What Is Andrew Beal's Net Worth?
Andrew Beal, an American banker, businessman, investor, poker player, and amateur mathematician, has amassed a net worth of $15 billion. Based in Dallas, Beal's wealth primarily stems from banking and real estate, with him being the founder and chairman of Beal Bank, Beal Bank USA, and several other affiliated companies.
A self-taught number theorist, Beal formulated the Beal conjecture in 1993, a generalization of Fermat's Last Theorem. Encouraging the mathematical community, he has funded a $1 million standing prize for a peer-reviewed proof or disproof of this conjecture. In the early 2000s, Beal also showcased his competitive spirit by participating in high-stakes poker games in Las Vegas. In 2004, he won an impressive $11.7 million, marking one of the largest single hands in poker history. Author Michael Craig chronicled these high-stakes games in his 2005 book, "The Professor, the Banker, and the Suicide King: Inside the Richest Poker Game of All Time."
Early Life
Born Daniel Andrew Beal on November 29, 1952, in Lansing, Michigan, Andrew's journey to success started early. His father, a mechanical engineer, and his mother, a state government employee, raised Beal alongside his younger sister and older brother. As a teenager, Beal began earning money by repairing and selling used TVs. Attending Lansing Sexton High School, he actively participated in the debate team and also installed security systems in apartments during that period. Moreover, he started a house-moving business and managed rental properties. Post high school, Andrew pursued business administration at Michigan State University and later attended Baylor University in Waco, Texas, in 1976, though he did not complete his degree.
Career
Andrew Beal's real estate investment journey began at the age of 19, purchasing a house in Lansing for $6,500 and renting it out for $119 per month. His knack for identifying lucrative deals saw him buy, renovate, and sell properties swiftly. In 1976, he acquired a Waco apartment building for $217,500 at a Washington, D.C. auction and sold it for over $1 million three years later. The early '80s saw Beal and a partner buy two housing project buildings in Newark, New Jersey, for $25,000 and later sell them for $3.2 million. In 1988, Andrew established Beal Bank in Dallas, which has grown to 19 branches and 21 Beal Bank USA branches, with combined assets exceeding $7 billion by the end of 2019. His business empire includes CSG Investments, Inc., CLG Hedge Fund, LLC, and Loan Acquisition Corporation.
Venturing into aerospace, Andrew founded Beal Aerospace in 1997 in Frisco, Texas, aiming to develop rockets capable of placing communications satellites in orbit. Operating from a 163,000 square foot facility, Beal Aerospace had over 200 employees focusing on a 200-foot-tall rocket powered by kerosene and hydrogen peroxide. March 2000 witnessed the successful test of the BA-810 Stage 2, the largest liquid rocket engine built since the '60s. However, NASA's Space Launch Initiative led to the company's closure in October 2000, as Andrew highlighted the adverse impact of government-subsidized competitors on the private sector.
Personal Life
Andrew Beal has two children with his first wife, Susan Kaminski, and four children with his second wife, Simona, whom he married in 1996. Their marriage ended in divorce in 2010, with Simona seeking substantial damages. Andrew also has two children with Olya Sinitsyna. A libertarian, Beal endorsed Republican candidate Rand Paul in the 2016 presidential election, donating $250,000 to his campaign. After Paul's exit, he supported Donald Trump, contributing $2 million to a Trump super PAC and $1 million toward inaugural festivities. Beal is a significant sponsor of the South Nevada Regional Science and Engineering Fair and the Dallas Regional Science and Engineering Fair. He also donated $1 million to Dallas' Perot Museum of Nature and Science and provided over 200 computers to the Dallas Independent School District.
Real Estate
In 2016, Beal purchased a grand 27,092 square foot home in Dallas, Texas. Originally on the market for $100 million, this luxurious four-story mansion includes a library, bar, solarium, fitness room, a 20-seat theater, and a wine room. The expansive 25-acre estate boasts a 3,347 square foot guesthouse, a 4,836 square foot recreation complex, two outdoor kitchens, a heated pool, spa, basketball court, and tennis courts. Andrew listed this impressive property for $48.9 million in early 2017, eventually auctioning it off for $36.2 million.
