Texas Billionaire Who Razed Historic Estate Goes To War Over Plans To Build Megamansion in Its Place

by Snejana Farberov

skyline-of-jacksonville

Courtesy Edwin L. Cox Estate


A Texas billionaire is fighting with the state to forge ahead with his plans to build a megamansion on the site of the now-demolished Cox Mansion.

Andrew Beal, the 72-year-old founder and owner of Beal Financial Corp., has submitted an application to the Town of Highland Park in suburban Dallas, asking to amend its zoning code for maximum structure height, according to local reports.

Beal, who has a net worth of $12.7 billion, according to Forbes, caused a firestorm last year when he knocked down the historic Cox Mansion in Highland Park. If his attempt to have local zoning rules changed works, he plans to build a lavish new home on the site.

In his request, the divorced father of six laid out his plan to construct a sleek domelike cupola, made of glass and steel, on top of his new home, raising the height of the structure to 65 feet. The property is currently zoned for ornamental architectural features of up to 55 feet. 

Beal’s ambitious building project is set to replace the 1912-built Renaissance-style Cox Mansion at 4101 Beverly Drive, which the financial mogul snapped up in 2021—and then promptly razed last August, drawing widespread condemnation from preservationists.

Despite all the hand-wringing, Beal now finds himself one step closer to achieving his goal of owning a towering, domed-adorned villa, after the Highland Park Zoning Commission voted last week to approve his motion, with the caveat that the ornamental cupola not exceed 3,000 square feet. 

The billionaire’s zoning change request will go before the Town Council on Feb. 4 for final approval. 

Cox Mansion in Highland Park, TX, was demolished by owner Andrew Beal in August 2024.

(preservationparkcities/Instagram)

If the council greenlights Beal’s project, it will mark the first change to Highland Park’s zoning code for the “A” district where the historic mansion once stood in 60 years. The district encompasses four separate properties located in the vicinity of Beverly Drive and Preston Road.

Moshe Itzhakov, a partner at Weinreb Ventures who represented Beal at the Jan. 23 zoning commission meeting, argued that the town’s current code was hopelessly outdated and in need of an overhaul.

“As design preferences have evolved, the town has an opportunity to modernize the ordinances and create the best outcomes for the community,” he said.   

Realtor.com ® has reached out to Weinreb Ventures for comment. 

Beal plans to build a new home in place of the Cox Mansion, topped with a massive steal-and-glass cupola.

(preservationparkcities/Instagram)

Razed memories

Designed by architect Herbert Greene in the beaux arts style, Cox Mansion started out as the home of local socialite Susie Rose Youree Lloyd, before being purchased in the 1970s by Dallas oil and gas tycoon Edwin L. Cox Sr.

Cox died in 2020, and a year later Beal bought the late oilman’s palatial home. Although the exact sale price was not disclosed, deed records filed with Dallas County, and reviewed by the Dallas Morning News, revealed that Beal made a $41 million personal loan to the buyer—a trust with an address where his bank is situated.

After undertaking some renovations on the historic house, Beal abruptly tore it down last summer.

The demolition of the architectural gem and the new owner’s zoning change ambitions have not sat well with many locals.

“This house really embodied the glorious architecture of the 20th century. It had the most prominent site of Highland Park, and it was the house that everybody knew,” Douglas Newby, a Dallas-area real estate agent who specializes in architecturally significant homes, told Realtor.com on Tuesday.  

“It’s just such a travesty when the most iconic home in Highland Park is torn down,” he added. “The salt in the wound is asking for a height variance.”

Built in 1912, the Cox Mansion on Beverly Drive was initially owned by socialite Susie Rose Youree Lloyd.

(Sidewalks of Dallas/Instagram)

Newby argued that approving the zoning code change would not only “reward” Beal for turning the beloved landmark into a pile of rubble, but also encourage other owners to level other historic homes and replace them with McMansions that would dwarf their neighbors, irrevocably changing the character of the town.

While the Highland Park Town Council does not have a mechanism in place to designate homes as protected landmarks, Newby mused that town officials should have offered homeowners incentives to maintain historically significant homes.

During last week’s meeting, Larry Good, a board member of Preservation Park Cities, and other critics spoke out against the zoning code amendment.

Itzhakov, speaking on Beal’s behalf, said he understood why some residents were upset about the demolition, and explained that the billionaire decided to build a new home only after trying—and failing—to refurbish the old one “at great expense.”

According to Itzhakov, Beal’s new build, designed by New York-based architect Peter Pennoyer, will look as if it had stood in Highland Park for the past 100 years.  

Beal bought Cox Mansion in 2021, after its previous owner, oilman Edwin L. Cox Sr., died.

(The University of Texas at Austin)

“We believe instead of focusing on rewarding or punishing a property owner for exercising their property rights, the discussion really should be framed and centered around the best outcome for the town and community,” Itzhakov said.

Beal is no stranger to buying up and tearing down historically important properties. 

Beal purchased the Trammell Crow estate on Preston Road in Highland Park for close to $60 million in 2016 and later tore it down, ostensibly planning to build a new home on the lot. But in 2021, the 6-acre property was sold to an attorney. 

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