The Virginia 100—page 3

  •  | 
Print this page


Richmond. It’s been a good year for William H. Goodwin Jr.’s CCA Industries resort properties and hotels. The Jefferson Hotel maintained its status as a five-star hotel for the eighth consecutive year. Plus, The Hermitage Hotel in Nashville earned the coveted Mobil Travel Guide rating for its second consecutive year, and CCA’s Kiawah Island Golf Resort in Charleston, S.C., earned it for the first time in 2008. Goodwin, 67, amassed his fortune as head of AMF Bowling, which he sold for $1.37 billion in 1996. Contrary to some published reports, Goodwin says that he was no longer involved with MAXjet, a Dulles-based airline, by the time it filed for bankruptcy last year. He was among several Richmond investors who invested capital in the fledgling airline when it was founded two years ago.  Goodwin also sits on the board of directors of Wachovia Corp. Riverstone Group LLC, a family-owned Goodwin company, purchased 500,000 shares of Wachovia stock for $19 million last year. Noted philanthropists, Goodwin and his wife, Alice, have pledged or donated more than $100 million to Virginia Commonwealth University. They focus charitable giving on education, religion and cancer research and treatment.
Net worth: $100 million+
Confidence level: C

Fairfax. 61. A self-made multimillionaire, Karlgaard co-founded PEC Solutions Inc., a government IT company in 1985 and served as its chairman and CEO until he sold the company to Nortel Networks Corp. for $449 million in 2005. An adjunct professor at George Washington University, Karlgaard also serves as a director at Argon ST Inc., a Fairfax-based systems engineering firm, and Rising Edge Technologies, a privately held startup company focused on data storage solutions.
Net worth: $100 million+
Confidence: C

Chester. 53. Williams is one of the founders of Star Tobacco Inc. and the inventor of the StarCured tobacco-curing process. He is CEO of Star Scientific Inc., a technology-oriented tobacco company engaged in the development of tobacco products that produce fewer carcinogenic toxins. The company is appealing rulings in its patent infringement lawsuit against RJ Reynolds at the U.S. Court of Appeals for the Federal Circuit. Oral arguments were heard in March. Williams is one of the owners of Regent Court Technologies LLC and is a principal in Jonnie Williams Venture Capital Corp.
Net worth: $100 million+
Confidence: C

The Plains. 79.  Founder, chairman and publisher of Times Community Newspapers, a Virginia-based newspaper and digital media group. The company, based near Washington Dulles International Airport, is a group of 14 contiguous weeklies in Northern Virginia and the Piedmont with a combined circulation of nearly 300,000. Arundel’s son, Peter, now runs the operation. 
His previous experience with CBS news comes through in a recent news video posted at the company’s Web site. It gives viewers a look at how the Loudoun Times-Mirror recently reported on one controversial story, from news gathering to production.
Net worth: $100 million*
Confidence: C

*Includes assets held in trust or by other family members.

BUSINESS: Real estate development
Danville. 72. Buchanan started Danville Plywood Corp. in 1974 and sold it in 1996, so he could turn his attention fulltime to real estate development. (See profile on this page.)
Net worth: $102.5 million
Confidence: A

From his beginnings as a plywood manufacturer to a developer of hotels and condos, George Buchanan Jr. has managed to amass a fortune of more than $100 million. His secret to getting rich? Work hard, as in six- and seven-day weeks, and start your own business.  “Try to get in business for yourself as soon as possible, as soon as you know a business,” he says. “Don’t try to get in before you know it.” 

The 72-year-old businessman has lived in Danville since 1965 where he owned and operated Danville Plywood Corp., from 1974 until he sold the private company in 1996.  He sold plywood primarily to wholesale distributors such as Georgia Pacific. While Buchanan says he made some profit upon selling his business, “I did much better when I started concentrating on the housing business.” 
For 10 years, Buchanan had been building oceanfront properties in Myrtle Beach, so he turned his attention to that full time. Apparently, he rode the housing boom just right, building five hotels and four condominium projects. He started selling the properties in 2000. At this point, he says he has sold all but a few condo units, and all the properties have turned a profit. “We managed to sell everything in ‘07 at a profit,” he adds. “We’re still selling some units, but we’re not discounting them. We’re prepared to hold them until the market turns around.” 

