THE
PROFILES
|
|
 |
| |
|
|
MARS
FAMILY
McLean and Arlington. Candy empire started
by Frank and Ethel Mars in 1911 now has more than five product groups,
including pet care, snack foods, main-meal foods, electronics and drinks.
Mars products reach more than 100 countries. Product stable includes Whiskas,
Uncle Ben's Rice, Dove ice cream bars, M&Ms and Milky Way. Riches of
privately held and publicity shy firm shared between patriarch Forrest
E. Mars Sr., who's 95 and lives in Palm Beach; daughter Jacqueline Mars,
60, who lives in New Jersey; and sons Forrest Jr., 68, who lives in McLean,
and John Franklyn Mars, 63, who lives in Arlington. Recent publication
of book by former Washington Post reporter Joel Glenn Brenner, "The Emperors
of Chocolate: Inside the Secret World of Hershey and Mars," reveals all
is not sugar sweet at candy giant.
Net Worth: $16 billion*
Confidence: B+
JOHN W. KLUGE
Charlottesville, New York and Palm Beach. 84. Chairman of New Jersey-based
Metromedia International Group Inc., communications and media company.
German-born, immigrated to Detroit in 1922. Loves low-tech: Ponderosa steak
house, coin-operated laundries. Founded Metromedia Co., one of the nation's
largest private companies, in 1960. Owns more than 1,000 Bennigan's, Steak
and Ales and Bonanzas worldwide. Built nation's fourth largest long-distance
network. Biggest news this year came with Metromedia Fibernetwork, a provider
of high-bandwidth telecommunications. Kluge initially invested $30 million
in the company and made more than $1 billion from it in 1998. Gave $110
million to Columbia University for minority scholarships. Owns 10,000-acre
farm in Albemarle County.
Net Worth: $11 billion
Confidence: A
BATTEN FAMILY
Virginia Beach. Frank Batten's Norfolk-based media company, Landmark
Communications, owns seven daily newspapers plus more than 80 smaller publications
and TV stations. Employs 4,500 people. Properties include Weather Channel,
Travel Channel, Virginian-Pilot and Roanoke Times. Landmark and Cox Enterprises
jointly own Trader Publishing Co., a nationwide publisher of Auto Trader
and classified advertising publications. Frank Sr. is chairman of executive
committee, heads philanthropic Landmark Foundation. Frank Jr., 40, now
chairs Landmark's board.
Net Worth: $1.3 billion*
Confidence: B
GOTTWALD FAMILY
Richmond. Ethyl Corp. stock was casualty of price wars in markets
for petroleum additives. Shares of company, run by 65-year-old Bruce C.
Gottwald, fell below $3.50 before bouncing back to $5 this spring. Albemarle
Corp. -- run by brother Floyd D. Gottwald Jr., 76 -- is an Ethyl spinoff
that produces specialty chemicals. As of May, Albemarle was in bidding
war for London-based Albright & Wilson, a specialty chemical company
more than 50 percent bigger than Albemarle. Albright & Wilson's board
asked shareholders to approve Albemarle's latest bid of $790 million. Tredegar
Industries -- run by Floyd's son, John D. Gottwald, 44 -- is another Ethyl
offspring. Company manufactures aluminum extrusions and plastic films.
Last year Tredegar purchased several aluminum plants, including three from
Richmond-based Reynolds Metals. Tredegar started out as the grab bag, but
now it's family's prime performer.
Net Worth: $1.2 billion
Confidence: B+
ROGER W. SANT
Middleburg. 68. Pops in and out of billionaire club according to
vagaries of AES stock price. Investments in emerging markets and devaluation
of Brazilian real took global energy company's stock price for a ride in
1998, but earnings per share increased 50 percent. AES's radical approach
to business guided by four principles: fairness, social responsibility,
integrity and fun. AES co-founder Dennis Bakke says
he and Sant have a "special relationship. He was always a mentor." Although
Sant is "15 years older than me ... and a nonpracticing Mormon," Bakke
says: "In reality our values and principles are so close it's scary."
Net Worth: $1 billion
Confidence: A-
DENNIS W. BAKKE
Arlington. 53. Bakke's 1999 compensation at AES wouldn't buy five
minutes at a parking meter; relies solely on stock options. But don't cry
for Argentina or any of the 20 other countries where AES has operations:
With AES trading around $50, Bakke floats in and out of billionaire status.
"It's by the grace of God that [AES and its stock price] have stayed there,"
he says. Annual letter to shareholders addressed a problem thus: "We admitted
our mistake, apologized and asked for forgiveness." Perhaps this is the
same advice Bakke gave President Clinton, his friend of 14 years. Bakke,
a devout Christian, views his wealth with detachment: 95 percent is "geared
to be given away." Main charitable vehicle is the Mustard Seed Foundation,
which funds scholarships and Christian ministries around the world. Bakke
says challenge of wealth is that when money no longer limits one's actions,
"every decision has to be based on something else." Beliefs translate into
corporate philosophy. Avid sportsman: plays golf, runs, plays basketball
with kids from Rivendell School, which he and wife, Eileen, started, and
coaches own kids in sports. "If I wasn't doing this I'd be a high school
football coach," Bakke says.
Net Worth: $900 million*
Confidence: A
THEODORE J. LEONSIS
Great Falls. President of America Online Studios since 1996. Previously
president of Redgate Communications Corp., which he founded in 1987 and
sold to AOL in 1994. Joined the latest trend of high-tech executives buying
sports franchises when he and partners agreed to pay more than $200 million
for the National Hockey League's Washington Capitals and other sports properties.
Net Worth: $900 million
Confidence: B+
SMITH/KOGOD FAMILY
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. Died in 1995 at age 95. Son, Robert
H. Smith, 70, joined company in 1950, and son-in-law Robert Kogod, 67,
in 1959. Built company into the state's largest real estate development
and management company. Took residential portfolio public in 1994 as Charles
E. Smith Residential Realty Inc. Market value approximately $2 billion
with portfolio, existing and under construction, of more than 23,000 residential
units. Consolidated office buildings during 1997 and 1998 into Charles
E. Smith Commercial Realty L.P., a private master limited partnership with
more than 10.7 million square feet owned and 25 million square feet managed
and an asset value in excess of $2 billion.
Net Worth: $800 million
Confidence: A
SINGHS
Mount Vernon. Rajendra, 44, and Neera, 40, saw their net worth
take a tumble along with the share price of LCC International, the wireless
telecommunications company they founded. This followed the departure of
two CEOs plus economic turmoil in Asia Pacific, soft U.S. wireless engineering
market, and tough competition in software and hardware products. But now
that Raj Singh is back in the saddle as interim CEO "to re-energize the
company's traditional business and help achieve the company's operating
targets," the share price is trading above $4. Singh is also on the board
of Teligent, another publicly traded telecom company. Singhs own over 40
percent of company, largely through Telcom Ventures, a private company
through which they make most of their investments.
