The Virginia 100
Real estate shines as economy’s bounce boosts incomes of some of state’s wealthiest

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by Paula C. Squires
Virginia Business
June 2004

Things are looking up. After three years, the bull finally chased away that gnarly bear who devoured the values of so many stocks and options. Companies are beginning to hire again and spending on construction — particularly private homes — is hitting record levels. So, it’s no wonder that the fortunes of many of Virginia’s wealthiest rose last year after downturns in the two previous years.

While uncertainties still abound — the Iraqi war and upcoming presidential election remain wildcards — many people on this year’s Virginia 100, our list of some of the wealthiest and most influential in the state, are generally confident about the economy’s bounce. Those with investments in land, real estate, energy and even technology saw gains in income.

For instance, Roger Sant, a director for AES Corp. in Arlington, says he has time to play again after stock gains bumped his fortune from $450 million to $550 million. Sant, who stepped down as AES’s chairman, shepherded the global power company through tough times when its investments in Latin America went sour a few years back. With many of those assets sold off, the company’s stock price has stabilized in the $9 to $10-per-share range, and AES is moving forward again, expanding its headquarters in Arlington County. “I’m not going into the office every day. Now I’m back to my charitable activities,” says Sant.

Real estate executives made out well on this year’s list with their companies benefiting from a double charm of record-low interest rates and soaring land values. “I’ve never seen anything like this, and I’ve been in business for 50 years,” says Albert G. Van Metre Sr.

His net worth rose $11 million, from $150 million to $161 million. Van Metre, who founded his private Van Metre Companies real estate firm in Burke in 1955, says soaring land values in Northern Virginia have bumped profits on his company’s projects, which include housing developments, apartments and shopping centers.

For HHHunt, a private real estate firm in Blacksburg, 2003 was a record year. It sold more than 100 new homes for a sales volume exceeding $37 million. Chairman and founder Harry H. Hunt III says his net worth went from $114 million to $121 million and that’s probably “a conservative estimate.”

Newcomers to this year’s list — two entrepreneurs and an entertainer — are the stuff of Horatio Alger dreams, proving that hard work and self-reliance can still bring riches. There’s Bill and Betty Meadows of Spotsylvania County, whose $110 million sprang from a discount-nursery business that began with selling tomatoes at a roadside stand. G. Kevin Bruce, a commodities broker from Goochland County, amassed $85 million through disciplined saving and some smart trades. And country legend Jimmy Dean, who grew up poor, went on to make millions from recordings and a sausage business.

You will probably spot other names you know on what is our 15th annual list. Our information comes from checking public records such as proxies, interviewing listees or hearing from them via fax and e-mail. Of course, not everyone likes to talk about their money, so as always we include confidence ratings on net worths: An “A” means we consider the data accurate; “B” means in the ballpark and “C”stands for conjecture, indicating that we tried to make an intelligent guess, but might be way off.