The only map I've seen that shows the race track location is a Civil War vintage map I found on Wikipedia:
https://en.wikipedia.org/wiki/File:ATLAS_OR_PENINSULA_CAMPAIGN_MAP_1.jpg

Henrico County chancery case 1886-004 will probably show who bought the land from James C. Talley in 1886.  From there I would go to the deed book indexes, deed books, and plat books on microfilm at the Library of Virginia: http://www.lva.virginia.gov/public/local/results_all.asp?CountyID=VA125

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