Prices range from $189,900 for a one-bedroom studio condo with 484 square feet to $740,000 for a four-bedroom unit with 1,734 square feet.  Buchanan continues to manage the properties for the new owners through a series of limited liability corporations. He’s also looking into building two new oceanfront properties under a brand name. “We’re looking at a Marriott or Hilton, although we have no agreement yet.” 

A native of Appomattox, Buchanan keeps a more leisurely schedule these days. He likes to winter in Florida and play golf, and he visits Wyoming and Montana during the summer. He also owns a home at Smith Mountain Lake in Bedford County.

Through donations made from a family foundation, Buchanan supports several charities, including injured veterans, the Danville Rescue Squad and his local church.

Richmond. 79. The Grammy-winning Country Music Hall of Famer now lives in semi-retirement with his wife, Donna, on a 250-acre estate on the James River in Henrico County’s Varina area. He recently sold his trademark yacht, Big Bad John (named for his 1961 hit song). Dean’s legacy continued in 2007: The former sausage magnate’s folksy TV commercials were parodied in last year’s “Walk Hard: The Dewey Cox Story,” and MGM released a remastered DVD of “Diamonds are Forever,” the 1971 James Bond flick in which Dean played a reclusive Texas billionaire. Dean’s also preparing a lawsuit seeking royalties from the DVD release last year of episodes from “The Jimmy Dean Show.” Dean’s fortune is invested in banking, real estate, oil and hotels.
Net worth: $100 million
Confidence: A

Richmond. J. Sargeant Reynolds Community College in Richmond is naming its new Library Technology Center after Ivor and Maureen Massey in honor of the couple’s $1 million pledge to the college’s first-ever major gifts campaign. “In rough economic times, J. Sarge is even more important because of their crucial role locally in work-force training,” says Ivor Massey Jr. He also recently pledged $100,000 to Virginia State University to establish an endowed scholarship in his wife’s name. Massey, 60, oversees a family fortune from his investment-savvy grandparents and parents, bequeathed to him and his siblings. The community-minded Massey sits on the boards of J. Sargeant Reynolds and the Faison School Foundation, to name a few. He’s also an active political donor, including $35,000 to incumbent independent Del. Katherine Waddell’s unsuccessful bid for re-election last year. On the investment side, Massey recently adjusted his family’s stock profile. “We’re still staying in long equities, but we’re kind of hunkering down for some rough sledding. We’ve pruned a little bit around the margins.”
Net worth: $100 million*
Confidence: A
• Includes assets held in trust or by other family members

Richmond. Former state Delegate Alexander B. McMurtrie Jr., 71, and his wife, Margaret Hillenbrand McMurtrie, 70, started a new scholarship in 2007 at Georgetown University Law School, one of McMurtrie’s alma maters.  “We want to give these students the opportunity to pursue their dreams and goals,” McMurtrie told Virginia Business.  The McMurtries also contribute to his other alma mater — the University of Notre Dame — where the couple is on the President’s Circle and one of the school’s advisory boards. They have substantial investments in Indiana-based Hillenbrand Industries, founded by Margaret McMurtrie’s grandfather. Hillenbrand Industries is the holding company of Batesville Casket Co. and Hill-Rom, which makes health-care products.
Net worth: $100 million
Confidence: B

