HARRY H.
HUNT III, Blacksburg Age: 72 Net
Worth: $169 million (Includes
assets held in trust or by other family members)Confidence: A
Hunt’s
private HHHunt real estate and development company continues
to grow and plan new projects. In 2005, annual revenues
hit
nearly
$239 million, one of company’s best performances. Already a major Richmond
developer, HHHunt plans to create another homebuilding operation that will
focus on multifamily and high-density projects, including condos. The Home
Building Association of Richmond recently recognized the firm as the Developer
of the Year, citing its accomplishments at Twin Hickory in Henrico County and
Charter Colony in Chesterfield. New projects include Wilton on the James, a
1,185-acre waterfront smart-growth village in eastern Henrico that is setting
aside land for a county park.
NOLAND FAMILY, Newport News Net Worth: $166 million Confidence: C
Lloyd U. Noland III, 63, sold the Noland family
business, a wholesale distributor of plumbing, heating and air conditioning,
and industrial/electrical
products, last year to Dayton-Ohio-based WinWholesale Inc., for $250 million.
The business was started in 1919 by Lloyd U. “Casey” Noland and
later overseen by his son, Lloyd U. Noland Jr. Casey’s grandson — Lloyd
U. Noland III — took over as chairman and CEO in 1987. He’s currently
a senior executive adviser at the Noland Co. He recently retired as a director
at Wachovia Corp. and still holds more than 200,000 shares of stock valued
at approximately $11.5 million. In January he was elected to the board of trustees
of the Virginia Historical Society.
JOSEPH W. LUTER III, Smithfield Age: 65
Net Worth: $150 million Confidence: B
CEO
and chairman of Smithfield Foods Inc. As part of Smithfield’s
pay-for-performance plan, Luter received a bonus of nearly $9.9 million last
year, or about 92 percent of his annual compensation, as company posted record
revenue of $11.4 billion. According to Smithfield’s most recent proxy,
Luter owns about 5 million shares or 4.9 percent of the company. Smithfield
Foods spent more than $200 million in 2005, expanding several of its major
U.S. meat processing facilities. Several of its Virginia subsidiaries, including
Smithfield Packing, received the 2005 Governor’s Environmental Awards
of Excellence for manufacturing. Luter helped establish a business school bearing
his name at Christopher Newport University with a personal grant of $5 million,
the largest single gift conferred upon the Newport News school. In March, the
Smithfield-Luter Foundation gave $5 million to aid cancer-prevention research
at the University of Virginia Health System. Son Joseph Luter IV, 41, is an
executive vice president with the company and possible heir to the Smithfield
throne.
RICHARD L. SHARP, Richmond Age: 59 Net Worth: $150
million Confidence: C
Who
could have guessed that footwear would be the next big thing for this proven
retail
executive? Sharp, former chairman for Circuit City Stores
Inc. and current chairman of CarMax Inc. — the country's largest used-car
retailer — has embarked on a new challenge. He's chairman of Crocs Inc.,
a manufacturer and marketer of a soon-to-be-patented line of footwear that
softens with body heat, molding to the wearer's foot. The slip-resistant shoes
are growing in popularity in sports and mainstream fashion. In fact, the Connecticut-based
company recently announced a three-year deal as the title sponsor and official
footwear for the AVP Pro Beach Volleyball Tour. A public company listed on
the NASDAQ (CROX), Crocs had sales of $108.6 million for fiscal 2005, an increase
of 704 percent in one year, and 260 employees. It operates manufacturing facilities
in China, Mexico, Italy and Canada and distributes through retailers, such
as Dillard's, Nordstrom and The Sports Authority. Sharp directly owns 592,695
shares of the company's stock valued at about $14.7 million. He also owns stock
in CarMax. Sharp chairs the U.Va. Health Foundation.
