment
and textile machinery. Also leases computers, and has interests in Jefferson
Hotel in Richmond and Kiawah Island Resort in South Carolina. Chairs board
of trustees for new engineering school at Virginia Commonwealth University.
Net Worth: $375 million*
Confidence: B
ROBERT KOPSTEIN
Roanoke.
47. Principal
owner of Optical Cable Corp., maker of fiber-optic cable. Net sales in
first quarter of fiscal '97 rose to $12.5 million, up more than 20 percent
from same quarter in fiscal '96. International sales up. Company went public
in April 1996; stock soared in one of the fastest fortunes ever created.
Kopstein trained in engineering at University of Wisconsin. Went to work
in 1979 at ITT in Roanoke on military project to make combat-ready cable.
Saw commercial potential for the technology; with partners founded Optical
Cable with $500,000. Bought out partners to become sole owner.
Net Worth: $370 million
Confidence: A
E. CLAIBORNE ROBINS JR.
Richmond.
Patriarch
E. Claiborne Robins died in 1995, leaving money to alma mater University
of Richmond, Virginia Foundation for Independent Colleges, Robins Foundation
and Lewis Ginter Botanical Gardens. Remaining wealth shared by widow, Lora,
and children Ann Carol Marchant, 51, and E. Claiborne Robins Jr., 53. Robins
made fortune with pharmaceutical giant A.H. Robins Co. Son ventured into
pharmaceuticals again through ECR Pharmaceuticals, which distributes generic
prescription drugs to drugstores and pharmaceutical wholesalers in 10 Southern
states. His company, Robins International, owns air charter business and
fine wine distribution company in Richmond plus drug company in Switzerland.
Net Worth: $350 million
Confidence: B
THE LEWISES
Richmond and Middleburg.
Lawrence Lewis Jr. passed away in 1995. Owned stocks in everything from
General Electric to Intel. Widow, Janet Patton Lewis, and two of three
daughters, Janet Lewis Sauer and Kenan Lewis White, live in Richmond. Sister,
Mary Wiley, who owns other half of family fortune, lives in Middleburg.
Net Worth: $320 million
Confidence: B-
ROBERT E. LAROSE
Chantilly.
54. LaRose's
systems integration company, Universal Systems Inc., achieved record profits
on record revenues of $20 million in first quarter of 1997. USI develops
workflow systems to digitize and store information and make that information
easily accessible. In commercial arena, company is strong among pharmaceutical
companies, which manipulate vast amounts of data when conducting clinical
trials. In municipal market, USI working with Fairfax County and other
jurisdictions to store courthouse records electronically and make them
accessible to the public over the Internet. Company has landed large federal
contracts thanks to Vice President Al Gore's streamlining initiatives.
New federal procurement rules allow agencies to purchase off-the-shelf
software instead of custom designing everything. Entrepreneurial side of
company adapting to rapidly evolving technology and shortage of computer
programmers by emphasizing software and products that are easier to replicate
and deploy.
Net Worth: $300 million
Confidence: B+
RICHARD L. ADAMS
Herndon.
40. Founded
Herndon-based UUNet Technologies Inc. in 1987 "in borrowed office
space with volunteer labor," company reports say. Went public in 1995
and was among NASDAQ's top performers. In deal valued at $2 billion, merged
last year with MFS Communications, which later merged with WorldCom. UUNet
in February announced $300 million expansion of UUNet network to quadruple
capacity. Adams well-known for technical expertise and achievements. Remains
chairman and chief technical officer of UUNet. Is a founder and director
of Commercial Internet Exchange Association.
Net Worth: $300 million
Confidence: B
ATHALIE IRVINE SMITH
Corona Del Mar, Calif.
and Middleburg. 64.
Major collector of California impressionist art,
heiress to the fortune of the Irvine Co., which developed much of Orange
County, Calif. Battled the developer for eight years over the value of
shares in company. Smith and her mother settled for $128 million each in
1991.
Net Worth: $300 million
Confidence: B
THE KIRBYS
Surry County.
Ann Kirby Kirby,
heiress to variety store fortune founded by grandfather Fred Morgan Kirby,
died last July. Her father, Allan Price Kirby, was noted financier and
philanthropist. Ann Kirby Kirby moved with family to river plantation near
village of Claremont 20 years ago. Her widower, Lewis Kirby, still lives
there.
Net Worth: $275 million
Confidence: B-
EDWARD W. SCRIPPS
Palm Beach, Fla. and
Charlottesville.