Net Worth: $770 million*
Confidence: B+
RICHARD ADAMS
Fairfax. 42. Extremely media shy. Holds several computer science
degrees from Purdue University. Founded UUNet Technologies in 1987, provided
Internet access, applications for scientists, researchers. Went public
in 1995. Merged with MFS Communications in $2 billion deal, then WorldCom
acquired MFS. Chairman and chief technical officer of UUNet, now the Internet
services division of MCI WorldCom.
Net Worth: $750 million
Confidence: B+
STEPHEN M. CASE
McLean. 40. Born and raised in Hawaii. Former marketing man made
millions after founding America Online in 1985. Chairman and CEO of AOL.
Company has grown, but still has laid-back, youthful feel, partially due
to Case. Heads to work in oxford and khakis. Once modeled for Gap ad. Biggest
news of 1998: Made a dizzying array of mergers, alliances and product releases
during the year. Completed acquisition of CompuServe, acquired Mirabilis
LTD and its ICQ chat technology. Also announced acquisition of Netscape
and strategic alliance with Sun Microsystems. AOL no longer depends only
on subscriber fees, but taking in more electronic-commerce dollars. First
Internet company to join Standard & Poor's 500 stock index. Number
of subscribers increased by 4 million in 1998 to 15 million.
Net Worth: $730 million
Confidence: B
JAMES V. KIMSEY
Arlington. 59. Dulles-based America Online founding CEO and chairman
emeritus. Director for Capital One Financial Corp., a financing company,
Capital One Bank and EduCap Inc. On advisory boards of Batterson Venture
Partners, Carousel Capital and Lafayette Equity Fund. During past 20 years,
Kimsey has founded and served on the boards of a number of D.C.-area businesses.
In April joined with Phoenix-based developer Sam Grossman in bid for the
Washington Redskins and Jack Kent Cooke Stadium. That high-powered investors
group, which didn't end up with the team, included former coach Joe Gibbs,
J.E. Robert Cos. founder Joseph E. Robert Jr. and
Federal Express founder Fred Smith. Kimsey graduated from U.S. Military
Academy at West Point in 1962, studied at Georgetown University. Served
in Army as an airborne ranger, one tour in Dominican Republic, two tours
in Vietnam. During first tour in Vietnam instituted an orphanage there,
which he continues to support. Remains active in more than two dozen boards
for nonprofit and national security organizations.
Net Worth: $700 million
Confidence: C
RICHARD D. FAIRBANK
McLean. 48. Chairman and CEO of Capital One since 1995. Born in
Northampton, Mass. Graduated Stanford University with MBA in 1981. Recruited
by Signet to run credit card division. By late l992, direct-mail and telemarketing
approach started to come together. Signet spun off division as Capital
One of Falls Church, now among nation's top credit card issuers. Fortune
magazine rated Capital One 41 on list of top 100 places to work. It was
the only Virginia-based company listed. Since company began in 1992, earnings
have grown 700 percent, the customer base has increased 800 percent, and
the stock price has surged 1,200 percent.
Net Worth: $660 million
Confidence: B
CRAIG A. WINN
Charlottesville. 44. Principal founder of online retailer Value
America. Part of team that created Price Club stores. Wrote the plan for
Value America 22 years ago and decided to follow through with it after
selling Dynasty Classics Corp., a decorative and fixture lighting company.
With co-founder, Rex Scatena, whom he met on a
golf course in Hawaii, moved from California in 1996. Adjusted company
plan for the Internet and began selling in January 1997. Winn plans to
build permanent headquarters to house company's 350 employees in Albemarle
County. Contributes to educational charities in Virginia. Has two boys,
ages 12 and 13. Value America went public April 8. Describes company as,
"Retailers using technology to sell products, not technologists looking
for a product to sell."
Net Worth: $650 million
Confidence: B+
CURRIER FAMILY
The Plains. Sisters Andrea B., 43, and Lavinia M., 42, serve on
board of nonprofit Friends of Bull Run. Together have loaned or donated
more than $2 million to Virginia Outdoors Foundation to help preserve land
in Bull Run area. Have acquired nearly 1,000 acres from foundation.
Andrea B. Currier: $308 million
Lavinia M. Currier: $308 million
Confidence: C
JAMES W. MCGLOTHLIN
Bristol. 59. Jim McGlothlin, former coal baron, transformed himself
into oil mogul and venture capitalist. Sold Virginia coal operations, basis
of fortune, and built significant oil-and-gas holdings in Texas and Canada.
Now investing in other people's businesses. Most spectacular: King Pharmaceuticals
of Bristol, Tenn., founded by John Gregory. King purchases underutilized
brand-name pharmaceuticals from other companies and markets them aggressively.
McGlothlin's United Co. owns 30 percent of company, which has market value
of nearly $900 million. More recently, McGlothlin put money into Kentucky
company that's creating a chain of Internet-based campus book stores, a
mortgage-service company in Chicago and an Austin, Texas, computer chip
company. Bought out father's share of United Co. last year. McGlothlin
now shares ownership with partner and cousin, Nicholas Street.
Net Worth: $600 million
Confidence: B+
OHRSTROM FAMILY
Middleburg and The Plains. Magalen Ohrstrom Bryant, 70, and brother,
George L. Ohrstrom, 71, inherited small fortune from financier father,
George L. Ohrstrom Sr. They invested well in large industrial companies
such as Dover Corp. and Carlisle Cos. in New York. Closer to home, Bryant
is a major shareholder in O'Sullivan Corp., Winchester-based plastics manufacturer
chaired by stepson Arthur H. Bryant II. Bryant also is biggest investor
in Dulles Greenway, privately financed toll road run by son Michael Crane.
Traffic on 14-mile road from Dulles to Leesburg beginning to reach 40,000
vehicles on heavy days. Refinancing the $350 million road this year lowered
interest rate on debt from 12 percent to 7 percent. The Greenway also attracted
national attention by allowing a Maryland woman to post four turtle-crossing
signs along the road. Signs show turtles sweating heavily and ask motorists
to "Give Them a Brake."
Magalen O. Bryant: $400 million
George L. Ohrstrom: $140 million
Confidence: B+
ALICE FRANCIS DU PONT MILLS
Middleburg. 86. 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
ariplane from New York to Buenos Aires in 1946.
Net Worth: $540 million
Confidence: C+
NIGEL W. MORRIS
McLean. 40. President, COO of Capital One since 1994.
First in his class at the University of London, master's with distinction
from London Business School. Manager at Strategic Planning Associates,
a D.C. consulting firm hired by Richmond-based Signet Bank, which has since
been bought by First Union. Worked there with Richard
Fairbank. Served as executive vice president of Signet's credit-card
division in charge of customer service, including the information and systems
group. Fairbank and Morris built credit-card business with information-based
marketing. Division was spun off as Capital One Financial. In February,
company announced plans to hire 3,000 more employees.
Net Worth: $500 million
Confidence: B
CARL W. SMITH
Charlottesville. 71. Despite soft prices for coal
and natural gas, profits improved for Carl Smith's Amvest Corp. over past
year. Reserves at Glamorgan operation in Wise County, where Smith got started
in coal business, nearly depleted. But Fola, W.Va., mine is going strong.
