Daniel Andrew Beal Net WorthReal Name: Daniel Andrew Beal
Date of Birth: 11/29/1952
Place of Birth: Lansing, Michigan
2017 Net Worth: $12.4 Billion
Profession: Banker, Investor, Businessman, Mathematician, Poker Player
Andrew Beal Biography
Andrew Beal was born and raised in Lansing, Michigan. His father was a mechanical engineer, his mother worked for state government. One of his first jobs as a teenager was fixing and reselling used televisions with some help from an uncle. He installed apartment security systems while he attended high school. Soon, he started his own business moving houses and managing rental properties. Beal attended Michigan State University, where he studied mathematics.
At the age of 19, Beal became a real estate investor. He bought a house in Lansing for $6,500, and then rented it for $119 a month. Before long, Beal gained a reputation for buying properties, renovating them, then selling them for huge profits. He attended his first auction of federal properties in Washington D.C. and bid on an apartment complex in Waco,Texas for $217,500. He sold the same apartment complex three years later for more than $1 million. He attended Baylor University in Waco, Texas, in 1976, but soon dropped out to focus on his career.
Beal and a partner bought two housing projects in need of repair in Newark, New Jersey in 1981 for $25,000. Two years later, they sold the repaired building for $3.2 million. Beal opened his own bank in Dallas in 1988 and another in Las Vegas in 2004. These banks have purchased financial assets and held them as the market improved. Beal now owns CSG Investments Inc., Loan Acquisition Corporation, CLG Hedge Fund, Beal Bank, and Beal Bank USA.
Beal got rich from his own business plan, combined with the purchase of distressed assets. He enjoys playing high stakes games, including poker. He played in the 2001 World Poker Tournament at the Bellagio in Las Vegas. He is also a math enthusiast and is the creator of the Beal Conjecture, a complex math problem. He has offered $1 million to anyone who can solve it. With a net worth of $ 12.4 billion, and earnings that increase his net worth every day, he can certainly afford to pay out should someone solve his conjecture.