Andrew Beal Biography
Andrew Beal born Daniel Andrew “Andy” Beal is an American banker, businessman, investor, poker player, and amateur mathematician. He is founder and chairman of Beal Bank and Beal Bank USA. He is a Dallas-based businessman who accumulated wealth in real estate and banking.
He is also known for the Beal conjecture, a mathematical generalization of Fermat’s Last Theorem. He has funded a $1 million standing prize for its proof or disproof. His banks sponsor two annual science and technology fairs affiliated with the International Science & Engineering Fair. He participated in some high-stakes poker games in the mid-2000s that were the subject of a book.
Andrew Beal Age
Daniel Andrew Beal was born in Lansing, Michigan, U.S. on 29th November, 1952.
Andrew Beal Background
He was born and raised in Lansing, Michigan, by his mother who worked in state government and his father who was a mechanical engineer. He has two siblings; an older brother and a younger sister.
During his teenage, years, he began earning money by fixing and reselling used televisions with the help of his uncle. He also installed apartment security systems and also started a business of moving houses and managing rental properties.
He went to the Lansing Sexton High School. While there, he excelled on debate team. He attended the Michigan State University, where he studied mathematics.Andrew Beal Photo
Andrew Beal Net Worth
He is a bank owner and businessman and investor who has an estimated net worth of US$9.3 billion as of 2019.
Andrew Beal Wife
He has been married thrice. He has two children with his first wife. In 1996, he married Estonian immigrant Simona Beal, and later divorced in 2010. Together they have four children. He also has two children with Olya Sinitsyna.
Andrew Beal Trump
He and Trump have a connection. In 2016, he endorsed Donald Trump for President of the United States. He served as one of the top economic advisers to Trump’s campaign. He also donated $2 million to a Trump super PAC in September 2016, and another $1 million for the inaugural festivities according to Forbes.
Andrew Beal Career
He begun his business ventures at a young age. At 19 years, he became a real estate investor, he bought a house in Lansing for $6,500 and started leasing it for $119 per month. He later became famous for buying properties, renovating them and selling them. In 1976, he had enrolled at Baylor University in Waco, TX, but left school to focus on business endeavors.
In 1981, he and a partner bought two housing project buildings in disrepair, the Brick Towers in Newark, New Jersey, for $25,000. Two years later they sold the repaired buildings for $3.2 million to a private investor.
Beal Bank and Beal Bank USA
In 1988, he opened a bank in Dallas, and in 2004 he opened another in Las Vegas. The banks have purchased financial assets and held them as the market improved. The Banks’ purchases have included:
- Power generation and infrastructure bonds during the post-Enron California rolling blackouts and energy-deregulation crisis in 2001
- Debt instruments backed by aircraft after the 9/11 terrorist attacks on the USA
- Commercial and real estate loans during the global credit crisis of 2008
They have a total of 37 branch locations and also offer online banking. Both banks are members of and insured by the Federal Deposit Insurance Corporation (FDIC). They offer deposit products to the public including CDs, money market accounts, statement savings accounts, and IRA CD accounts that are insured by the FDIC.
In 1997, he started an aerospace company to build rockets with the goal of placing communications satellites in orbit.
Operating with more than 200 employees from a 163,000-square-foot space in Frisco, Texas, his Aerospace focused on a three-stage, 200-foot-tall rocket.Facing competition from new NASA-funded group initiatives, he closed the company and ceased operations on October 23, 2000, citing the difficulty private companies face when competing with the governmental subsidies of NASA.
In his amateur mathematics, he is self-taught in number theory in mathematics. In 1993, he publicly stated a new mathematical hypothesis that implies Fermat’s Last Theorem as a corollary. His hypothesis has become known as the Beal Conjecture. No counterexample has been found to the conjecture.
To encourage research on the conjecture, he has funded a standing prize of $1 million for its proof or disproof. The funds are held in trust by the American Mathematical Society, and an informational website on “the Beal Conjecture”. is hosted by the University of North Texas.
Between 2001 and 2004, during visits to Las Vegas, he participated in high-stakes poker games against professional players. The games included $100,000 to $200,000 limit Texas Hold ‘Em poker.
On May 13, 2004, at the Las Vegas Bellagio, he won one of the largest single hands in poker history, $11.7 million. The games have been chronicled in the Michael Craig book, The Professor, the Banker, and the Suicide King: Inside the Richest Poker Game of All Time.