Andrew Beal Net Worth
Andrew Beal Net Worth: Andrew Beal is an American banker, businessman, investor, poker player and amateur mathematician who has a net worth of $12.2 billion dollars. Andrew Beal was born November 29, 1952 in Lansing, Michigan. He is a Dallas-based businessman who amassed his wealth in real estate and banking. Beal is founder and chairman of Beal Bank and Beal Bank USA, as well as other affiliated companies. At age 19, Beal became a real estate investor. He then bought a house in Lansing for $6,500 and turned it into a rental property at $119 per month. Beal became known for buying properties, renovating them and selling them. In 1976, he attended an auction of federal properties in Washington, DC and bid on an apartment building in Waco, TX. His winning bid was $217,500; three years later he sold the building for more than $1 million. That same year he enrolled at Baylor University in Waco, TX, but left school to focus on business endeavors and went on to build his fortune buying distressed assets. A self-taught number theorist, Beal is also known for the Beal conjecture, a mathematical generalization of Fermat's Last Theorem; he funded a $1 million standing prize for its proof or disproof (which has stumped mathematicians for decades). His banks also sponsor two annual science and technology fairs affiliated with the International Science & Engineering Fair. In the 2009 financial crisis he scooped up bonds backed by commercial planes, IOUs to power plants and two failed banks. Thanks to the rising value of banks and fat piles of cash dividends he pays himself every quarter, his wealth compounds. Beal also participated in some high-stakes poker games in the mid-2000s that were also the subject of a book. Beal gambled chunks of his fortune against the world's top poker players at the Bellagio in Las Vegas in some of the highest-stakes games played during the '80s and '90s.