Because Smith owns spur line that can deliver product to either Norfolk
Southern or CSX rail systems, he enjoys lower transportation costs. Sniffing
around for new coal reserves, but is a cautious investor and cash is piling
up. Has done well parking funds in value stocks -- no Internet high-fliers
for him.
Net Worth: $490 million
Confidence: A-
IRWIN WAYNE URAN
Loudoun County. 73. Eccentric New York native came
to Virginia five years ago from California. Owns lots of stock -- including
Coca-Cola holdings -- but little property. Has lived in apartments or hotels
entire adult life. Surprised the town of Leesburg two years ago with $1
million donation meant to "help children." Involved in dispute last year
with his former fiancee over a goat, a cat, $3,000 and a handful of horse
photos. Latest philanthropic ventures include a $2 million donation to
a Conservative Jewish congregation that will allow the group to build Loudoun
County's first synagogue.
Net Worth: $448 million
Confidence: B
MICHAEL J. SAYLOR
Vienna. 34. Grew up on military bases around the
world. High school valedictorian, voted most likely to succeed. Graduated
MIT in 1987 with two degrees: aeronautics and astronautics, as well as
science, technology and society. Established MicroStrategy, a data-warehousing
software company, at 24 after working for 18 months at DuPont. Company
went public in June 1998. In October, MicroStrategy branched into government
market. Announced plans to begin a new division to sell software to federal,
state and local agencies. Saylor remains company's president and CEO. History
buff, enjoys reading, music and studying ancient cultures. Established
innovative programs for employees including friends and family weekend:
Each employee is given a stipend to fly family members to company's headquarters.
Net Worth: $435 million
Confidence: B
ROBINS FAMILY
Richmond. The E. Claiborne Robins School of Business
and the Robins Center at the University of Richmond, the new $7 million
E. Claiborne Robins Visitors Center at Lewis Ginter Botanical Garden, the
Robins Family Center for Virginia History at the Virginia Historical Society
and the Robins Building -- home of the Greater Richmond chapter of the
American Red Cross -- reflect the impact of the Robins family on Richmond.
Patriarch E. Claiborne died in 1995. Survived by wife, Lora, and children,
L. Elizabeth Robins Porter of Vermont, and E. Claiborne Robins Jr. and
Ann Carol Marchant. Lora Robins is devoted matriarch of Lewis Ginter Botanical
Garden. E. Claiborne Robins Jr.'s varied interests include wine distribution
and air-charter businesses. Sister Ann Carol Marchant is on board of The
Steward School Foundation and is alumna and trustee of University of Richmond.
Lora Robins also has presence at university with Lora Robins Gallery of
Design from Nature.
Net Worth: $420 million
Confidence: B
LEWIS FAMILY
Richmond and Middleburg. Heirs of railroad and oil
investor Henry Flagler include Mary Wiley of Middleburg, her sister-in-law,
Janet Patton Lewis, and nieces, Janet Lewis Sauer and Kenan Lewis White
of Richmond.
Net Worth: $408 million
Confidence: C
ROBEY ESTES FAMILY
Richmond. Robey Estes, 78, chairs Estes Express Lines,
trucking company founded by father, W.W. Estes, in 1931. Son, Rob Jr.,
46, runs day-to-day operations. Just-in-time inventory trend has helped
company more than quadruple since 1990. Revenues hit $525 million last
year. (See entry for C. Edwin Estes.)
Net Worth: $400 million
Confidence: B+
WOODROW W. MCGLOTHLIN
Grundy. 85. As partner in United Co., Woodrow McGlothlin
has long been one of Virginia's wealthiest men -- on paper. But wealth
was tied up in company, and he lived unpretentiously in hometown of Grundy.
In past year, however, sold his share and endowed new foundation with $30
million. Should be good news for community institutions of Southwest Virginia,
the past beneficiaries of his largesse.
Net Worth: $400 million
Confidence: B-
TAUBMAN FAMILY
Roanoke. Advance Stores founder Arthur Taubman died
in 1994 at 92. Started his first auto-parts chain in Baltimore. Failed
in 1930s. Started over in Roanoke, buying three failing auto-parts stores.
Advance Auto now has more than 1,500 stores. Family in 1997 hired Goldman
Sachs to find a buyer, then took company off market. Private firm Freeman
Spogli & Co., which invests in growing companies, bought majority stake
in March 1998; now owns 39 percent. In November Advance Auto purchased
Sears Roebuck's Western Auto Supply Co., an auto-parts chain. Sears got
$175 million in cash and 40 percent of the Roanoke company. During World
War II, Arthur Taubman helped about 500 European Jews escape to the United
States by claiming them as "cousins." Son Nicholas F. Taubman, 64 and a
fan of antique cars, remains chairman. No planned family succession. Taubman
family, including Nicholas' mother, Grace, and wife, Eugenia, still own
about 10 percent of the company, along with some property and the old company
plane, which Taubman bought in 1998 for $4.1 million.
Net Worth: $400 million*
Confidence: C
WILLIAM H. GOODWIN JR.
Richmond. 59. Sold AMF bowling for $1 billion in
1996. Owns the Jefferson Hotel and the Kiawah Island Resort in South Carolina.
Graduate of Virginia Tech and U.Va.'s Darden Graduate School of Business
Administration. One of several people who recently invested in Upper Brandon
Plantation, the former hunting lodge of James River Corp. executives. Site
is now a conference center and duck-hunting preserve. Director of First
Union Corp. and Bassett Furniture Industries.
Net Worth: $350 million
Confidence: B
CARL D. SILVER
Fredericksburg. 73. Made first business deal at 16
and hasn't stopped since. A millionaire by 35, Silver was wounded in World
War II. In 1947, moved his used-car business to Fredericksburg, where he
switched to real estate in mid-1960s. With son, Larry, developed Central
Park, a commercial complex that includes Target, Lowe's and S&K Famous
Brands. Also Central Park Funland, a 127,120-square-foot family entertainment
center. By 2000 the complex will encompass 2.4 million square feet of retail,
entertainment and restaurant space.
Net Worth: $336 million
Confidence B
ATHALIE "JOAN" IRVINE SMITH
Middleburg and Corona Del Mar, Calif. 66. Heiress
to the Irvine Co. real estate fortune. Joan Irvine Smith Fine Arts Inc.
of Laguana Beach, Calif., sponsors the California Art Club Outdoor Painting
Festival each year. In 1996 pledged $1 million to form the Reeve-Irvine
Research Center, dedicated to researching spinal cord trauma and loss of
neurological function. Collaborating on project with actor Christopher
Reeve, the University of California, Irvine and the American Paralysis
Association.
Net Worth: $336 million
Confidence: B-
ROBERT KOPSTEIN
Roanoke. 49. Principal owner of Optical Cable Corp.,
maker of fiber-optic cables used to transmit data, voice and video. Kopstein
owns 95 percent of the company, which went public in 1996 in a do-it-yourself
IPO. Trained in engineering at University of Wisconsin. Worked at Phalo
Corp. as plant manager for fiber-optic cable division. Also worked in ITT's
electro-optical products division on military project to make combat-ready
cable. Saw technology's commercial potential and co-founded Optical Cable
with partners. "We have continued to gain market share," Kopstein says.