88. Grandson of legendary newspaper publisher E.W.
Scripps. Sold Scripps League Newspapers to Pulitzer Newspapers in 1996,
is semiretired. Wife, Betty Knight Scripps, chairs the family's new company,
Scripps Enterprises Inc., a conglomerate of real estate, gas, oil, newspaper
and other interests.
Net Worth: $250 million
Confidence: A
THE FIRESTONES
Upperville.
Diana
Johnson Firestone, 64, is daughter of John Seward Johnson of Johnson &
Johnson fame. Husband, Bertram R. Firestone, 65, made money in real estate,
thoroughbred breeding and horse racing. The couple purchased two South
Florida tracks, Calder Race Course in 1988 and Gulfstream Park in 1990,
and quickly sold to Japanese investors in 1991.
Net Worth: $250 million
Confidence: A-
CARL D. SILVER
Fredericksburg.
71.
Made first business deal at 16, millionaire by 35. Wounded in World War
II. Moved used-car business to Fredericksburg in 1947. Switched to real
estate in mid-1960s. Developed Central Park, family entertainment center,
in Fredericksburg. Purchased land for the center in 1986, five hours after
death of former owner, who refused to sell to Silver. Owns or is on the
board of Carl D. Silver Auto Buying Co., Carl D. Silver Inc., Carl D. Silver
Co., Fredericksburg Finance Corp., Fredericksburg Insurance Agency Inc.,
Carl D. Silver Realty Co., Carl D. Silver Investment Co., Silver Development
and Silver Communities.
Net Worth: $218 million
Confidence:C
RONALD I. DOZORETZ
Norfolk.
62. Dozoretz
first opened a psychiatric hospital in Hampton Roads in 1966. Developed
chain of hospitals that sold in 1982 for $100 million. Founded First Hospital
Corp. in 1983. Organization has more than 20 psychiatric and addiction
centers throughout the U.S. and Puerto Rico. Despite being prominent money
man for Democrats, Dozoretz was member of "We're on Board with John
Warner" Committee last year.
Net Worth: $200 million
Confidence: C
THE SAUERS
Richmond.
C.F. Sauer Co.,
manufacturer of spices and extracts, was founded in 1887. Family owns 90
percent of business and runs the company. Expanded into other markets including
hardware and ice cream. Bought neighbor, Pleasants Hardware, in 1988 and
opened another Pleasants in Short Pump this year. Other subsidiaries include
Richmond-based Highs Ice Cream Corp., Dean Foods and Metrolina Plastics
Inc. of Richmond. Conrad F. Sauer III is chairman; Conrad IV is president.
Net Worth: $200 million
Confidence: C
THE UKROPS
Richmond.
James E. Ukrop,
60, and Robert S. Ukrop, 50, expanding supermarket chain beyond Richmond.
Have plans to open five more stores by 1999. This year announced plans
to open branch banks in stores. In Richmond, Ukrops has 5,000 employees,
a 34 percent market share and revenues of nearly $500 million.
Net Worth: $200 million
Confidence: C
THE ROBERTSONS
Virginia Beach.
Religious
broadcaster Pat Robertson, 67, says International Family Entertainment
is in negotiations with News Corp. and NBC to sell a substantial part of
company. Business Week reports that a sale to Rupert Murdoch's News Corp.
for about $1.4 billion would include premium for class-B shares, which
Robertsons hold in abundance. IFE properties include The Family Channel,
The Family Channel De Las Americas and MTM Entertainment. Robertson is
chairman of PorchLight Entertainment, StarGuide Digital Networks and Asia
Pacific Media Corp. Founder and chancellor of Regent law school. Robertson
and son Tim created IFE in 1989 to purchase Family Channel from Christian
Broadcasting Network, then took IFE public. IFE President and CEO Tim,
42, is eldest of four siblings. Graduated U.Va. and Gordon Conwell Theological
Seminary. In 1980 helped run new CBN station in Boston. Returned to Virginia
Beach, steadily climbed at company. Pat is son of late Sen. A. Willis Robertson.
Graduated Yale Law School in 1955, New York Theological Seminary in 1959.
Founded CBN by purchasing a Portsmouth TV station with $37,000.
Pat Robertson: $130 million
Tim Robertson: $60 million
Confidence: A-
THE BROCKS
Virginia Beach.
Macon F.
Brock Jr., 55, and his brother-in-law, J. Douglas Perry, founded K&K
Toys in 1969. Began Dollar Tree Stores Inc. in 1986 and built it into the
nation's largest $1 variety chain with 700 stores in 23 states. Acquired
Dollar Bill stores in 1996. Sales have subsequently increased by 64.2 percent.
