Born in Lansing, Michigan, USA on November 29, 1952, Daniel Andrew Beal is an investor, businessman, banker and poker player best known for having amassed his fortune through banking and real estate. He is the chairman and founder of Beal Bank and other affiliates. All of his efforts have helped make his fortune what it is today.
How rich is Andrew Beal? As of the end of 2017, sources estimate a net worth of $ 10.1 billion, earned through the success of his numerous endeavors. He is also a number theorist and came up with the Beal Conjecture, which is a generalization of Fermat’s Last Theorem. He has also participated in high stakes poker games and as he continues his endeavors, this wealth is expected to continue to grow as well.
Andrew Beal net worth of $ 10.1 billion
As he was growing up, Andrew began to get involved in the business of repairing and refurbishing used televisions with his uncle. While at Lansing Sexton High School, he also helped install security systems in homes. He then expanded into other business activities, including managing rental properties and relocations. After his matriculation, he attended Michigan State University, where he studied mathematics.
Then, at the age of 19, Beal began his real estate endeavors, buying and leasing a home in Lansing for $ 6,500. This eventually led him to buy, renovate, and sell other properties at a higher price. He participated in auctions to bid on real estate to help fuel his business. In 1976 he started attending Baylor University but left to focus more on business. His fortune began to grow significantly, most notably in 1981, when he repaired the Brick Towers in Newark after buying it for $ 25,000. Two years later, he sold the towers for $ 3.2 million.
In 1988 Andrew opened his own bank in Dallas and later another in Las Vegas. The banks were responsible for buying financial assets that made them rich over the years. Andrew’s net worth continued to grow as Beal Bank expanded. It now has at least 37 banking locations and is insured by the Federal Deposit Insurance Corporation (FDIC). Other businesses Andrew has include CSG Investments, CLG Hedge Fund, and Loan Acquisition Corporation. He also tried his hand at building his own aerospace company, focusing on developing a 200 foot rocket and hiring more than 200 people to work on the project in Frisco, Texas. However, due to competition from NASA, it soon ceased operations in 2000.
In 2001, Beal took part in several high stakes poker games that he played against professional players. Three years later, he won one of the largest single hands, valued at $ 11.7 million. He repeated a similar feat in 2006 when he won approximately $ 13.6 million at Wynn Casino. However, he would soon lose $ 16.6 million to world champion Phil Ivey.
For his personal life, Andrew is known to be married and to have two children with his nameless first wife before divorce. In 1996 he married Simona, an Estonian immigrant and they have four children, but they divorced in 2010. Andrew is a philanthropist who sponsors the Dallas Regional Science and Engineering Fair as well as the South Nevada Regional Science and Engineering Fair – he donated more than $ 1 million in prizes for the event. He is also concerned with number theory and formulated the Beal conjecture, which put forward a new mathematical hypothesis that implied Fermat’s last theorem; he offered $ 1 million to prove or disprove his suspicion, but no one has yet done so.
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