The top boss at one of Richmond’s biggest companies has acquired an out-of-town getaway with a hint of Hollywood history.
CarMax president and chief executive Thomas Folliard and his wife, Mary, recently purchased a waterfront home in Martha’s Vineyard for $7.9 million, according to a report from Martha’s Vineyard Patch and property records in Dukes County, Mass.
Peyton Wallace, a real estate broker with Wallace & Co. Sotheby’s International Realty who handled the sale, said Hollywood legend James Cagney owned the 11-bedroom house at 29 S. Water St. in Edgartown, Mass., from 1948 to 1952.
Wallace characterized the 6,000-square-foot house as a bit of a fixer-upper and said the Folliards plan to renovate it.
The house’s view of Edgartown Harbor, however, is a stunner. One can watch boats come and go from a second-level deck or dangle his feet from a 145-foot private dock, according to a listing Wallace provided.
The 9.5-bath residence was built in 1934. Its original asking price was $9.85 million. The sale was recorded in September.
The Folliards bought the home from the Vietor family, longtime owners of the property. Thomas Folliard declined to comment on the purchase, a CarMax spokeswoman said.
Folliard, 48, became president and CEO of CarMax in 2006.
His total compensation for fiscal 2013 was $7.4 million, according to the company’s SEC filings, including a base salary of $1.08 million and stock awards and other incentive pay.
During that period, CarMax sold more than 447,000 used cars, generating almost $11 billion in revenue for the year and $434.3 million in net earnings. The company operates more than 115 locations across the country.
Its stock, which trades under the symbol “KMX,” closed Monday at $50.09 per share, up .80 percent.