Recently relocated from Norfolk to Chesapeake with $28 million investment
in 50-acre headquarters and distribution center. Wife, Joan Perry Brock,
also a major shareholder in company.
Net Worth: $170 million
Confidence: B-
THE PERRYS
Virginia Beach.
J. Douglas
Perry, 49, and wife, Patricia W. Perry, 47, share spoils of Chesapeake-based
Dollar Tree Stores Inc. with sister, Joan Perry Brock, and brother-in-law,
Macon F. Brock. In 1969 Perry and Brock started K&K Toys, which they
built into 130-store chain and sold in 1991 to Melville Corp. In 1986,
they opened five $1 variety stores in Virginia. Following acquisition of
Dollar Bill stores in 1986, now own 700 stores in 23 states.
Net Worth: $170 million Confidence: B
THE HYLTONS
Prince William County.
The late Cecil D. Hylton was prolific builder. Developed Dale City, a planned
community in Prince William County that offered affordable housing to metro
area workers. Family still active in real estate business he founded.
Net Worth: $160 million Confidence:B
T. EUGENE WORRELL
Charlottesville.
77. Bounced back from a failed GOP congressional bid in 1948 by joining
with investors to purchase liberal Bristol newspaper that skewered his
campaign. Sold newspaper chain in 1978 to son, Thomas E. Worrell Jr., who
tripled its size.
Net Worth: $150 million
Confidence: C
ARTHUR W. ARUNDEL
The Plains.
68.
Nick Arundel founded Arcom Publishing Co. in 1960. Publishes Northern Virginia
chain of weeklies, including Loudoun Times-Mirror and Fauquier Times-Democrat.
Member of Virginia Racing Commission, founder of 500-acre nonprofit Great
Meadow Field Events Center near the Plains. Also heads charitable Virginia
Gold Cup.
Net Worth: $140 million
Confidence: B
WILLIAM G. PANNILL
Martinsville.
70.
Inherited father's textile company, Pannill Knitting Co. Road the fleeced
sportswear craze into the '80s. Took company private in 1984, two years
later took it public again. Sara Lee bought company in 1989.
Net Worth: $135 million
Confidence: B
MARK R. WARNER
Alexandria.
42. Warner's
Columbia Capital Corp. keeps creating new niches in wireless communications.
Company owns big stake in Advanced Radio Telecom, which uses wireless technology
to complete "last-mile" link between businesses and fiber-optic
loops. ART went public last year. Another recent success was Digital Telephone
Service, which has bought rights to deliver satellite broadcasts to 1.5
million rural households. Few companies launched by Columbia Capital are
in Virginia, but Warner says he'd like to use contacts in wireless industry
to steer jobs and investment to downstate Virginia communities.
Net Worth: $130 million
Confidence: B
E. CARLTON WILTON SR.
Richmond.
75.
Developed much of Richmond's western suburbs. He and partners sold Regency
Square mall to Prudential for estimated $120 million in 1991. Still owns
and manages more than 1 million square feet of apartment space and 1.36
million square feet of commercial property, including shopping centers
and warehouses.
Net Worth: $125 million*
Confidence: A
THE STRICKLERS
Harrisonburg.
Strickler
brothers built Rocco Inc. into poultry-processing giant with annual sales
of $550 million. Robert, 68, no longer chairman. Chip, 57, still president
but battling cancer. Management shakeup last year produced new chairman,
new CEO and new CFO -- none of them Stricklers. Third generation of Stricklers
at Rocco includes five in middle management.
Net Worth: $120 million
Confidence: B+
THE BOTTOMS
Hampton.
Bottom and Van
Buren families shared ownership of Daily Press Inc. of Newport News, sold
in 1986 for $200 million. Raymond B. Bottom Jr. chairs Centennial Communications
Inc./WGNT-TV in Portsmouth. Barbara Bottom Forst owns Cinebar Productions
Inc. in Newport News.
Net Worth: $120 million
Confidence: B
THE GRAYS
Waverly.
Forty-some family
members are fourth-, fifth- and sixth-generation custodians of fortune
cut from lumber. Sold sawmill in 1992 and swapped three-fourths of timberland
for apartments, shopping malls and office buildings in Virginia, North
Carolina, Georgia and Florida. Senior custodian is Elmon T. Gray, 72.
Net Worth: $120 million
Confidence: B
THE VAN BURENS
Hampton and Norfolk.
Family sold 50 percent stake in Daily Press Inc. in 1986 for $100 million.
Patriarch is William Van Buren Sr. Son, William Jr., owns Old Hampton Book
Store. Grandson, William III, practices law.