WEINSTEIN FAMILY, Richmond Net Worth: $150 million Confidence: C
The Weinsteins own and manage 11,000
apartments in Virginia and North Carolina. However, they are probably best
known in their hometown for their philanthropic contributions, especially to
the University of Richmond The school has
received $24 million in contributions from Marcus Weinstein, his wife Carole,
their daughter Allison, her husband Ivan Jecklin and Marcus’ brother
Philip. The ties to UR extend back to the 1940s when Marcus attended the school.
In addition to UR, the family has made major gifts to the Virginia Holocaust
Museum, the Jewish Community Federation and many other local organizations.
In May, Marcus and Carole Weinstein were named to the Greater Richmond Business
Hall of Fame. They started Weinstein Properties in 1962. Weinstein Properties
has doubled its holdings in the past six years. Allison Weinstein is president
and chief operating officer of the company.
BETTY AND FARMER MEADOWS, Spotsylvania County Net Worth: $125 million Confidence: A
Both 71, Betty and Farmer Meadows began Meadows Farms
by selling tomatoes door-to-door and then at roadside stands. Today they have
21 discount nurseries around Northern Virginia. Farmer remains involved in
the business. Son Jay Meadows, 44, serves as president of Meadows Farms. The
family business employs 600 full-time and 200 part-time workers. Betty and
Farmer Meadows also own Meadows Farm Landscaping and Meadows Farms Golf Course,
a 27-hole public course in Orange County, along with a 350-acre farm that raises
beef cattle.
ROGER MODY, McLean Age: 42 Net Worth: $125
million Confidence: B
Mody co-founded Signal Corp.,
a technology services company, which he sold in 2002 to Veridian Corp. for
$227 million.
(See profile)
JAMES B. MURRAY JR., Charlottesville Age: 59 Net Worth: $125
million Confidence: C
Founder and managing
partner of Charlottesville-based Court Square Ventures, a venture capital firm
that invests in early-stage communications, information technology and media
companies. Murray was an early pioneer in the wireless telecommunications industry
and has spent the better part of the past 25 years investing in the sector.
He is a co-founder and former chairman of Columbia Capital in Alexandria, which
now has four investment funds with more than $2 billion in technology related
investments. Court Square’s first venture capital fund debuted in 2000,
and one of its holdings — CSTV Networks Inc., a digital media company
that focuses on college athletics — was sold in January to CBS Corp.
for $325 million. In March, Court Square Ventures announced that it had closed
its second investment fund at $118 million. Murray serves on a variety of corporate
boards. He also serves on North American Board of the Smurfit Graduate School
of Business Administration at University College in Dublin, Ireland, and here
at home on the board of the Virginia Commission on Higher Education.
WILLIAM F. BRANDT JR., Winchester Age: 60 Net Worth: $122
million Confidence: B
Brandt co-founded American
Woodmark Corp., now the country’s third largest manufacturer of kitchen
cabinets and vanities. He served as company’s chairman and CEO and still
sits on its board of directors. Brandt owns a large portion of the company’s
stock, about 3.4 million shares, according to a recent SEC filing. His net
worth went up during the past year because the company started a $50 million
common stock repurchase plan in 2001. American Woodmark has repurchased almost
$40 million so far, and Brandt almost doubled the number of shares he owns
between the company’s 2004 and 2005 fiscal years. He is currently the
executive-in-residence at Shenandoah University’s Harry F. Byrd Jr. School
of Business. Brandt also serves on the university’s board of trustees
and was board chairman from 1998 to 2000. He chairs the business school’s
board of advisers and serves on the Valley Health Systems board of directors.
DANIEL A. HOFFLER, Eastville Age: 57 Net Worth: $122
million Confidence: A
Chairman
and founder, Armada Hoffler. Company ranks as one of country’s top 400
general contractors.
(See profile)
ALAN T. LINGERFELT, Richmond Age: 51 Net Worth: $120
million Confidence: C
Senior
vice president and city manager for Liberty Property Trust. He manages the
Central Virginia region,
which includes many of the warehouse properties he acquired over the years
at his own firm — Lingerfelt Development Corp. — before it was
acquired in 1995. His Georgian-style home that sits on nine acres in Richmond’s
Rivergate community was featured during this year’s Historic Garden Week
tour. It boasts a hidden tennis court and disguised soccer field with music
piped into the gardens. The Virginia Tech graduate serves as a director of
the Virginia Commonwealth University Real Estate Foundation, where he has endowed
scholarships as well as at Virginia Tech.