Fairfax. 71. April brought the opening of the Gaylord National Resort and Conference Center, (see story page 81) the largest non-gaming hotel and convention center on the East Coast and the focal point of Peterson’s National Harbor.  When fully built out, the massive mixed-used project will boast 7.3 million square feet of stores, offices, restaurants,  condominiums and a marina along the Potomac River in Prince George’s County, Md. Peterson, owner and CEO of The Peterson Cos. in Fairfax, is a longtime player in Northern Virginia’s real estate market, and National Harbor will seal his legacy if all goes as planned. While housing sales may be slow elsewhere, demand has been strong for condos at National Harbor. The 300-acre project is expected to create 5,000 jobs. Peterson is bringing cultural attractions to National Harbor, including “The Awakening,” a 70-foot-long sculpture he bought for $750,000; it had been at the National Park Service’s Hains Point.
Net worth: $100 million
Confidence: C

Richmond. 68. The former secretary of the U.S. Treasury continues as chairman of Cerberus Capital Management LP, a New York City-based private investment group. The group is best known for buying an 80 percent equity interest ($7.4 billion) in DaimlerChrysler. Since the Chrysler acquisition in August, Snow has become the front man for Cerberus, fielding many questions when the company pulled out of a $4 billion takeover of United Rentals last November. Cerberus also holds a controlling interest in finance company GMAC LLC. Outside of Cerberus, Snow serves on the board of directors for Verizon Communications Inc. and Marathon Oil Corp. 
Net worth: $100 million+
Confidence: C

Roanoke. The U.S. ambassador to Romania is the retired chairman of Roanoke-based Advance Auto Parts. Nicholas F. Taubman, 73, and his wife, Jenny, gave $15.2 million to the $68 million Art Museum of Western Virginia which will be renamed in their honor when it opens to the public this November. (See story on page 38).
Net worth: $100 million
Confidence: C

Richmond. Brothers James E. “Jim” Ukrop, 71, and Robert S. “Bobby” Ukrop, 62, head Ukrop’s Super Markets Inc., the top grocery in Richmond. The family-owned chain has 29 locations in Central Virginia and opened its first store in Roanoke last year. Statewide, the company continues to battle stiff competition from Kroger, Food Lion and Wal-Mart. The chain cited such competition along with poor sales, in closing its location near Virginia Commonwealth University in April. Ukrop’s Super Markets co-owns First Market Bank, which has 34 branches, many located within Ukrop’s stores. The brothers also own Ukrop’s Dress Express, a uniform business with more than 1,200 corporate clients across the nation. Both Ukrop brothers are influential in area politics and business. Jim Ukrop, who serves as chairman of Ukrop’s and First Market Bank, is a state and local political insider who supported Gov. Timothy M. Kaine’s election. Bobby Ukrop is a former chairman of the Greater Richmond Chamber of Commerce.
Net worth: $100 million
Confidence: C

Richmond. 66. Markel decided in May to step back from daily operations of Markel Corp. and serve as vice chairman of the Richmond-based specialty insurance firm. He had been president and COO of the firm since 1992 and has spent more than 40 years with the company. He will lead the company’s strategic focus of its insurance business while his cousin, Steven Markel, who also has the title of vice chairman, continues to focus on Markel’s investment operations. The Markels led the company through tremendous stock gains during the past decade, with prices increasing five-fold. But the recent volatility of the insurance market has dampened Markel’s earnings and stock value. The stock price is down 13 percent from a year ago and down 24 percent from a high of $554 in August to $421.50 in recent weeks. During the past year, Markel Corp. has made some major expansions. In addition to opening offices in Singapore and Sweden, the company introduced an electronic claims filing system and a new excess flood coverage program in select U.S. states. 
Net worth: $95 million
Confidence: B

McLean. 60. The president of NVRM, the mortgage and fin­-ance subsidiary of NVR Inc. since 1992, is not immune to the housing crunch. His $410,000 salary was frozen in 2007 and he earned a bonus of $97,278, less than half of what he was eligible to receive. However, he fared better than other NVR executives who received no bonuses. Inman beneficially owns 109,000 shares of the company’s stock, or about 2.1 percent of the company. The company continues to struggle in the difficult real estate market. During the first quarter of 2008, NVR’s net income dropped 49 percent to $43 million compared to the first quarter in 2007.
Net worth: $94 million
Confidence: C