"Based on our calculations, we believe that we are No. 1 in the world,
having passed Lucent and Siecor in the past two years." In 1999, company
began providing online purchasing, which reduces sales costs and lets customers
place orders around the clock. Wealth hasn't changed Kopstein's lifestyle
much: He drives the same red Acura NSX he had before his company went public.
Net Worth: $330 million
Confidence: A
KIRBY FAMILY
Claremont. When Ann Kirby married James Lewis Kirby
-- becoming Ann Kirby Kirby -- old money met old family. Ann Kirby's grandfather,
Fred Morgan Kirby, founded family variety stores fortune in 19th century.
James Lewis Kirby's ancestor, Thomas Kirbye -- the family has since dropped
the "e" -- bought a 450-acre plantation in Poquoson in 1642 and died there
in 1668. Plantation recently uncovered and being rebuilt. Creation of 37-acre
Kirby Park in Poquoson on the banks of the Back River is memorial to Ann
Kirby. Land part of original land grant to Thomas Kirbye.
Net Worth: $325 million*
Confidence: B-
FIRESTONES
Upperville. Diana Johnson Firestone, 67, is daughter
of John Seward Johnson of Johnson & Johnson fame. Husband, Bertram
R. Firestone, 67, made money in real estate, thoroughbred breeding and
horse racing.
Net Worth: $300 million
Confidence: A-
ROBERT E. LAROSE
Chantilly. 55. Graduate of Elon College with B.S
in mathematics and physics. LaRose launched Universal Systems 10 years
ago. Company provides systems integration solutions to commercial and government
customers. Company's estimated revenue in 1999 is $90 million. Founded
Fairfax County Public Schools Education Foundation and served as president.
Net Worth: $300 million
Confidence: B
BETTY SCRIPPS HARVEY
Palm Beach, Fla. and Charlottesville. Late husband,
Edward W. Scripps, was grandson of legendary newspaper publisher E.W. Scripps,
founder of Scripps-Howard newspaper chain. Sold Scripps League Newspapers
to Pulitzer Newspapers in 1996. Now remarried, Mrs. Harvey chairs family's
new company, Scripps Enterprises Inc., a conglomerate of real estate, gas,
oil, newspapers and other interests.
Net Worth: $280 million
Confidence: C
JOSEPH E. ROBERT JR.
McLean. 47. Founder, chairman and CEO of J.E. Robert
Cos. Specializes in purchase management and nonperforming commercial loans.
Says firm has averaged more than 30 percent annual return on capital, with
returns of more than 52 percent in the past nine years. Owns more than
8,000 assets in seven countries. Founded and serves as chairman of Fight
for Children, a philanthropic organization that raised more than $10 million
for children's charities such as Childhelp USA, Big Brothers/Big Sisters
and Make-A-Wish Foundation. Serves on National Board of Advisors of Children's
Scholarship Fund and the Board of Visitors at the University of Maryland.
Net Worth: $260 million
Confidence: C
E. MORGAN MASSEY
Richmond. 72. After building former family enterprise,
A.T. Massey Coal Co., into one of the largest coal companies in central
Appalachia, Massey resigned several years ago and channeled energies into
ventures in South America and China. Massey owns big stake of Mina Norte
coal operation in Venezuela, which is tapping into one of the largest reserves
of virgin coal in the Western Hemisphere. During next decade, Massey says,
Venezuelan coal should begin displacing Appalachian coal in electric utilities
along East Coast. Currency problems and some unfortunate management decisions
have dampened the mine's profitability temporarily, he concedes, but he
still sees extraordinary growth potential. On the other side of the globe,
Massey has been lead partner in Shanxi Daning Energy Co., which is opening
massive new mine in central China. Eight-five percent of China's energy
comes from coal, Massey notes, and Shanxi is in one of the country's richest
coal deposits. Back home, Massey is gearing up for major fund-raising for
Massey Cancer Center at Medical College of Virginia Hospitals. Improved
facilities would bring more advanced cancer treatments to Richmond area.
Net Worth: $250 million*
Confidence: A-
RONALD I. DOZORETZ
Norfolk and Washington, D.C. 63. Ron Dozoretz and
wife, Beth, are flying high: They have a billion-dollar managed-care empire
and friends in high places. Ron is chairman, president and CEO of FHC Health
Systems and subsidiaries ValueOptions, Alternative Behavioral Services,
Rx Innovations and FirstLab. Owns 80 percent of private company. Beth is
finance chairman of Democratic National Committee. Trusted intimates of
Clintons and Gores -- president is godfather to their daughter. Other high-profile
friends include Christian broadcaster Pat Robertson,
actress Glenn Close and Sen. Chuck Robb. Main residence in Norfolk but
paid Arianna Huffington $4.25 million for grand Washington home in 1998;
leases adjacent property for staff. Has $17 million Citation X jet.
Net Worth: $250 million
Confidence: C
WILLIAM L. SCHRADER
Sterling. 47. Founded Performance Systems International
-- now PSINet Inc. -- with Martin L. Schoffstall in 1989. PSINet provides
businesses with Internet access, managed web hosting, e-commerce and network
security on its own global, fiber-optic network. Company had 2,000 employees
in early 1999. Headquartered in Herndon, PSINet has over 40 offices worldwide,
including London, Paris, Munich, Hong Kong, Seoul and Tokyo. Schrader,
chairman and CEO, once labeled a "golden geek" by Time magazine. Co-founder
and executive director of Cornell's supercomputer center from 1984 until
1987. Co-founder and director of Syracuse University's supercomputer center
from 1987 until 1989, as well as co-founder, president and CEO of NYSERNet
from 1985 to 1989.
Net Worth: $235 million
Confidence: B
SAUER FAMILY
Richmond. Founded in 1887, C.F. Sauer Co. manufactures
spices and extracts. Sauer family owns 90 percent of business and runs
company. Expanded into other markets including hardware and ice cream.
Acquired Pleasants Hardware in 1988 and opened another Pleasants in Short
Pump two years ago. Other subsidiaries include Highs Ice Cream Corp., Dean
Foods and Metrolina Plastics Inc. -- all in Richmond.
Net Worth: $224 million
Confidence: C
UKROP FAMILY
Richmond. Brothers James E. Ukrop, 62, and Robert
S. Ukrop, 52, inducted into Greater Richmond Business Hall of Fame last
month. Two years ago, Ukrop's Super Markets Inc. introduced its latest
amenity -- First Market Federal Savings Bank, a full service thrift inside
Ukrop's stores. Jim Ukrop is chairman. In first six months, First Market
reached $100 million in assets.
