Rank #256
Andrew Beal
Net worth $12.3B
Banks, real estate · United States
- Born
- Nov 29, 1952
- Age
- 73
- Source
- Banks, real estate
- Residence
- Dallas, Texas
- Citizenship
- United States
- Marital status
- Divorced
- Children
- 6
- Education
- Drop Out, Baylor University
Net worth over time
Biography
- Andrew Beal is the founder and owner of Beal Financial Corporation, which owns Beal Bank and has assets of more than $22 billion.
- The Texas banker is known for gobbling up distressed assets, including mortgages, bonds backed by commercial planes and IOUs to power plants.
- He made a tidy sum during the Great Recession, scooping up beaten-down assets while the nation's biggest banks were being bailed out by taxpayers.
- Born in Lansing, Mich., he scraped together cash early on fixing used televisions.
- Beal dropped out of both Michigan State University and Baylor University and bought a $6,500 house at age 19 that he leased to get a start in real estate.
- Beal is a high-stakes poker player who has taken on the world's top players in Las Vegas.
- A math enthusiast, Beal developed the Beal Conjecture in 1993, and offered $1 million to anyone who could solve it. No one has.
- Beal says he has subscribed to Forbes for over three decades.