Net Worth: $120 million
Confidence: B
ROBERT ROSENTHAL
Middleburg.
67.
Largest car dealer in state with 22 locations in Northern Virginia and
Washington, D.C. Sells new Hondas, Mazdas and Nissans plus used cars. Land
underlying dealerships accounts for much of his wealth.
Net Worth: $118 million
Confidence: C
JOSEPH W. LUTER III
Smithfield.
57.
Environmental accusations haven't hindered Smithfield Foods' growth. Acquired
Cincinnati-based John Morrell & Co. in 1995 in deal that nearly doubled
company's size. Last year purchased meat-processing division of Tampa,
Fla.-based Lykes Bros. Luter made two fortunes from this multibillion-dollar
company. Family sold stake for $10 million in 1969, but new owner struggled.
Board brought Luter back as president. Rebuilt his stake from zero to 26
percent in 1990. Dilution and divestitures have since reduced holdings
considerably.
Net Worth: $110 million
Confidence: B+
E. MORGAN MASSEY
Richmond.
70. Cleaned
up portfolio of foreign investments to concentrate on the one project with
greatest potential: a world-class Venezuelan coal mine. Major headache
was investment in Ecuadorian electric plant that turned sour last year.
Massey and family partnered with Old Dominion Electric Cooperative to address
major power outages in the capital of Quito by installing electric turbines.
The government promptly reneged on its payments. President of Ecuador was
run out of office, but Massey still couldn't get his money. Recovered two-thirds
of investment by selling out to an American company with Ecuadorian government
connections. Project in China has fared better. Plan is to collect methane
gas from coal seams and pipe it to industrial users in nearby city. After
conducting extensive exploration and drilling, Massey and partners sold
majority share to Phillips Petroleum. Massey and partners retain 12.5 percent
interest. Now free to focus on Inter-American Coal Holding N.V., a Venezuelan
coal company with 90 million tons of reserves. Company built production
to 1 million tons annually and plans to expand. Massey is working to take
company public or bring in outside investors. Family fortune was founded
on mining Appalachian coalfields, but opportunities are withering in America.
"There's no coal left in Virginia that's any higher than this desk,"
he says, pounding his stately office table. Just one seam in his Venezuelan
surface mine is 17 meters thick, which makes it much more economical to
extract. Massey sees tremendous potential in exports to developing nations.
Eighty-five percent of world's energy growth through 2013 will be in developing
countries, he says, and 80 percent of the electric energy will be generated
by coal. Massey's son, Craig, runs family's oil and gas business, which
has investments in central Appalachia.
Net Worth: $110 million*
Confidence: B+
DAVID P. REYNOLDS
Richmond.
82. Chairman
Emeritus of Reynolds Metals Co. One of Richard S. Reynolds' four sons,
David R. Reynolds made huge impact on firm through innovation. Spent more
money on advertising Reynolds Wrap than company made in first year sales
of product, and convinced Schlitz Brewing Co. to adopt aluminum labels
that wouldn't peel when wet.
Net Worth: $110 million
Confidence: B
WENDELL WOOD
Charlottesville.
56. Quietly
accumulated millions as a developer, principally in Charlottesville area.
United Land Corp. and other companies involved in range of projects, from
affordable housing to a U.Va. research park. Court testimony put net worth
at $25 million in 1991. Most recent project includes sale of roughly 28
acres near airport to U.S. Army National Ground Intelligence Center, an
espionage agency, for $1 million. Wood still owns more than 2,000 adjoining
acres. When he debuted on last year's list, told Charlottesville reporter
not to tell his wife or she'd stop mowing the lawn. Well? "She still
mows the lawn," he jokes, "but now I have to do the dishes."
Net Worth: $110 million
Confidence: C
THE WINKLERS
Alexandria.
Mark Winkler
died in 1970, leaving most of his fortune to his wife and three children.
Mark Winkler Co., headed by daughter, Tori Thomas, manages 5 million square
feet of offices and more than 15,000 apartments.
Net Worth: $107 million
Confidence: B-
MARIO M. MORINO
Great Falls.
53. Co-founded
software firm in 1973 and merged company with Duquesne Systems in 1989
to create Legent Corp. Retired in 1993. Fo-cuses on Morino Institute and
Potomac Knowledgeway to help businesses and communities tap Internet.
Net Worth: $100 million
Confidence: A-
ROBEY W. ESTES
Richmond.