Goochland. 52. Now that the president of the Richmond-based private commodities trading firm Strategic Capital Corp. has retired from corporate life, he spends his days trading futures for himself and figuring out what to do next.  “I’m thinking about getting a personal trainer’s license because my two passions in life are trading futures and working out,” says Bruce.  “When I go to the gym, I see so many 14, 15-year-olds that don’t train properly, and if they don’t learn how to train at that age, they’ll develop bad habits.”  This past year, Bruce ended his term on the board of the Tuckahoe YMCA but made charitable contributions to 14 different organizations.  “They range from Doctors Without Borders to animal charities to children’s charities,” Bruce says. His net worth dropped $10 million over the past year, because of losses in the stock market. “Most of my money is in index mutual funds, so when the S&P 500 goes down, my money goes down,” he says.
Net worth: $90 million
Confidence: A

Richmond. 57.  Since retiring in 2006 as founding president and CEO of CarMax Inc., W. Austin Ligon has been a self-described “half-time travel bum, half-time board member.” In the last year, he traveled with his daughter to watch gorillas in Uganda, and he and his wife, Samornmitr “Pan” Lamsam, celebrated their 25th anniversary with a trek to the Himalayan kingdom of Bhutan. Ligon joined the board of Panera Bread Co. He also sits on the University of Virginia’s board of visitors and the boards of the U.Va. Investment Management Co., the Yale School of Management and Johns Hopkins University’s Center for Talented Youth. About 95 percent of Ligon’s personal holdings are invested in shares of CarMax, and he owns about 2 percent of the publicly traded company’s stock.
Net Worth: $83 million
Confidence: C

Bristol and Wellington, Fla. Johnson, 42, heads Johnson & Associates, one of the largest commercial development firms in Southwest Virginia. A former Virginia Tech football player and NFL player for the Dallas Cowboys and New England Patriots, Johnson develops shopping centers across the South. A knee injury ended Johnson’s football career, but he stays competitive by racing cars.  Johnson started his fourth season this year in the Rolex Series of the Grand Am, sanctioned by the Great American Road Racing Association. Slow sales at Dixie Pottery, one of his properties, forced the store’s closing in April.  He and his wife, Kim, are active with the United Way in Bristol.
Net worth: $81 million
Confidence: B

Vienna. 61. Anticipating a correction in the credit markets, the CEO of Mooring Financial Corp. launched a hedge fund last year. Mooring Intrepid Opportunity Fund invested in derivative contracts.  Jacquemin says Mooring’s greatest challenge in 2008 will be “trying to assess and predict when the markets hit bottom and begin to recover.” He continues his philanthropic interests, with Mooring contributing $10,000 to help fund two habitat for humanity homes in Washington, D.C. Jacquemin’s family foundation also will fund 20 high school scholarships through the Nomadic Kenyan Children’s Education Fund. It also will provide $200,000 in educational grants for underserved children in Washington D.C., and $100,000 in study abroad scholarships for Penn State undergrads.  “I know what a great experience it was for me,” Jacquemin says of his junior year abroad in Strasbourg, France.  “I’d like to make it possible for others to have that experience.” 
Net worth: $80 million
Confidence: A

Richmond. 72. Since stepping down as chairman of the board of Dominion Resources Inc. in 2007, Capps has traveled and served on several corporate boards. The newest board is Shaw Group Inc., a Louisiana-based engineering and construction firm. He also is a director on the board for Amerigroup Corp., a Virginia Beach-based health-care insurance firm and AEGIS (Associated Electric and Gas Insurance Services) Inc. In addition to corporate work, Capps is active in higher education, serving on the board of visitors for The College of William and Mary and the board of trustees for the University of Richmond.  He owns more than 1 million shares of Dominion stock.
Net Worth: $75 million
Confidence: B