LUCK FAMILY, Goochland County Net Worth: $120 million Confidence: C
Founded in 1923 by Charles S. Luck Jr. with
one quarry, Luck Stone Corp. is now one of country’s largest privately
held and family-owned aggregate suppliers with 1,000 employees. Led by Charles
S.
Luck III, its chairman,
and Charles S. Luck IV, its president and CEO. Luck Stone operates 17 crushed
stone plants in Virginia and North Carolina, two sand and gravel operations,
six architectural stone centers and two granite fabrication facilities. It
supports many charitable causes and has been recognized nationally for its
conservation and community relations programs. Charles S. Luck III served as
trustee for the Virginia Foundation of Independent Colleges in 2004-05.
WILLIAM J. INMAN, McLean Age: 58 Net Worth: $106
million Confidence: B
President
of NVR Mortgage Finance Inc., a wholly owned subsidiary of homebuilder NVR
Inc. It provides a range of financing services to mainly
NVR home buyers. Inman received incentive award last year worth 84 percent
of his base salary of $390,000. Exercised $12.1 million worth of options in
2005, with another $10.9 million waiting to be exercised. Owns more than 126,000
shares, or 2.2 percent of NVR Corp. Company’s stock continues to soar — its
52-week high was $947.95 — despite slowdown in housing market, including
NVR’s key markets in Washington and Northern Virginia.
HAZEL FAMILY, Broad Run Net Worth: $105
million Confidence: B
John T. "Til" Hazel, 75, is a prominent developer and lawyer from
Northern Virginia. Devotes most of his time these days to land development
through a consortium of companies.
Has spoken publicly about the need for fixing Virginia’s transportation
system, particularly in traffic-choked Northern Virginia. Last fall, the law
school building on the Arlington campus of George Mason University was named
in Hazel’s honor. A former partner at Reed Smith law firm in Falls Church,
he helped start the law school and has been a longtime supporter, currently
serving as trustee emeritus of its foundation. Son Jack Hazel is principal
of Angler Development Co. LLC, which develops, leases and manages commercial
real estate primarily in Northern Virginia. Son Dick Hazel runs Hazel Land
Cos. Inc., a commercial development company engaged in land development and
residential construction in Fredericksburg and Prince William County. Family
also owns and manages a portfolio of office buildings developed by Hazel/Peterson
Cos.
DAVID C. KARLGAARD,
Fairfax Age: 59 Net Worth: $104
million Confidence: B
Former chairman and CEO of PEC
Solutions Inc., a government services IT company that he started in 1985 with
two partners. Karlgaard owned 24 percent of the company and last year he sold
it to Nortel Networks Corp. for $449 million. The subsidiary was recently renamed
Nortel Government Solutions. Karlgaard remains part of the executive management
team, according to a Nortel spokesman. Karlgaard also serves as a director
at Arlington-based James Monroe Bancorp, where he owns 4.4 percent of the stock,
valued at approximately $3.8 million; Argon ST Inc., a Fairfax-based systems
engineering firm where he has a small ownership interest; and Rising Edge Technologies,
a Herndon-based startup firm. He’s also a board member of the Northern
Virginia Technology Council.
MICHAEL E. SZYMANCZYK, Richmond Age: 57
Net Worth: 102 million Confidence: B
Chairman and CEO of Philip Morris USA Inc. Net worth topped $100 million, thanks
to
total compensation
package of $12.4 million in 2005, a 65 percent jump. Includes $2 million bonus
and salary increase of $66,000 to $1.1 million. Also got a bump from 9 percent
increase in stock price of Altria Group Inc., Philip Morris’ parent company,
of which he owns more than 1 million shares and exercisable options worth another
$15.5 million. Took over top slot for world’s largest cigarette maker
in 2002. Formerly a sales executive with Proctor & Gamble Co., Szymanczyk
first joined Philip Morris in 1987 as vice president of sales and rose to VP
of retail operations before leaving company to take a job with Swift Eckrich,
a food processor in Livonia, Mich. Rejoined Philip Morris in 1990 as senior
vice president of sales in 1990. Serves on board of trustees for Virginia Foundation
for Independent Colleges, University of Richmond and Virginia Commonwealth
University School of Engineering Foundation. Also chairman of Dean’s
Advisory Council at Indiana University’s Kelley School of Business.