Net Worth: $224 million
Confidence: C
RACHEL "BUNNY" MELLON
Upperville. When philanthropist Paul Mellon died
Feb. 1 at the age of 91, wife Rachel "Bunny" Lambert Mellon was left $110
million cash. A keen horticulturist and gardener, up to $60 million was
left to endow the garden library she established at their Fauquier County
home. Much of the art Paul Mellon bequeathed to museums and institutions
in Virginia and around the world will remain with Bunny Mellon until her
death.
Net Worth: $200 million
Confidence: B
GENE B. DIXON JR.
Dillwyn. 56. Secrecy shrouds Kyanite Mining Corp.,
which Dixon owns and runs. Mine produces kyanite, a ceramic able to withstand
high heat, used in spark plugs and stove linings. Dillwyn operation, one
of the largest kyanite mines in the world, employs about 150. Started about
70 years ago by group including Gene B. Dixon Sr., who turned down $28
million offer in early 1970s for mine. Dixon Jr. owns Cavalier Hotel in
Virginia Beach and a majority stake in Bank of Charlotte County. Also owns
large tracts of land in counties surrounding Dillwyn. Skilled aviator.
Net Worth: $200 million
Confidence: C
JEFFREY J. STEINER
Upperville and New York. 62. Chairman of Fairchild
Corp. spending more time in Virginia since purchasing Foxlease, a 936-acre
farm in Upperville. Fairchild makes aircraft fasteners and distributes
aviation parts. Last year net earnings topped $100 million on revenues
of $748 million, but stock price remains depressed along with other aerospace
issues. Fairchild recently acquired California-based Kaynar Technologies
for $260 million plus assumption of some debt. Kaynar, which also makes
aircraft fasteners, generated sales of $225 million last year. Steiner
fled Austria with his family in 1938, grew up in Turkey, climbed corporate
ladder at Texas Instruments and became corporate raider with junk bond
financing from Michael Milken.
Net Worth: $195 million
Confidence: A-
REX SCATENA
Charlottesville. 49. Co-founder, vice president and
general counsel for online retailer Value America. Was partner at successful
San Francisco law firm; sold his portion of the law firm to his partner
and joined Craig Winn to start Value America. He and
Winn picked Charlottesville as company headquarters, partially because
they were looking for good place to raise children.
Net Worth: $195 million
Confidence: B
MARK R. WARNER
Alexandria. 44. When it comes to making money, Warner
says it's better to be lucky than to be smart. He's both. Out of law school,
began buying and selling franchises in the embryonic business of cellular
telephones. Brought in talented partners to build company, Columbia Capital,
into a leading financier of telecommunications revolution. In recent months,
Columbia raised $400 million for venture capital fund. Torrent Technologies,
which makes routing hardware, sold earlier this year for $450 million;
Columbia owned major stake. Warner, a failed senatorial candidate, still
entertains political ambitions. Between campaigns, stumped state to form
five early-stage capital funds and set up program to help tech companies
recruit minority students.
Net Worth: $190 million
Confidence: B
T. EUGENE WORRELL
Charlottesville. 79. Bounced back from a failed GOP
congressional bid in 1948 by joining with investors to purchase liberal
Bristol newspaper that skewered his campaign. Built newspaper chain that
he sold in 1978 to son, Thomas E. Worrell Jr., who tripled its size. Kept
Bristol Herald Courier, which Worrell Sr. and Anne R. Worrell sold in January
1998, with two weeklies, to Media General for $91.2 million.
Net Worth: $185 million
Confidence: C
ARTHUR W. ARUNDEL
The Plains. 70. "Nick" Arundel founded ArCom Publishing
Co. in 1960. Publishes Northern Virginia group of 16 weekly newspapers,
including Loudoun Times-Mirror and Fauquier Times-Democrat. Founder of
500-acre nonprofit Great Meadow Field Events Center near The Plains. Chairman
of Gold Cup steeplechase, prominent state race held there annually. Member
of Virginia Business Higher Education Council.
Net Worth: $180 million
Confidence: B
H. BRIAN THOMPSON
McLean. 60. Not every telecom titan can find a new
executive position in his own back yard. Thompson has had busy year, working
in the exec ranks of four telecom companies. From 1991 to June 1998, was
chairman and CEO of LCI International, a long-distance telephone company
in McLean. In June, LCI was acquired by Qwest Communications, where Thompson
was briefly vice chairman. Resigned from that post in January to chair
Ireland's government-run Telecom Eireann, which he intended to help take
private. Left that post after being elected chairman and CEO of McLean's
Global TeleSystems in March. Before 1991, served as executive vice president
of MCI Communications.
Net Worth: $180 million
Confidence: B
KLAASSENS
McLean. Paul J. Klaassen, 41, and his wife, Teresa,
43, own about 15 percent of Fairfax-based Sunrise Assisted Living, which
builds assisted-living centers for old people in upscale suburbs. The Klaassens
support Christian causes and run a faith-based business. Clients are seniors
who can't live on their own, but don't need complex medical care. Sunrise
provides room and board and low-tech help with things like bathing and
dressing. Trademark look is Victorian-style architecture with homey, residential
setting. Couple founded the company in 1981, operated it out of their Oakton
garage, which is now part of the company training center. Paul is chairman
and CEO. Teresa, chief cultural officer, was featured in the Wall Street
Journal and at least one other publication in stories about odd corporate
titles. "Now I can tell people my wife's been in Playboy," Paul says.
Net Worth: $177 million
Confidence: A
JOSEPH W. LUTER III
Smithfield. 59. CEO of Smithfield Foods, which is
appealing $12.6 million federal fine for polluting Pagan River. Meanwhile
state has revived civil suit against company over similar allegations.
Meat-processing company contends discharges into river were sanctioned
by state while company hooked up to Hampton Roads Sanitation District.
Government complaints are sharp contrast to shareholder satisfaction. "A
$10,000 investment in the company's common stock on April 8, 1975, the
day this management assumed responsibility for Smithfield Foods, was worth
$4.9 million on May 3, 1998, the end of our fiscal year," says annual report.
This year the company announced plans to acquire Carroll's Foods, a longtime
hog-production partner, for $500 million. Carroll's Foods is based in Warsaw,
N.C., but Smithfield's other big acquisition, Animex, is based in Warsaw,
Poland. In April, company acquired a controlling interest in Animex, the
largest meat-processing operation in Poland.
Net Worth: $175 million
Confidence: B+
IVOR MASSEY FAMILY
Richmond. Ivor Massey Jr. rides Harley Davidsons,
wears blue jeans to work and sports facial hair at sundry lengths throughout
the year. But the self-professed "hobbyist techno-dweeb" has become the
Johnny Appleseed of Richmond's emerging technology sector. Was one of the
original outside investors in MacroSonix, a firm that applies novel acoustics
technology to design of compressors. Company has almost completed R&D
phase of licensing deal with Whirlpool to create super-efficient compressors
for refrigerators. Deals with other Fortune 500 companies in the works.