Albemarle County. 58. The Kluge Estate Winery and Vineyard says it has more distribution around the country than any other Virginia winery. Kluge, owner and chairman, now has 220 acres planted with plans to move up to 300 acres in another two years, which would make the vineyard one of the largest on the East Coast. The first home in her 511-acre residential community, Vineyard Estates, has been completed. Glen Love Cottage is on the market for $7 million. The 6,400-square-foot home was created by architect Madison Spencer of Charlottesville and designer David Easton of New York.  Husband William Moses is the winery’s CEO and her partner in philanthropy. Kluge recently donated $1 million to the King’s Academy in Jordan for the education of underprivileged children in the Middle East. She is on the board of the Washington National Opera.
Net worth: $75 million+
Confidence: B

Middleburg. 76. The president of Ballenger Enterprises Inc., a real estate development firm, continues to run his Middleburg-based Angus cattle ranch, Brigadoon Farms.  Besides raising commercial cattle, Brigadoon Farms is home to several Thoroughbred race horses including Gliding, an 8-year-old New Zealand horse that won the $75,000 Grade 2 Steeplechase Triple Crown purse in April 2007.  This year Gliding traveled halfway around the world to represent America in the world’s richest steeplechase race, the Nakayama Grand Jump in Japan, where the horse placed last in his field. Ballenger says all of his real estate projects are in “limbo” at this time due to uncertainties in the real estate market.
Net worth: $73 million
Confidence: B

Alexandria. 55. The founder of Bradson Corp. was named the 2008 Titan of Business and Philanthropy by The Leukemia and Lymphoma Society during the 21st annual Leukemia Ball fundraiser.  The event, held at the Washington Convention Center, featured “Tonight Show” host Jay Leno and raised $3.3 million for the National Capital Area Chapter of the Leukemia and Lymphoma Society. Bradley donated $75,000 to the cause. He sold Bradson to Kforce Inc. for $73 million in 2006. The privately held professional services company provided finance and accounting services to federal government agencies. The firm’s former CEO now is president of the Ronald M. Bradley Foundation Inc. and manages his investment portfolio.
Net worth: $70 million
Confidence: A

Winchester. 62. The subprime lending bust has hurt the sales of cabinet-manufacturer American Woodmark Corp. and also the wealth of its majority shareholder, William F.  Brandt Jr. The stock price has dropped 45 percent from a year ago and was trading as low as $19.50 per share this spring. So, it’s no wonder Brandt’s net worth took a big plunge, $59 million lower for his stock holdings than the year before. In his post-executive life, American Woodmark’s former chairman and CEO is serving on numerous community boards.  Brandt is a member of the board of trustees for Shenandoah University in Winchester, sits on the board of advisers for SU’s school of business and is currently the business school’s first-ever executive-in-residence.  In addition to his work with the university, Brandt serves on the board of directors for Valley Health and Project Hope, a nonprofit seeking to provide health care around the world.
Net worth: $69 million
Confidence: B

Great Falls. 59.  Donahue flirted with déjà vu last fall. After stepping down early as executive chairman of Sprint Nextel in 2006, the former Nextel chairman could have been back in the executive offices of the combined telecom firm he helped merge. Sprint Nextel, which has continued to struggle amid stiff competition from Verizon Wireless and AT&T, rejected an offer in November from South Korea’s SK Telecom and a private equity firm to invest $5 billion and reinstall Donahue as the telecom’s chief executive. Donahue, already a director of Covidien (formerly Tyco Healthcare), joined the board of Tyco International this spring. He also serves as a director for McLean-based NVR Inc., Covidien, a Mansfield, Mass.-based medical device manufacturer and Eastman Kodak.
Net worth: $69 million
Confidence: C

