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Andrew Beal Net Worth, Biography & Wiki 2017
Daniel Andrew Beal was born on 29 November 1952, in Lansing, Michigan USA, and is an investor, businessman, banke, and poker player, best known for having accumulated his wealth through banking and real estate. He is the chairman and founder of Beal Bank as well as other affiliated companies. All of his efforts have helped put his net worth to where it is today.
How rich is Andrew Beal? As of late-2017, sources estimate a net worth that is at $10.1 billion, earned through success in his numerous endeavors. He is also a number theorist and created the Beal conjecture which is a generalization of Fermat’s Last Theorem. He has participated in high stakes poker games too, and as he continues his endeavors, it is expected that this wealth will also continue to increase.
Andrew Beal Net Worth $10.1 billion
Growing up, Andrew started becoming involved in business through repairing and renovating used televisions with his uncle. During his schooling at Lansing Sexton High School, he also helped install security systems in apartments. He then expanded to more business endeavors, including managing rental properties and moving houses. After matriculating, he attended Michigan State University where he studied mathematics.
At 19 years of age, Beal then started his endeavors in real estate, buying a house in Lansing for $6,500, and leasing it out. Eventually, this led him to buy other properties, renovate them and sell them for a higher price. He attended auctions to bid for properties to help fuel his business. In 1976 he began attending Baylor University, however, he left to focus more on business. His net worth started to grow significantly especially in 1981, when he repaired the Brick Towers in Newark after purchasing it for $25,000. He would then sell the towers for $3.2 million two years later.
In 1988, Andrew opened his own bank in Dallas, and would later open another in Las Vegas. The banks were responsible for buying financial assets which would lead them to big wealth over the years. Andrew’s net worth continued to propel as the Beal Bank expanded. It now has at least 37 bank locations and is insured by the Federal Deposit Insurance Corporation (FDIC). Other business Andrew has includes CSG Investments, CLG Hedge Fund, and Loan Acquisition Corporation. He also tried his hand at building his own aerospace company and focused on creating a 200 foot tall rocket, hiring more than 200 employees to work on the project in Frisco, Texas. However, with competition from NASA, he soon closed operations in 2000.
In 2001, Beal participated in several high stakes poker games which he played against professional players. Three years later, he would win one of the largest single hands, worth $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 against world champion Phil Ivey.
For his personal life, it is known that Andrew was married and had two children with his unnamed first wife, before it ended in divorce. In 1996 he married Estonian immigrant Simona, and they have four children but divorced in 2010. Andrew is a philanthropist, sponsoring The Dallas Regional Science and Engineering fair as well as The South Nevada Regional Science and Engineering Fair – he’s donated more than $1 million in prizes for the event. He also does number theory, and formulated the Beal Conjecture which stated a new mathematical hypothesis implying Fermat’s Last Theorem; he has offered $1 million for the proof or disproof of his conjecture but no one has done it so far.