Massey, who just invested $5 million in second-round financing, sees company
generating "hundreds of millions" of dollars in annual royalty revenues
within several years. Massey also is backing Experient Technology, which
created Java-based software platform for interactive training and distance
learning. He's put money into Locus One Communications, which ties mobile
communications systems into corporate information networks. Also invested
in Cybertainment, which produces audio-visual mail products. Is working
with others to raise $6 million-plus venture capital fund to underwrite
other Richmond-area technology start-ups. Runs the family estate like a
capitalist, not a caretaker.
Net Worth: $175 million*
Confidence: B
BRYAN FAMILY
Richmond. Family patriarch D. Tennant Bryan, longtime
publisher of Richmond Newspapers Inc. and founder of Media General Inc.,
died in December at age 92. Children include Mary Perkins of Richmond,
Florence Fowlkes of Chevy Chase, Md., and J. Stewart Bryan III. Bryan,
61, is chairman and CEO of Media General, whose holdings include this magazine,
21 daily newspapers, 14 TV stations and paper mills. In April, Cox Communications
agreed to purchase the company's Fairfax and Fredericksburg cable operations
for $1.4 billion; deal still faces local and FCC approval. Media General
says it will use proceeds to pay down debt, buy back stock or acquire more
media properties. Media General has been on buying binge to establish dominant
media position in Southeast. In 1997 acquired 10 TV stations, 28 dailies
and 82 weeklies from Park Communications for $710 million. In 1998, the
company spent $91 million for the Bristol Herald Courier and two weeklies.
Virginia holdings include WSLS-TV10 in Roanoke plus daily newspapers in
Richmond, Charlottesville, Bristol, Danville, Lynchburg, Woodbridge, Cul-peper,
Waynesboro, Manassas and Suffolk. Other major properties include the Tampa
Tribune in Florida and the Winston-Salem Journal in North Carolina.
Net Worth: $172 million*
Confidence: A
DAVID P. REYNOLDS
Richmond. 84. Chairman emeritus Reynolds Metals Co.,
where he spent more than 50 years. Nationally acclaimed as innovative executive,
novel marketer and constructive environmentalist. Launched consumer aluminum
recycling, leading industry and public into recycling age. Avid horseman.
Net Worth: $170 million
Confidence: B+
JOHN W. SNOW
Richmond. 59. Chairman and CEO of CSX Corp. Before
joining CSX held several high-level appointments with the U.S. Department
of Transportation and the National Highway Traffic Safety Administration.
Member of the board of trustees at U.Va.'s Darden Graduate School of Business
Administration. Consistently ranks among Virginia's highest-paid CEOs.
Awarded options totaling $21.8 million in 1998 for his work on the CSX-Conrail
deal. CSX had transient year with earnings sharply down. Snow attributes
decline to preparing for the Conrail integration, which will take place
this month.
Net Worth: $160 million
Confidence: B
HYLTON FAMILY
Prince William County. The late Cecil D. Hylton was
prolific builder. Developed Dale City, a planned residential community
in Prince William County. Wife and three children still active in real
estate business he founded, including the management of shopping centers.
In 1980s donated land for high school in Prince William County, which is
named after him, and sites for eight county schools and two Prince William
parks before the 1960s. Community just south of Potomac Mills includes
the Hylton Chapel, a 70,000-square-foot building with two floors of pews
and seats for 250 choir members.
Net Worth: $160 million
Confidence: C
PERRYS
Virginia Beach. J. Douglas Perry, 51, retired as
employee and officer of Dollar Tree Stores in March; remains chairman and
consultant. Founded company with brother-in-law, Macon F. Brock (see entry),
in 1991 after selling K&K Toys. Partnership spanned 20 years. Also
chairman of Old Dominion Trust Co. Dollar Tree's net sales increased 27
percent to $918.8 million in 1998; net income was $68.9 million.
Net Worth: $155 million*
Confidence: B
RICHARD L. SHARP
Henrico County. 53. Chairman and CEO of consumer
electronics giant Circuit City Stores Inc. in Richmond. Credited with dramatic
growth of company. Pioneered used-car superstore CarMax, which is struggling
but making gains. Sharp is investing energy and attention in promoting
new digital video disc system called Divx. Started as computer programmer
and analyst in D.C. area. Founded and was president of computer-services
company Applied Systems Inc., which he sold in 1981. Joined what's now
Circuit City as executive vice president in 1982. Big GOP contributor.
New home in 368-acre Rivergate subdivision, which Sharp is developing in
Goochland County. Also owns property near Bethany Beach, Del. In tune with
management style, likes speed. Drives a Porsche.
Net Worth: $155 million*
Confidence: C
JOHN H. FAIN
Virginia Beach. 50. Co-founder and CEO of Virginia
Beach-based Metro Information Services. The 20-year-old company provides
information technology consulting services through 41 locations across
the United States and in Puerto Rico.
Net Worth: $152 million
Confidence: A
STEPHEN M. WOLF
Leesburg. 57. Chairman of US Airways Group. Company
was on verge of bankruptcy when Wolf took over three years ago. Now company
is worth $5 billion. Established alliance with American Airlines, placed
order for 400 aircraft, introduced MetroJet and refocused company on service.
During career, has worked at seven airlines. As a teen in California, attended
high school four hours each day so he also could work and support his mother
and two sisters. Business strategy is growth, even if that means cutting
costs aggressively.
Net Worth: $151 million
Confidence: A-
W. RUSSELL RAMSEY
Great Falls. 39. President of Friedman, Billings,
Ramsey Group, an Arlington investment bank specializing in finance and
technology firms. Underwrote its own IPO in 1997 to raise $200 million.
Underwriting division didn't perform as well in 1998 after the bottom fell
out of the IPO market. The stock rebounded in mid-April, however, after
Ramsey went on CNBC to announce company's new venture, FBR.com, an online
investing service. The twist is that members of the service can get in
on IPOs the company manages, giving individuals an opportunity usually
reserved for institutions. Ramsey co-founded firm in 1989. Other principals
live in D.C. and Maryland.
Net Worth: $150 million
Confidence: A
ROBERT M. ROSENTHAL
Middleburg. 71. Although 1998 sales at Rosenthal's
15 Metro D.C. car dealerships declined $50 million to $801 million, Capital
Automotive REIT -- of which Rosenthal's stake is worth over $50 million
-- grew to about 13 properties and 200 franchises across the country. Rosenthal
has logged 50 years in auto industry, founding more than 35 dealerships.
Currently director of Metropolitan Washington Airports Authority, First
Virginia Banks and director and officer of the Phillips Collection.
Net Worth: $150 million
Confidence: B
JAMES B. MURRAY JR.
Charlottesville. 52. Founding partner of Columbia
Capital Corp., Alexandria firm specializing in organizing and financing
new communications and info-tech companies. Columbia's renowned Midas touch
tapped investors as far afield as Switzerland and the Middle East when
raising $400 million recently to create new venture fund. Including firm's
own capital contribution, Murray and partners have more than $500 million
to play with -- one of the largest pots of venture capital on the East
Coast and, hands down, the largest in Virginia. Has financed a number of
deals in Virginia and Washington, D.C. Northern Virginia, in particular,
is hotbed for the telecommunications and Internet deals Columbia understands
best. Murray's hot performer in past year was WNP Communications, a Charlottesville
company he helped finance. Firm, successful in bid for big chunks of telecommunications
spectrum, is being acquired by Nextlink Communications for $695 million.