76. Chairs
company founded by father, W.W. Estes, in Chase City in 1931. Son, Rob
Jr., 44, named president of Estes Express Lines in 1989. Company focuses
on high-value, time-sensitive cargo east of Mississippi River. Recently
formed partnership with other regional trucking companies called ExpressLink
to offer national service. Just-in-time inventory trend has generated growth
while competitors are contracting. Last year revenues were $310 million
with employment at 4,500. See entry for brother C. Edwin Estes.
Net Worth: $100 million
Confidence: B+
THE NUNNALLYS
Richmond.
Owned roughly
one-third of Richmond-based life insurer Home Beneficial. Sold company
this year to American General. Moses D. Nunnally Jr. chaired Home Beneficial
until 1982. Died in 1988, leaving stock in trust for wife, Janet P. Nunnally,
and daughter, Dianne N. Collins, 50.
Net Worth: $100 million
Confidence: B+
STEPHEN M. CASE
McLean.
38. Former marketing
man made millions co-founding America Online in 1985. Chairman, president
and CEO of largest consumer on-line service. Marketing blitz and unlimited
service created electronic logjams. Dogged by complaints and lawsuits over
busy signals and service outages. Forced into refunds, credits and other
measures. AOL cut back on marketing, focused on beefing up capacity. Last
year revenue exceeded $1 billion. Fourth-quarter earnings tripled. Case
called fiscal 1996 "our best ever.'' Partnerships with Microsoft,
Apple, AT&T and Netscape may lower costs and expand customer base.
Net Worth: $100 million
Confidence: B
THE WALKERS
Martinsville.
Sold family
textile company, Bassett-Walker Knitting, to VF Corp. in 1984 for more
than $50 million. L. Dudley Walker remains on board, but no longer runs
company.
Net Worth: $100 million
Confidence: B
C. DANIEL CLEMENTE
Vienna.
59. Georgetown
Law School graduate started own law firm. Ventured into real estate by
developing Brighton Mall in Falls Church. Managed or owned real estate
worth hundreds of millions of dollars. Also founded several banks, including
Community Bank and Trust in Springfield and First Commercial Bank of Arlington.
Assists candidates of both political parties. This year began developing
shopping center in Prince William County.
Net Worth: $100 million
Confidence: B-
C. EDWIN ESTES
Richmond.
73. Left family
trucking business, Estes Express Lines, and founded C.E. Estes Contract
Carrier in 1948. Acquired Great Coastal Express in 1959 and built highly
profitable regional carrier. See entry for brother Robey W. Estes.
Net Worth: $100 million
Confidence B-
THE GUMENICKS
Richmond.
Patriarch,
Nathan S. Gumenick, passed away last year at age 94. Nathan entered real
estate market during Depression and founded Gumenick properties in the
1940s. Children Jerome Gumenick, 69, and Harriet Gumenick Grandis, 73,
live in Richmond area.
Net Worth: $100 million
Confidence: C+
THE (IVOR) MASSEYS
Richmond.
Family
lore describes Ivor Massey, growing up in West Virginia hills, taking money
he was given to buy new shoes and putting it in the bank. A pilot in World
War I, Massey saved his entire pay and invested it in aviation stocks and
oil companies. Married Anne Holt, whose father took Burlington Mills public,
but never changed thrifty ways. Lived in same house for decades, drove
old cars, never used air conditioning. Accumulated millions before dying
in 1995. "Dad was a classic argument for being in the market long
term," says son, Ivor Massey Jr. Second of three brothers, Ivor Jr.
closed down his legal practice in South Florida and moved back to Richmond
in 1988 so his children wouldn't grow up in "land of flash and trash."
The younger Massey, now 50, helped his father administer his investments
and now runs the family's many trusts. Shares modest office in downtown
Richmond with his "Virginia 100" cousins, E. Morgan Massey and
William B. Massey. Owns a stake in Dominion Aviation Services, the fixed-based
operator at Chesterfield County Airport, as well as La Difference, a trendy
furniture store in Richmond. Massey also helped bankroll Macro-Sonix, a
Richmond company doing breakthrough research in acoustics, including a
new generation of super-efficient compressors.
Net Worth: $100 million*
Confidence: C+
GENE B. DIXON JR.
Virginia Beach.
Owns
The Cavalier hotel in Virginia Beach and Kyanite Mining Corp., which has
largest kyanite mine in world. Kyanite Mining is rural Buckingham County's
largest employer.
Net Worth: $100 million
Confidence: C
JOHN GRISHAM
Charlottesville.
42.
Born in Arkansas. Lawyer-turned-novelist. At 42, one of the most successful
writers of popular fiction. Has written seven books in eight years. Latest
book, "The Partner," has 2.8 million copies in print; "The
Runaway Jury" (1996) tops paperback list. Five novels already made
into films, three in production stages. "The Pelican Brief" premiered
at his 16th cousin's house: The White House. Hires lackeys to do his legwork
and legal team kept on retainer.