ARTHUR W. “NICK” ARUNDEL, The Plains Age: 78 Net Worth: 100
million (Includes assets held in trust or by other
family members)Confidence: B
Founder, chairman and publisher of
Times Community Newspapers, a Virginia-based newspaper and digital media group
that through acquisitions
has grown to become one of the largest in the state. Group publishes 20 newspapers
with a combined circulation of 271,000. Recent acquisitions include The Fauquier
Citizen and The Culpeper Citizen. Arundel’s son, Peter Arundel, succeeded
his father as CEO and heads company operations. Peter has led group’s
expansion and started company’s online editions. Nick Arundel has donated
land and financial support to the nonprofit Nature Conservancy and created
the Great Meadow Foundation, now home of the Virginia Gold Cup steeplechase
races. The foundation supports preservation of open space at Great Meadow.
Arundel’s life philosophy: “The first third of life you learn,
the second third, you earn, and then you give it all back.”
G. KEVIN BRUCE, Goochland County Age: 50
Net Worth: $100 million Confidence: A
The principal shareholder of Strategic Capital Corp., a private Richmond-based
commodities trading firm, says he’s in the process
of closing out the firm. Bruce prefers to trade as a private, independent broker. “I’m
personally comfortable with more risk individually than you can take for investors,” he
says. The move will also give him more time to focus on his investments. Financially,
2005 was a good year for Bruce with trades in corn and wheat commodities, investments
in European mutual funds and short sells on U.S. Treasury bonds bumping his
net worth from $90 to $100 million. He continues to serve as a member of the
board of directors for the Tuckahoe YMCA. At midlife, he’s considering
retirement. “I’d like to do more charity work, go to the beach
more.” He’s looking into setting up a foundation, he says, that
would benefit charities involved with children or animals. “I’m
ready to do something else … I’m pretty old for a futures trader.”
BYRD FAMILY, Winchester Net Worth: $100 million+ Confidence: C
Publishing, politics and apples
historically have been linked to the Byrd family. Today, the family remains
most active in the publishing business. Former U.S. Sen. Harry F. Byrd Jr.,
91, still comes to work every day at The Winchester Star, one of the family-owned
newspapers. Byrd’s son, Thomas T. Byrd, is publisher of most of the papers,
including the Star and the Daily News-Record in Harrisonburg. Shenandoah University
has begun construction on a $12 million building, Halpin-Harrison Hall, which
will offer more space for its expanding Harry F. Byrd Jr. School of Business.
At one time, the family was a major apple grower in the country, but Harry
F. Byrd III closed his Clarke County apple orchard in 2003.
JIMMY DEAN, Richmond Age: 77 Net Worth: $100
million Confidence: A
Famed entertainer
was inducted into Texas Country Music Hall of Fame in 2005, joining such legends
as Gene
Autry and Willie Nelson. A native of Plainview, Texas, Dean likes to proclaim
Virginia as his adopted home. Best known for recording “Big Bad John,” a
Grammy-winning mining tale told in Dean’s distinctive spoken-word style.
Has written autobiography titled, “30 Years of Sausage, 50 Years of Ham,” with
wife and country singer Donna Meade Dean, a Sandston native. Couple spends
bulk of time at Chaffin’s Bluff, a secluded 200-acre estate overlooking
James River in eastern Henrico County. Business interests include banking and
real estate. Contributed $2,000 each to Republican Jerry Kilgore’s gubernatorial
bid and to Lt. Gov. Bill Bolling’s campaign in 2005.
