A merchant in early life, Heathcote retired after inheriting a fortune estimated at £90,000, writing in a private notebook:
I began to draw home that part of my estate that I have abroad in trade, being fully resolved to leave off trade and be content with my present estate.
In November 1718, he purchased Hursley from the heirs of Richard Cromwell for £35,000, building a new mansion at a cost of a further £14,000.