Net Worth: $145 million
Confidence: B-
M.G. "PAT" ROBERTSON
Virginia Beach. 69. Religious broadcaster and one-time
presidential candidate Pat Robertson sold International Family Entertainment
to Rupert Murdoch's News Corp. for more than $1.8 billion, or $35 per share,
in plan to combine IFE with Fox Kids Worldwide. Robertson and eldest son,
Tim, created IFE in 1989 to purchase The Family Channel from Christian
Broadcasting Network, then took IFE public. Pat stays on as co-chairman,
Tim continues as IFE president and CEO. Pat is son of late Sen. A. Willis
Robertson. Founded network by purchasing a Portsmouth TV station with $37,000.
Also founded Regent University and law school, plus Chesapeake-based Christian
Coalition. In March, Gov. Jim Gilmore named Pat Robertson a commissioner
of the Virginia Economic Development Partnership. This year embarked on
a new business venture, Robertson Financial Services. Plans to team up
with Bank of Scotland to provide banking by phone and mail. Same financial
setup is used with donors to Christian Broadcasting Network and Christian
Coalition. Also invested in oil refineries and Chinese Internet and e-commerce
company, Zhaodaola China Internet Ltd.
Net Worth: $145 million*
Confidence: C
THE BROCKS
Virginia Beach. What can you buy for a buck? Everything
on display at Dollar Tree Stores. In 1998, Dollar Tree opened 210 stores,
now has 1,156 stores in 31 states. Merger with Step Ahead Investments Inc.
in December 1998, gained 66 "98 Cent Clearance Center" stores in California
and Nevada. Net sales increased 27 percent to $918.8 million; net income
was $68.9 million. Dollar Tree opens in slightly more upscale locations
than other $1 discounters: 25 percent of stores in shopping malls, often
near Target and Wal-Mart. CEO Macon F. Brock Jr., 57, says average annual
household income of Dollar Tree's customers ranges from $25,000 to $50,000.
Married to Patricia Perry Brock, sister of company Chairman J.
Douglas Perry. Macon Brock Jr. is major donor and alumnus of Randolph-Macon
College and a trustee of Virginia Foundation for Independent Colleges.
Net Worth: $140 million*
Confidence: B
WENDELL WOOD
Charlottesville. 58. 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. Sold roughly 28 acres near airport to U.S. Army National Ground Intelligence
Center, an espionage agency, for $1 million. Project broke ground in May.
Wood still owns large tracts of undeveloped property in growing Charlottesville
area. Look for United Land Corp. signs up and down U.S. Route 29.
Net Worth: $140 million
Confidence: C
ALEX J. MANDL
Great Falls. 55. Chairman and CEO of Vienna-based
Teligent since 1996. Mandl built the company from scratch. The telecommunications
firm went public in November 1997. Before joining Teligent, was executive
at AT&T, Sea-Land Services Inc. and CSX Corp. Among Teligent's competitors
is a new Lucent Technologies spinoff, which will be run by Mandl's new
wife, Susan, who commutes to New Jersey.
Net Worth: $130 million
Confidence: A
WINKLER FAMILY
Alexandria. Mark Winkler died in 1970, leaving most
of his fortune to his wife and three children. Daughter Tori Thomas heads
Mark Winkler Co., which manages 5 million square feet of office space and
more than 15,000 apartments.
Net Worth: $130 million
Confidence: C
WILTON FAMILY
Richmond. E. Carlton Wilton Sr., 77, developed much
of Richmond's western suburbs. He and partners sold Regency Square mall
to Prudential for estimated $120 million in 1991. Remains chairman of The
Wilton Cos. E. Carlton Wilton Jr. is president.
Net Worth: $125 million*
Confidence A
C. DANIEL CLEMENTE
Vienna. 61. Former lawyer ventured into real estate
by developing Brighton Mall in Falls Church. Besides managing or owning
hundreds of millions of dollars worth of real estate, Clemente founded
several banks, including Community Bank and Trust in Springfield and First
Commercial Bank of Arlington. Assists candidates of both political parties.
Net Worth: $125 million
Confidence: B
OWAIS A. DAGRA
Richmond. 35. Convenience-store wunderkind is president
and CEO of Fas Mart. Turned $500 investment in single convenience store
in 1990 into $500 million, 170-store chain employing more than 2,000. Vertically
integrated company includes Dagra Petroleum, which serves Fas Mart locations
and 100 independent retailers. Dagra orchestrated three acquisitions in
past 12 months, growing from 22 to 170 stores; revenues increased 1,600
percent to $500 million in same period. Goal: revenues of $1 billion in
near future. Sole owner of company, Dagra raises money on Wall Street through
bond issues: "No investors or equity players, no coupons," is how he explains
Fas Mart's financing. Born in Pakistan, went to school in United States,
studied commerce at University of Karachi in Pakistan but learned most
skills "at the University of Life. ... I've been working since I was 12
years old," he says. "I was living in Richmond. I had two newspaper routes
-- one morning and one evening. I was also a part-time cook at Kentucky
Fried Chicken." Charitable interests include education and athletic scholarships
and sponsoring underprivileged children locally and nationally.
Net Worth: $120 million
Confidence: A
MARC L. ANDREESSEN
McLean and Mountain View, Calif. 27. Co-founded Netscape
in 1994 and was most recently executive vice president of products. Became
America Online's first chief technology officer in March after $10 billion
AOL-Netscape merger. B.S. from University of Illinois in December 1993,
where he co-authored original NCSA Mosaic Web browser. Led team that created
Netscape Navigator. Commutes between Netscape's headquarters in Mountain
View, Calif., and AOL headquarters in Dulles. Wrote first computer program
in sixth grade using a personal computer in his school library. Program
was designed to help him with math homework. Regarding the Internet: "I
use [the Internet] for e-mail very extensively. E-mail is ultimately the
killer application for networks. It's fundamentally what's driving this
whole thing."
Net Worth: $120 million
Confidence: B
MERCHANT FAMILY
Manassas. Family matriarch is Mae S. Merchant, 76,
widow of W. Caton Merchant, founder of Manassas-based Merchant's Inc. With
her three children owns mid-Atlantic auto-service chain, which employed
1,500 people last year and generated revenues of $300 million.
Net Worth: $120 million
Confidence: C
JOHN GRISHAM
Oxford, Miss., and Charlottesville. 44. Ten books
in 10 years. Grisham spends half the year writing, half coaching Little
League baseball, pursuing charitable interests, including church mission
trips. Splits time between Victorian home on 67-acre farm outside Oxford,
Miss., and 204-acre plantation near Charlottesville. Built six ball fields
on Charlottesville property, serves as Little League commissioner. Practiced
law for nearly a decade in Southaven, Miss. Served as Democratic state
representative there from 1983 to 1990. Latest hardback, "The Testament,"
and paperback, "The Street Lawyer," on best-seller list. Six films and
one screenplay to date, none in production. More than 60 million John Grisham
books in print worldwide.
