Dan Seiffert SVP, Accounting | realtors.com
A Texas billionaire, Andrew Beal, is in a legal battle with the state to move forward with his plans to construct a megamansion on the site of the demolished Cox Mansion. Beal, founder and owner of Beal Financial Corp., has applied to amend the zoning code in Highland Park, Dallas, seeking permission for a taller structure.
Beal's net worth stands at $12.7 billion, according to Forbes. His decision last year to demolish the historic Cox Mansion sparked controversy among preservationists. He now aims to build a new home featuring a glass and steel dome, raising its height to 65 feet—10 feet above current zoning limits.
The original Cox Mansion was built in 1912 and acquired by Beal in 2021. He demolished it last August despite its historical significance. The Highland Park Zoning Commission recently approved his motion with conditions regarding size restrictions for the dome.
The request will be reviewed by the Town Council on February 4th. If approved, this would be the first change in Highland Park’s zoning code for its "A" district in six decades.
Moshe Itzhakov from Weinreb Ventures represented Beal at a recent meeting, arguing that existing codes are outdated: “As design preferences have evolved, the town has an opportunity to modernize the ordinances and create the best outcomes for the community,” he said.
Local real estate agent Douglas Newby expressed concern over potential changes in neighborhood character if such projects proceed: “It’s just such a travesty when the most iconic home in Highland Park is torn down,” he commented.
Critics like Larry Good from Preservation Park Cities voiced opposition during meetings. Itzhakov defended Beal’s actions by explaining that efforts were made to refurbish Cox Mansion before opting for demolition due to prohibitive costs.
According to Itzhakov, Beal's new project is designed by architect Peter Pennoyer and will fit into Highland Park's traditional aesthetic: “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 town and community,” he added.
Beal has previously bought and razed other significant properties in Highland Park without developing them himself.
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