The fourth generation of the Massey family has put a 16,000-square-foot mansion on the market.
Ever since A.T. Massey founded a coal company in 1920, the Massey family has been a fixture of the Richmond, Va., area.
By 2011, Massey Energy had grown into the largest coal company in the Central Appalachian region, and was sold to Bristol, Va.-based Alpha Natural Resources Inc. for $7.1 billion in cash and stock. (Alpha filed for bankruptcy a year later.)
William Massey, A.T.’s grandson, was, for many years, the corporate secretary, says Blair Massey, William’s son and a member of the family’s fourth generation. Despite the family pedigree (not to mention the family fortune), “we grew up pretty modest,” Massey says.
It was only after the family sold the company in the 1970s to St. Joe Minerals Corp. that his father’s lifestyle changed. “Probably because, until the company was sold, the stock had no value,” Massey says. “So they had these shares in the company business, but a lot of the growth in the company took place after it was sold.”