Net Worth: $100 million
Confidence: C-
THE OLSSONS
West Point.
76. Patriarch
Sture G. Olsson retired as chairman of Chesapeake Corp. in 1994 and enjoys
family farm on Pamunkey River. Son, Elis, 32, now serves on board of Richmond-based
paper products company. He is vice president, operations of Color-Box,
a Chesapeake subsidiary.
Net Worth: $90 million
Confidence: B+
D. TENNANT BRYAN
Richmond.
90. Chairman
of Media General Inc. and its predecessor, 1944-90. Recently retired from
board. Company holdings include this magazine, newspapers, TV stations,
cable systems and paper mills. In 1995 company spent $232 million to acquire
several newspapers. This year Media General acquired 10 TV stations and
28 newspapers from Park Communications for $710 million. In addition to
the Richmond Times-Dispatch, company owns daily newspapers in Lynchburg,
Charlottesville, Danville, Culpeper, Suffolk, Woodbridge, Manassas and
Waynesboro. New corporate headquarters under construction in downtown Richmond.
Net Worth: $85 million
Confidence: A
ALAN T. LINGERFELT
Richmond.
42.
As a teen-ager, operated heavy equipment and did field surveying for father's
contracting business. In late 1960s and 1970s, began converting family
business into Lingerfelt Development Corp. Sold company in 1995 to Pennsylvania-based
Liberty Property Trust for $70 million in cash and $14 million in partnership
shares. Lingerfelt Development, now a division of publicly traded Liberty
Property, manages more than 46 properties in Virginia, Maryland and Tennessee
with about 4.5 million square feet of industrial and office space.
Net Worth: $85 million
Confidence: B-
ALAN M. VOORHEES
Alexandria.
74.
Putting the Northern Neck on the map -- not with some new business venture
but by creating what may be the most sophisticated local-government Geographic
Information System (GIS) in the world. Paying for it out of his own pocket.
Started his career as an urban planner, sold his consulting firm then began
investing in other people's businesses. One was Autometric Inc., an Arlington
company that developed the mapping-guidance system for the cruise missile.
Another was a Fairfax company that digitizes aerial maps and leases the
data. Voorhees' consuming ambition in recent years has been to create a
GIS that state and local governments can use for transportation, land-use
and environmental planning. Spotted an opportunity in Westmoreland County,
where he owns a berry farm. Paid to install computers in four counties
-- Westmoreland, Northumberland, Richmond and Lancaster -- and paid buddies
at Autometric to convert different departmental data into common format.
Brought in the Virginia Department of Transportation, the Northern Neck
Electric Coop and the Northern Neck Planning District Commission, and figured
out way to tap NASA satellite-generated environmental data. Probably will
sink more than $200,000 into the project. Enthusiastic about prospect of
overlaying different sets of data -- roads, power lines, property lines,
building permits, tax assessments, topographical features, environmental
data, soil types, even crime statistics and 911 calls -- on maps. All information
will be accessible by Internet. Voorhees believes no one else in the world
has developed a GIS so comprehensive. He hopes system will be operational
by end of year.
Net Worth: $80 million*
Confidence: B
WILLIAM B. MASSEY SR.
Richmond.
Actively
manages portfolio acquired when family sold its stake in A.T. Massey Coal
Co. years ago. Still bullish, investing in long-term growth stocks. Particularly
likes prospects of pharmaceutical companies. Winters in Hutchison Island,
Fla. -- second home to others on The Virginia 100 such as Gottwalds, Wiltons
and brother Morgan -- but still calls Virginia home.
Net Worth: $80 million*
Confidence: B-
WILLIAM C. PALEY
McLean.
49. Heir of
William S. Paley, founder and chairman of CBS. Received share of $500 million
estate upon father's death, including proceeds of trust.
Net Worth: $80 million
Confidence: B-
F. WAYNE McLESKEY JR.
Virginia Beach.
73. Owns un-touched, undeveloped 34 acres on the waterfront, adjacent to
both Virginia Science Museum and the Virginia Beach vacation resort area.
Also owns more than $40 million in commercial real estate, and other properties
in Pennsylvania, Florida and North Carolina.
Net Worth: $80 million
Confidence: C+
THE LUCKS
Goochland County.
Charles S.
