18-acre Sharp family estate in Rivergate sells for $8.7M

501 Rivergate 1

The 18-acre estate overlooks Rivergate Lake. (Photos courtesy CVRMLS)

In one of the pricier local residential real estate deals in years, the house that Circuit City and CarMax built is in the hands of new owners.

The 18-acre lakefront estate at 501 and 495 Rivergate Drive sold Tuesday for $8.75 million. The former residence of the late Circuit City CEO and CarMax founder Rick Sharp had been listed by his widow, Sherry Sharp, in March with an asking price of $9.5 million.

The property in eastern Goochland County was purchased through a Florida-based LLC called Cypress Property Holdings. Local agent Richard Bower with Joyner Fine Properties represented the buyers and declined to comment because of a nondisclosure agreement. He said his clients requested privacy.

Scott Ruth and Scott Shaheen with Shaheen, Ruth, Martin & Fonville Real Estate had the listing. They represented Sherry Sharp, who they said is remaining local.

Scott Ruth

Scott Ruth

Ruth said the listing received “a great deal of curiosity and interest” from both local and out-of-town buyers. He said SRMF marketed the listing on various media platforms to reach prospective buyers in the region and across the country.

“Ultimately, we leaned on our local agents in Richmond and surrounding agents who showed 501 Rivergate Drive, and appreciate the teamwork with Richard Bower with Joyner Fine Properties to close the transaction,” Ruth said in an email.

The sale is the biggest seen in the Richmond market since 2020, when the 260-acre Glen Roy estate in western Henrico sold for $10 million. Bower was the listing agent in that deal. The closest to it this year was the 35-acre Oaklea estate in Goochland, which sold in May for $7 million in an off-market deal.

501 Rivergate 2

The main house was built in 2000 by local builder Jake Tucker.

Anchored by a 21,000-square-foot mansion, the Rivergate estate is the centerpiece of the gated community in eastern Goochland, which Rick Sharp developed with his Realty Ventures Group. The community is between River Road and Patterson Avenue just south of West Creek.

Totaling 25,000 square feet of space across multiple buildings, the estate includes the primary 16-acre parcel and an adjoining 2-acre buildable lot at 495 Rivergate Drive. The estate took four years to build, and the main house was completed in 2000, the same year Rick Sharp retired from Circuit City, the now-defunct electronics retailer.

Rick Sharp wide

The late Rick Sharp, who died in 2014. (BizSense file)

Sharp retired as board chairman of CarMax in 2007. He died in 2014 at age 67, four years after being diagnosed with Alzheimer’s Disease. Sherry Sharp has since led the Rick Sharp Alzheimer’s Foundation.

The 2½-story main house has eight bedrooms, nine bathrooms and six half-baths. It has 11 fireplaces and a finished basement with a golf simulator room, a movie room and an exercise room with sauna and steam room.

A guest suite is attached to the house, and an apartment is above a detached two-car garage, which contributes to 11 cars’ worth of garage space overall. The property also includes a detached basketball gym with bathroom, a pool with pool house, terraces with an outdoor fireplace and lake frontage with a dock and gazebo.

501 Rivergate 4

The estate is the centerpiece of the Rivergate community in Goochland.

Goochland County assessed the two parcels at $5.5 million combined.

The sale did not include another 2-acre parcel that’s been improved and is owned by RLS Rivergate LLC, the same entity that owned the sold parcels. Larger parcels flanking the estate are home to or have been owned by other members of the Sharp family.

Meanwhile, another high-dollar listing in the market has a sale pending. A 10,000-square-foot house at 5105 Stratford Crescent, just off Cary Street Road in Richmond’s West End, was put under contract in mid-August after being listed in June at $6.5 million. SRMF’s Holly and John Martin have that listing.

501 Rivergate 1

The 18-acre estate overlooks Rivergate Lake. (Photos courtesy CVRMLS)

In one of the pricier local residential real estate deals in years, the house that Circuit City and CarMax built is in the hands of new owners.

The 18-acre lakefront estate at 501 and 495 Rivergate Drive sold Tuesday for $8.75 million. The former residence of the late Circuit City CEO and CarMax founder Rick Sharp had been listed by his widow, Sherry Sharp, in March with an asking price of $9.5 million.

The property in eastern Goochland County was purchased through a Florida-based LLC called Cypress Property Holdings. Local agent Richard Bower with Joyner Fine Properties represented the buyers and declined to comment because of a nondisclosure agreement. He said his clients requested privacy.

Scott Ruth and Scott Shaheen with Shaheen, Ruth, Martin & Fonville Real Estate had the listing. They represented Sherry Sharp, who they said is remaining local.

Scott Ruth

Scott Ruth

Ruth said the listing received “a great deal of curiosity and interest” from both local and out-of-town buyers. He said SRMF marketed the listing on various media platforms to reach prospective buyers in the region and across the country.

“Ultimately, we leaned on our local agents in Richmond and surrounding agents who showed 501 Rivergate Drive, and appreciate the teamwork with Richard Bower with Joyner Fine Properties to close the transaction,” Ruth said in an email.

The sale is the biggest seen in the Richmond market since 2020, when the 260-acre Glen Roy estate in western Henrico sold for $10 million. Bower was the listing agent in that deal. The closest to it this year was the 35-acre Oaklea estate in Goochland, which sold in May for $7 million in an off-market deal.

501 Rivergate 2

The main house was built in 2000 by local builder Jake Tucker.

Anchored by a 21,000-square-foot mansion, the Rivergate estate is the centerpiece of the gated community in eastern Goochland, which Rick Sharp developed with his Realty Ventures Group. The community is between River Road and Patterson Avenue just south of West Creek.

Totaling 25,000 square feet of space across multiple buildings, the estate includes the primary 16-acre parcel and an adjoining 2-acre buildable lot at 495 Rivergate Drive. The estate took four years to build, and the main house was completed in 2000, the same year Rick Sharp retired from Circuit City, the now-defunct electronics retailer.

Rick Sharp wide

The late Rick Sharp, who died in 2014. (BizSense file)

Sharp retired as board chairman of CarMax in 2007. He died in 2014 at age 67, four years after being diagnosed with Alzheimer’s Disease. Sherry Sharp has since led the Rick Sharp Alzheimer’s Foundation.

The 2½-story main house has eight bedrooms, nine bathrooms and six half-baths. It has 11 fireplaces and a finished basement with a golf simulator room, a movie room and an exercise room with sauna and steam room.

A guest suite is attached to the house, and an apartment is above a detached two-car garage, which contributes to 11 cars’ worth of garage space overall. The property also includes a detached basketball gym with bathroom, a pool with pool house, terraces with an outdoor fireplace and lake frontage with a dock and gazebo.

501 Rivergate 4

The estate is the centerpiece of the Rivergate community in Goochland.

Goochland County assessed the two parcels at $5.5 million combined.

The sale did not include another 2-acre parcel that’s been improved and is owned by RLS Rivergate LLC, the same entity that owned the sold parcels. Larger parcels flanking the estate are home to or have been owned by other members of the Sharp family.

Meanwhile, another high-dollar listing in the market has a sale pending. A 10,000-square-foot house at 5105 Stratford Crescent, just off Cary Street Road in Richmond’s West End, was put under contract in mid-August after being listed in June at $6.5 million. SRMF’s Holly and John Martin have that listing.

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Carl Schwendeman
Carl Schwendeman
9 months ago

I think this was the home I was fantasizing about if I won the 1.7 billion dollar power ball. I that I think it had a basket ball court and all kinds of neat features in it.