Well, lets see...
500 mph * 5280 ft/mile / 3600 sec/hr = 733 ft/sec = V0
Max height when velocity equals zero
Acceleration is -1 * g = -32.2 ft/sec^2
V = a* t + v0 : t = (v - v0) / a since v is zero then
t = -v0 / a = -733/ (-32.2) = 22.75 seconds
So the amount of time it takes to stop ascending and start falling is 22.75 seconds which does not include the very substantial air friction especially while the body is above terminal velocity, so in reality the time and distance will be way less, but lets pretend the is no air resistance.
So distance traveled is x = 1/2 * a * t^2 + v0 * t + x0
x0 (the starting position) is zero, so substituting...
X = 1/2 * (-32.2) * (22.5 ^ 2) + (733 * 22.5) = 8343 feet
Considering that you cant even see the earths curvature below 40 kilofeet, I dont think he will quite make it