Fury as billionaire banker tears down stunning historic mansions across Dallas

A billionaire banker worth $14 billion known for demolishing historic mansions in Dallas, Texas, has sparked anger among the local community with his latest purchase.

Andrew Neal, the head of Beal Financial, quietly purchased the iconic Cox Mansion — built in 1912 and previously owned by Dallas businessman Edwin L. Cox Sr. — in Highland Park in 2021.

The estate has long been known for preserving historic features, as Cox, who died in November 2020 aged 99, bought the landmark in the mid-1970s and ensured its preservation.

The mansion was previously home to famed Park Cities socialite Susie Rose Lloyd, who was known for her exquisite parties and eccentric flair.

Little is known about Neal’s purchase of the mansion, which sits on approximately two acres of land along Turtle Creek.

However, deed records – reviewed by The Dallas Morning News – shows Beal made a $41 million loan to the buyer: a trust with an address dating back to Beal Bank’s Plano headquarters.

Earlier this year, Beal decided to demolish the Cox Mansion, leaving many in the community outraged by the sudden end of the “historical icon.”

And this wasn’t even the first early 20th century mansion to be completely gutted at Beal’s whims.

Beal previously purchased Margaret and Trammell Crow’s mansion, built in 1912, for about $60 million in 2016.

He later demolished the house and chose to sell the vacant lot to Leslie Ware, a Dallas attorney. The Dallas Morning News previously reported.

In August, Preservation Park Cities — a nonprofit organization dedicated to “helping 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 began as a restoration of The Cox Mansion has now resulted in its demolition. We have no answers to our questions about how and why this happened,” the organization wrote alongside devastating photos of the mansion that is now a pile of rubble.

‘4101 Beverly Drive (corner of Preston Road) was built in 1912 by Hubbell & Greene architects. Originally known as The Rose Youree Lloyd Mansion, this Italian Renaissance mansion was a historic icon of Dallas architecture. His presence will be deeply regretted.”

In addition to making the dramatic decision to demolish the mansion, Beal is now trying to rebuild it as his own, with its own domed dome.

The addition of the dome would mean that the new mansion would be just under 20 meters high, according to a request submitted to municipal officials.

The proposed height of the new estate would not meet current city guidelines, which state that “Cupulas and other architectural features within the ‘A’ zoning district may have a maximum height of 55 feet,” the request said.

Now Beal has set his sights on increasing the maximum height requirement allowed in the zoning district, which is home to many single-family homes.

It remains unclear what exactly the wealthy banker plans to do with his new house.

The proposal was introduced earlier this month and was scheduled to be heard at a Highland Park Commission meeting Wednesday, but it was canceled, according to a Facebook post from Preservation Park Cities.

‘We will keep you informed when this meeting is scheduled. Thank you for your support!’ the group shared, adding that it will now take place in January, although the exact date is unclear.

Zoning staff recommended approving Beal’s request, and Moshe Itzhavoc, who represents the banker, told the council in a letter: “We believe that revising the height provisions in the A zoning district would not only reflect modern design preferences reflect the aesthetic and architectural integrity of Highland Park.

“Such an update would benefit homeowners and the community as a whole, ensuring that the city continues to develop in line with its long-standing reputation for excellence.”

DailyMail.com reached out to both Beal and Itzhavoc for comment but did not immediately hear back.

According to one expert, demolitions like the one Beal ordered have become far too easy due to a lack of supervision and protection.

“I’ve seen this happen over and over again, especially in Highland Park,” said Ron Siebler, director of Preservation Dallas. The real deal in August.

“Unless someone educates people about it, and unless it is ingrained in the community, we will continue to see the demolition of important homes.”

Larry Good, a former architect who now heads Preservation Park Cities, echoed Siebler, urging residents to speak out on the pressing issues.

“The combination of the former owners, beautiful architecture and the prominent location overlooking Lakeside Park for the Christmas lights made it a delight for everyone,” Good said.

“I hope people 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 preserving its historical significance.

Initially, the grand property was equipped with a caviar room, a ballroom on the third floor and a grand entrance hall covered with 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 house 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 at Austin.