Randolph acquired property by purchase, headright, marital interest and land grant. His early acquisitions were in the neighborhood of Turkey Island, located in the James River about 20 miles (32 km) southeast of present-day Richmond. This land had been settled for decades, and was held by several owners, from whom he purchased. Possibly his first purchase was 591 acres (2.39 km2) of land on Swift Creek, south of the James.
In 1676 a Virginia colonist, Nathaniel Bacon, rebelled unsuccessfully against the colonial government and his estate was forfeited. This was Curles, located near Turkey Island. Randolph made an assessment of the property for Governor Berkeley and was allowed to buy it for his estimated price, adding 1,230 acres (5.0 km2) to Randolph's previous land holdings. This conflict of interest was criticized by his neighbors.
Randolph built a mansion on the Turkey Island plantation on high ground overlooking the island and the river. It featured a ribbed dome and was known as the "Bird's Cage".
Turkey Island derives its name from the first explorers of the James River, who noted that it contained a large population of wild turkeys. The term can refer to the surrounding area as well as the island. William Randolph's residence overlooked Turkey Island, and he is buried near the site of the house.