McLean. 77. The chairman emeritus of SRA International resigned as a director in 2007 after 29 years on the board of the Fairfax-based information technology and consulting services provider that he helped launch. He still controls 11.6 percent of the company’s total voting power, with more than 2 million shares. Brehm went to work for the Pentagon in 1964 and helped manage the military transition to an all-volunteer force. He would go on to serve as an assistant secretary of defense under Presidents Richard Nixon and Gerald Ford. Brehm is a prolific donor to schools in Michigan. Construction continues on the 222,000-square-foot expansion of the University of Michigan W.K. Kellogg Eye Center, which will include the Delores S. and William K. Brehm Center for Type 1 Diabetes Research and Analysis. The center will research cures and treatment for the Type 1 Diabetes that Brehm’s wife, Delores, has suffered. The Brehms made a $44 million gift to the school (Brehm’s alma mater), which included $30 million for the center’s construction. They also have endowed scholarships at Eastern Michigan University, which Delores attended, and funded scholarships at the Fuller Theological Seminary, where they established the Brehm Center for Worship, Theology, and the Arts with a $15 million contribution.
Net worth: $62 million
Confidence: C

Virginia Beach. 66. The chairman of Dollar Tree Inc. sold 372,000 shares of his company stock last year, which made him $18 million. Yet overall the value of his company stock holdings plunged dramatically during the past year, as Dollar Tree’s share price dropped. For instance, stock was selling for about $39 share in May 2007 compared with $32 a share in May this year.  Brock co-founded Dollar Tree with brother-in-law J. Douglas Perry. Brock and his wife, Joan, continue to donate to Randolph-Macon College in Ashland, Brock’s alma mater. The couple donated $5.1 million recently to help fund a speaker’s program — an expansion to the school’s career services department — and a soon-to-be-announced building. Brock has served on the school’s board of trustees since 2000 and has donated more than $11.1 million for various projects. Currently, he sits on the board of directors for a number of smaller companies including the Toano, Va.-based flooring company, Lumber Liquidators Inc.
Net worth: $45 million
Confidence: B

Richmond. 59. Szymanczyk became chairman and CEO of Altria Group Inc. in March when the cigarette manufacturer spun off its international cigarette division, Philip Morris International, and moved its headquarters from New York to Richmond. The move followed a spinoff of the Kraft Foods division in 2007. Szymanczyk still holds his previous titles as chairman, president and CEO of Philip Morris USA Inc. He joined Philip Morris USA in 1990 as a senior vice president of sales. Szymanczyk serves on the board of trustees for The Virginia Foundation for Independent Colleges, the University of Richmond, the Virginia Commonwealth University School of Engineering Foundation and The United Negro College Fund.
Net worth:  $43 million
Confidence:  C

Richmond. 49. The slow housing market and weak economy reduced earnings at Genworth Financial Inc. last year. Fraizer, the company’s chairman and CEO, believes the trend will continue through 2008. During the fourth quarter last year, Genworth reported a 52 percent drop in profit, and its mortgage insurance business lost $3 million. Fraizer blamed the decline on Genworth’s mortgage insurance sales in Florida, which have a high foreclosure rate. A well-known philanthropist, Fraizer hosted (with celebrity friends Andre Agassi and Stefanie Graf) a James Taylor concert last fall that raised more than $600,000 for underprivileged youth in Richmond. Fraizer and his wife, Elizabeth, donated more than $1.5 million in 2006 to build and support the Mary and Frances Youth Center at Virginia Commonwealth University, which opened last year. Active in the community, Fraizer serves as a trustee of the Virginia Foundation for Independent Colleges and the VCU School of Business Foundation.
Net worth: $42 million
Confidence: B

The ABCs of money

As always, we include confidence ratings with estimates of net worth. An “A” indicates our highest level of confidence and means an individual or representative has confirmed the net worth. A “B” stands for “in the ballpark,” and is our best estimate based on information in public records, the public domain, reports and communication with the Virginia 100 listee. Our lowest “C” ranking means we’re making a guess, based on the best information available. 
SNL Financial in Charlottesville assisted with research on the net worths of some executives who head publicly traded companies. Calculations of publicly traded shares are based on stock prices as of April 4.
— The editors








Reader Comments

comments powered by Disqus