In 1834, the Virginia Baptist Education Society bought the former Haxall family plantation. This property was much larger and more efficient than "Spring Farm." It was situated of the main house, Columbia, and other brick buildings. As the seminary grew, it became in need of funds. The education society was unable to receive bequests or hold property as it was an unincorporated organization. The seminary could not receive a charter from the legislature as it was a theological school. Therefore, around 1840 the seminary applied for a charter as a liberal arts college, which was granted on March 4 of that year. At this time, the society turned over the land and buildings of the school to the trustees of newly minted Richmond College.