Net Worth: $120 million
Confidence: C-
MARIO M. MORINO
Great Falls. 55. Co-founded software firm Morino
Associates in 1973 and merged company with Duquesne Systems in 1989 to
create Legent Corp. Retired in 1993 to focus on Morino Institute and Potomac
Knowledgeway, nonprofits that help businesses and communities tap power
of Internet.
Net Worth: $110 million
Confidence: A-
BEN BENSON
Chincoteague and Bedford, N.H. 40. Benson served
in the U.S. Navy aboard a nuclear submarine, owned an oil company, a real
estate company and a forest products company and developed oceanfront property
all before settling into his current occupation: shipwreck hunter. Presently
he's operating in the Atlantic Ocean, off the coast of Assateague Island.
His company, Sea Hunt Inc., which specializes in searching for sunken treasure,
discovered two ships there after searching for three years. The Juno sank
in 1802, possibly while carrying 22 tons of treasure worth $500 million.
La Galga, a Spanish treasure ship, sank in 1750. Company had an exclusive
agreement with the commonwealth for recovered treasure, whereby Virginia
would get 25 percent and Sea Hunt 75 percent. Less than two months ago,
the deal was shot down by a U.S. District judge, who ruled that Spain is
the rightful owner of the frigate Juno, while Virginia retains ownership
of La Galga.
Net Worth: $105 million
Confidence: B
JOHN D. PHILLIPS
Albemarle County, Atlanta and Sea Island, Ga. 57.
Grew up in Hampton Roads. Built Advanced Telecommunications Corp., which
was acquired by WorldCom in 1992. Was head of John Kluge's Metromedia International
Group until 1996. World Access Inc., which makes digital switches and cellular
systems, in 1998 closed deal in which World Access acquired Phillips' Resurgens
Communications Group, seller of international network access to long-distance
companies. Phillips is chairman, president and CEO of World Access. Company's
biggest customer and shareholder is WorldCom. Phillips owns historic Airslie
Estate and adjoining Findowrie Farm in Keswick.
Net Worth: $103 million
Confidence: A
DANIEL F. AKERSON
McLean. 50. Chairman and CEO of Nextel Communications
since 1996. Formerly a partner in Forstmann Little & Co., a private
investment firm; chairman and CEO of General Instrument Corp.; and president
and CEO of MCI Communications Corp. Akerson also serves on the boards of
American Express Co. and America Online.
Net Worth: $102 million
Confidence: A-
NUNNALLY FAMILY
Richmond. Owned more than 30 percent of the class-A
shares of Home Beneficial Corp. when American General bought the life insurer
in 1997 for $665 million. 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. Hoppes, 53.
Net Worth: $100 million
Confidence: B
C. EDWIN ESTES
Richmond. 75. 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 related entry for Robey Estes Family.)
Net Worth: $100 million
Confidence: B-
PATRICIA CORNWELL
Richmond. 42. Since her first book in 1990, "Postmortem,"
became the only work of fiction to win all five major national book awards
in one year, Cornwell has become one of the nation's most successful crime
writers. Born in Miami, spends much of her time traveling to gather research
for her books. A frequent contributor to law enforcement causes, Cornwell
has donated $1.4 million this year to the Virginia Institute of Forensic
Science. Made major contributions to literacy programs, giving more than
$1 million last year.
Net Worth: $100 million
Confidence: C
JAMES B. CRAWFORD
Richmond. 56. Led $60 million leveraged buyout that
created James River Coal Co. in 1988 from Transco Energy. Initial equity
from Crawford and three partners was less than $1 million. Non-union company
started with two Kentucky mining operations plus a Richmond-based coal
sales business. Has grown rapidly by acquiring more Kentucky coal properties.
Company continues to carry heavy debt, and it has taken on additional equity
partners, but Crawford still has largest stake.
Net Worth: $100 million
Confidence: C
ALAN T. LINGERFELT
Richmond. 44. In late 1960s and 1970s, began converting
family contracting 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.
Net Worth: $100 million
Confidence: C
LUCK FAMILY
Goochland County. Luck Stone Corp. is the largest
privately held, family-run producer of aggregates in the United States.
Founded in 1923, company is led by Charles S. Luck III, chairman and CEO,
and Charles S. Luck IV, president and COO. Since 1996, Luck Stone received
nine Quarry of the Year awards and nine environmental awards from the Environmental
Protection Agency.
Net Worth: $100 million
Confidence: C
SANJU K. BANSAL
Vienna. 33. Executive vice president and chief operating
officer of MicroStrategy since 1993. Says spending money he's made in the
high-tech industry would distract him from his primary focus -- growing
the business. Has been a member of the board of directors of MicroStrategy
since September 1997. Received an undergraduate degree in electrical engineering
from MIT. He and company founder Michael J. Saylor
were fraternity brothers. Co-founder of Indian CEO High Tech Council --
a networking and mentoring group for the region's Indian high-tech executives
.
Net Worth: $98 million
Confidence: B
WILLIAM B. THALHIMER
JR.
Richmond. 85. 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. May closed some locations and converted others
to Hechts.
Net Worth: $95 million
Confidence: B+
HARRY F. BYRD JR.
Winchester. 83. 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. Recently published
memoirs of 1970 campaign as an independent, "Defying the Odds: An Independent
Senator's Historic Campaign."
Net Worth: $95 million
Confidence: B
WILLIAM B. MASSEY JR.
Richmond. Actively manages portfolio acquired when
family sold its stake in A.T. Massey Coal Co. Wealth has soared in past
decade along with the stock market. Shares offices with two other members
of The Virginia 100: brother E. Morgan Massey and
cousin Ivor Massey Jr.
Net Worth: $95 million*
Confidence: C+
F. WAYNE MCLESKEY JR.
Virginia Beach. 75. Owns more than $40 million in
commercial real estate, as well as other properties in Pennsylvania, Florida
and North Carolina. In 1998, sued two companies for fraud. In 1996, McLeskey
lent $200,000 to Tidewater Yacht Sales Inc. of Portsmouth. He claims Tidewater
Yacht used money to pay off loan to TransAmerica Commercial Finance Corp.
-- a Chicago finance company also named in the suit -- then promptly filed
for Chapter 11 bankruptcy protection to keep McLeskey from collecting.
Suit still pending.
Net Worth: $95 million
Confidence: C+
ALBERT G. VAN METRE SR.
Burke. 73. Van Metre Cos. is one of Northern Virginia's
most successful, multidisciplinary real estate organizations. Founded by
Van Metre 44 years ago, company has built or sold more than 10,000 homes
in hundreds of communities. Responsible for construction, operation and
management of shopping centers, office buildings and thousands of apartment
units.
Net Worth: $94 million
Confidence: A
* - Individual listings include assets held in trust or by other
family members.
THE INDEX
© JUNE 1999, Media General Business Publications
Inc.,
publisher of Virginia Business Magazine
|
