A billionaire banker worth $14 billion, known for demolishing historic mansions across Dallas, Texas, has sparked fury among the local community with his most recent purchase.
Andrew Neal, the head of Beal Financial, quietly bought the iconic Cox Mansion – built in 1912 and formerly owned by Dallas businessman Edwin L. Cox Sr – in Highland Park in 2021.
The estate has long been known for its preservation of historic features, as Cox, who died in November 2020 at the age of 99, bought and made sure to preserve the landmark in the mid-1970s.
The mansion was previously home to famed Park Cities socialite Susie Rose Lloyd, who was known for her exquisite parties and eccentric flare.
Little is known about Neal’s purchase of the mansion, which sits on roughly seven acres of land along Turtle Creek.
However, deed records – reviewed by The Dallas Morning News – show Beal made a $41 million loan to the buyer: a trust with an address traced back to Beal Bank’s Plano headquarters.
Earlier this year, Beal decided to tear down the Cox Mansion, leaving many in the community outraged about the sudden end of the ‘historical icon’.
And this was not even the first mansion from the early 20th century completely gutted for Beal’s whims.
Beal previously bought Margaret and Trammell Crow’s mansion, which was built in 1912, for approximately $60 million in 2016.
He later demolished the home and chose to sell the vacant lot to Leslie Ware, a Dallas-based attorney, The Dallas Morning News previously reported.
In August, Preservation Park Cities – a non-profit organization committed to ‘helping to celebrate and promote the preservation’ of landmarks in the Dallas area – took to Facebook to announce the end of an era for the Cox Mansion.
‘Along with our community, we are saddened to see that what started as a restoration of The Cox Mansion has now resulted in demolition. We don’t have answers to our questions of how and why this happened,’ the organization wrote alongside devastating pictures of the mansion that is now a pile of rubble.
‘4101 Beverly Drive (at the corner of Preston Road) was built in 1912 by Hubbell & Greene architects. This Italian Renaissance mansion, originally known as The Rose Youree Lloyd Mansion, was a historical icon of Dallas architecture. Its presence will be greatly grieved.’
Other than making the dramatic decision to knock down the mansion, Beal is now trying to rebuild it as his own – fit with its own dome-shaped cupola.
The addition of the cupola would mean the new mansion would sit just under 65 feet-tall, according to a request filed with town officials.
The proposed height of the new estate would not follow the town’s current guidelines, which state that ‘Cupulas and other architectural features are permitted to a maximum of 55 feet in height within the “A” zoning district,’ according to the request.
Now, Beal has set his sights on pushing to raise the maximum height requirement allowed with the zoning district – home to a big lot of single-family homes.
It remains unclear what exactly the wealthy banker plans to do with his new home.
The proposal was introduced earlier this month, and was set to be heard during a Highland Park Commission Meeting Wednesday, but it was canceled, according to a Facebook post made by Preservation Park Cities.
‘We will keep you up-to-date on when this meeting is scheduled. Thank you for your support!’ the group shared, adding that it will now take place in January, though the exact date is unclear.
Zoning staff has recommended that Beal’s request be approved, and Moshe Itzhavoc, who represents the banker, told the town council in a letter: ‘We believe that revising the height provisions in the A zoning district would not only reflect modern design preferences but also uphold the aesthetic and architectural integrity of Highland Park.
‘Such an update would benefit homeowners and the community as a whole, ensuring that the town continues to evolve in line with its long standing reputation for excellence.’
DailyMail.com contacted both Beal and Itzhavoc for comment but did not immediately hear back.
According to an expert, demolitions like those Beal has ordered have become entirely too easy to follow through due to lack over oversight and protections.
’I’ve just seen this happen over and over and over, particularly in Highland Park,’ Ron Siebler, director at Preservation Dallas, told The Real Deal in August.
‘Unless somebody teaches people about it, and unless it’s ingrained in the community, then we’re going to keep seeing demolition of important homes.
Larry Good, a former architect who now leads Preservation Park Cities, echoed Siebler, as he urged residents to speak up about the pressing issues.
‘The combination of its former owners, beautiful architecture and its prominence looking over Lakeside Park for the Christmas lights made it a joy for everyone,’ Good said.
‘I hope people will see this and write to their city council members.’
When Cox purchased the home decades ago, he and his family decided to remodel the mansion while still preserving its historical significance.
At first, the grand property was fitted with a caviar room, a third-floor ballroom, and a grand entrance foyer covered in a stained glass ceiling.
The Cox family chose to expand the property, as they added a swimming pool and an enclosed, partially underground tennis court.
The home was originally designed by Dallas architect Herbert Greene, who also designed the Dallas National Bank Building, along with several buildings at the University of Texas Austin.