Luck III is chairman and CEO of Luck Stone Corp. Inducted this year into
the Greater Richmond Business Hall of Fame. Charles S. Luck IV, 37, spent
10 years in every phase of company before becoming president and COO. Operates
14 crushed-stone operations, four architectural stone centers, a sand and
gravel operation and Luck Properties, which manages the corporation's real
estate. In-law, C.B. Robertson III, is developing property in Goochland
County for Motorola. New Luck Stone operations include Deer Run Commerce
Center in Newport News and Blue Ridge Stone in Raleigh, N.C. In April,
received three Environmental Eagle Awards from National Stone Association.
Net Worth: $80 million
Confidence: C
WILLIAM A. HAZEL
Broad Run.
62. William
A. Hazel Inc. is largest utility contractor in Northern Virginia. Shares
real estate interests with brother Til, including land in Loudoun and Fauquier
counties.
Net Worth: $75 million
Confidence: A-
THE HERMESES
Martinsville.
Business
is booming for Irma Smart, daughter of Martin Processing founder Julius
Hermes. Smart Machine Technologies did about $8 million in business in
1996 and entered new year with strong backlog. German-born Hermes developed
novel textile-dyeing technology and built company around it. None of his
progeny wanted to run company when he died, so family sold its stake. A
few years later, Irma and husband launched their own business, which designs
and fabricates industrial machinery. Company is benefiting from widespread
retrofitting of pasteurizers in brewing industry. Net worth estimate includes
Hermes' wife and three other daughters.
Net Worth: $75 million*
Confidence:B+
WILLIAM B. THALHIMER JR.
Richmond.
83.
Great-grandson of founder of Thalhimer Bros. Inc. Became CEO of department
store chain in 1947. Sold to Carter Hawley Hale Stores in 1978. Retired
when Carter Hawley sold chain to May Department Stores in 1988. New owner
closed some locations and converted the rest to Hechts.
Net Worth: $75 million
Confidence: B+
HARRY F. BYRD JR.
Winchester.
81. Former
senator's wealth is in The Winchester Star and the Harrisonburg Daily News-Record.
In 1970, sold his share of family apple business to oldest son, Harry F.
Byrd III. Other son, Tom Byrd, is publisher of The Winchester Star.
Net Worth: $75 million
Confidence: B
STANLEY F. PAULEY
Richmond.
69. Led
management buyout of The Carpenter Co. in 1980 after death of founder E.
Rhodes Carpenter. Privately owned firm makes urethane foam for cushions,
padding and insulation. Last year revenues were $745 million and employment
was 6,500.
Net Worth: $75 million
Confidence: C
DAVID A. HARRISON III
Hopewell.
80.
Petersburg native. Graduate of U.Va. and U.Va. law school. Practiced corporate
law and investment banking. Retired in 1978. Bought 1,400-acre Flowerdew
Hundred plantation as retreat. Donates generously to alma mater: $15 million
in four years.
Net Wealth: $70 million
Confidence: B-
PATRICIA CORNWELL
Richmond and Los Angeles.
40. "Patsy" started career as a Charlotte Observer reporter.
In 1984, took job as technical writer at Virginia medical examiner's office,
which became backdrop for her popular character Kay Scarpetta. Universal
owns rights to "From Potter's Field," Cornwell's sixth book featuring
Scarpetta, the fictitious chief medical examiner. Wrote biography of Billy
Graham's wife, Ruth. Cornwell became entangled last year in real-life murder
plot when former FBI agent Eugene Bennett tried to kill his estranged wife,
FBI instructor Margo Bennett. In court testimony, Eugene Bennett claimed
that his wife's affair with Cornwell was one of the things that drove him
over the edge.
Net Worth: $67million
Confidence: C
JOHN T. HAZEL JR.
Broad Run.
66. Lawyer-developer
still active in Hazel & Thomas law firm. Advocate of higher education.
Co-owns Hazel/Peterson Cos., a Fairfax-based real estate development firm.
Company has built many prominent Fairfax County projects, including Fair
Lakes and Burke Center.
Net Worth: $65 million
Confidence: A
THE McMURTRIES
Richmond.
Kitchie
McMurtrie, 61, is daughter of late George C. Hillenbrand, key player of
his generation at Indiana-based Hillenbrand Industries. Company sells insurance
and makes health-care equipment, caskets, luggage and locks. Margaret,
known as Kitchie, married former state Del. Alexander B. McMurtrie Jr.
Son, Daniel H. McMurtrie, 32, owns Bullets, a Richmond-based chain of fast-food
restaurants.
Net Worth: $65 million
Confidence: B+
ALBERT G. VAN METRE SR.
The Plains.
