Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, July 7, 1995 TAG: 9507070074
SECTION: VIRGINIA PAGE: B-4 EDITION: METRO
SOURCE: Associated Press
DATELINE: RICHMOND LENGTH: Medium
The candy-making Mars family of McLean, with an estimated net worth of $14 billion, again tops a list of the 100 richest Virginians, according to Virginia Business magazine's annual survey of the state's wealthiest.
Mars Inc. makes M&Ms, Milky Way, Three Musketeers and Mars bars. The company also produces pet food, rice and other products.
Siblings Forrest E. Mars Jr., John F. Mars and Jacqueline Mars own the company, which brings in an estimated $11 billion annually.
The privately held company guards its financial data, and Virginia Business says it has only a fair level of confidence in its estimates of the family's worth.
``There's no question they belong on our list,'' said managing editor Karl Rhodes. ``Whether they are worth $14 billion, that's anyone's guess.''
The seventh annual list appears in the magazine's July issue. The magazine uses public stock and shareholder documents, news accounts and other means to collect information for the rankings.
The financial status of private companies and individuals often is hard to determine. The magazine gives each of its listings a letter grade of A, B or C to denote the level of certainty it attaches to the numbers.
The list includes industrialists, media executives, real estate developers, entrepreneurs, heirs and heiresses.
One of the best-known names on the list is Pamela Harriman, U.S. ambassador to France. Harriman, with $75 million, was credited with $95 million on last year's list.
Several heirs of Harriman's late husband, former New York Gov. W. Averell Harriman, have filed lawsuits accusing her of borrowing improperly from family trust funds and squandering the family fortune on bad investments. In May, amid reports that she needed money to settle the lawsuits, Harriman auctioned three paintings for $18.7 million.
``She had a tough year,'' Rhodes said.
Media mogul John W. Kluge, who lives in New York but maintains an estate in Albemarle County, is second on the list with $8 billion.
The next wealthiest are:
Richmond's Gottwald family, $965 million. The family has made a fortune in chemical manufacturer Ethyl Corp. and its many spinoffs.
Paul Mellon, scion of the industrialist clan and a philanthropist and horseman. The 88-year-old Upperville resident is worth about $850 million, Virginia Business said.
The Batten family, $800 million, of Norfolk. Frank Batten's Norfolk-based media companies own nine daily newspapers, including The Roanoke Times, 70 smaller publications and two television stations.
Washington Redskins owner Jack Kent Cooke of Middleburg and Washington, D.C. He's worth $800 million, the magazine said.
Woodrow McGlothlin and son James W. McGlothlin, who run a southwest Virginia-based mining enterprise. They are worth $760 million, the magazine said.
Others on the list include Virginia Beach religious broadcaster Pat Robertson, who has $65 million, and Alexandria telecommunications mogul Mark Warner, $100 million.
Rhodes said many people on the list used to get angry when their wealth was published, but that rarely happens these days.
``A lot of the people have gotten used to the idea and have actually started to supply us with information,'' he said.
by CNB