71. Since 1955, his companies and partnerships have developed more than
7,000 homes in Washington area. His companies also do land development,
property management, mortgage services, title insurance, brokerage services.
Formed joint venture with Mobil Land Development Corp. to develop Broadlands,
a 1,500-acre, mixed-use project along Dulles Greenway in Loudoun County.
Project could include up to 3,800 homes and 4.1 million square feet of
office and retail space.
Net Worth: $65 million
Confidence: B-
MILTON V. PETERSON
Fairfax.
61. Principal
of H/P Cos., a real estate company, that has developed, leased or sold
more than 2 million square feet of retail space in Northern Virginia. Tenants
range from grocery stores to Wal-Mart and BJ's.
Net Worth: $65 million
Confidence: C
JOHN G. BALLENGER
Middleburg and Potomac,
Md.
65. Co-founded Maryland- based Computer Data Systems Inc. in 1968.
Spent 17 years as chairman and president of Herndon-based systems integrator
C3 Inc. Started Chantilly-based Computer Equity Corp.in 1986, currently
president. Company specializes in telecommunications and computer telephony.
Postponed plans to go public last year.
Net Worth: $62 million
Confidence: A
JOHN D. PHILLIPS
Atlanta and Sea Island,
Ga. and Albemarle County.
55. Originally from Hampton. Until December
was president and CEO of John Kluge's Metromedia International Group. Stepped
down to explore overseas wireless and cellular communications deals. In
past two decades built and sold three companies, including two that helped
form what is now WorldCom. Met Kluge in 1980s. Remains Metromedia's second
largest shareholder. Recently bought historic Airslie Estate and adjoining
Findowrie Farm in Albemarle County. Splits time between three homes. "I
keep a blue blazer and a pair of Weejuns at each," he says, "which
I figure will get me in anywhere."
Net Worth: $62 million Confidence: A
J. GRAY FERGUSON
Charlottesville.
58. Entrepreneur who began at American Safety Razor in 1970. Climbed to
top and sold company in 1989, netting $40 million. Owns weekly newspapers
in Virginia. Sold Roanoke investment banking firm Ferguson, Andrews and
Associates in 1995 to Davenport & Co. of Richmond.
Net Worth: $60 million
Confidence: B
THE NOLANDS
Newport News.
Lloyd U.
Noland Jr. grew father's plumbing supply business, founded in 1915, from
$60 million in sales in 1952 to $400 million when he retired in 1987. Son
Lloyd U. Noland III, 53, now at helm. Family owns 56 percent of corporation's
stock. Noland Co. is wholesaler of mechanical equipment and supplies, operating
107 locations in 14 states.
Net Worth: $60 million
Confidence: B
JOHN W. SNOW
Richmond.
57. Chairman,
president and CEO of CSX Corp. Earned his pay last year in negotiations
with Norfolk Southern and Conrail over planned merger. Ph.D. in economics
from U.Va., law degree from George Washington University. Left ivory-tower
career for high-level posts with U.S. Department of Transportation, National
Highway Traffic Safety Administration. Joined CSX in 1977, worked up to
chairman in 1991. Director of NationsBank, Bassett Furniture Industries,
Circuit City and Textron. Consistently ranks among Virginia's highest-paid
public-company executives.
Net Worth: $60 million
Confidence: B
EDWIN A. JOSEPH
Gloucester
County.
69. Owns Newport News-based Great Atlantic Real Estate/Property Management
Co., one of largest companies of its kind in Southeast. Manages nearly
$1 billion in property in 25 states. Helped form the Peninsula Economic
Development Council in late 1970s. Chaired Governor's Job Training Coordinating
Council and Virginia Water and Sewer Authority.
Net Worth: $60 million
Confidence: C
FRANCIS L. LEONARD
Bristol.
63. Owns
Bristol-based Electro-Mechanical Corp., a manufacturer of products used
in power generation and transmission. Resident of Tennessee side of Bristol.
Company has plants in Virginia, Alabama and Texas. Helped rescue Charter
Federal Savings Bank of Bristol from insolvency by investing $5 million
of his company's money in the struggling thrift after federal regulators
threatened to close it down.
Net Worth: $60 million
Confidence: C
MAX PEARSON
Richmond. 77. Self-made man who
progressed from driving cabs in Washington, D.C., after WWII to owning
15 car dealerships in Virginia, Florida and Texas; nine radio stations
in Missouri, Arkansas and Virginia; two insurance companies; and various
real estate holdings. President of The Pearson Cos., a family owned corporation.
Grew up in Arkansas and has reputation as humble and charismatic individual.
Net Worth: $60 million
Confidence: C-
|
