Billionaire high-stakes poker fan Andrew Beal “lost up to $50 million” in recent months in a series of games where players put up a $1 million buy-in, a source tells us.
The Texas-based mogul, who made his fortune in banking and real estate, suffered a series of huge losses in at least three games, according to the source, who also said the games involved “Spider-Man” star Tobey Maguire and billionaire private equity investor Alec Gores.
While Beal, the richest man in Dallas worth $6.6 billion, strongly denies losing so much cash, he’s famed for his love of high-stakes poker and is said to have once won more in a single day than any other known player —
$11.7 million at the Bellagio in Vegas, in 2004. In 2006, he famously lost $16.6 million in days.
A source told Page Six Beal participated in three games this year — one around the Super Bowl, one four months ago and another a few weeks ago. “All the players had a $1 million buy-in,” the source said. “Each time Beal lost big time, with a total loss of around $50 million.”
The source said Maguire and some pro players were involved, and the games were legal because the house didn’t take a cut.
Dad-of-six Beal’s quest for the highest-stakes poker match ever is described in the 2005 book “The Professor, the Banker, and the Suicide King: Inside the Richest Poker Game of All Time,” by Michael Craig. It ends when Beal loses $16 million.
A spokesman for Beal told us by e-mail: “The amounts stated in your e-mail to us concerning Mr. Beal are inaccurate. Beyond that, Mr. Beal has no further comment.” When we then asked for the correct details of his losses, the rep refused to elaborate.
Maguire was recently slapped with a lawsuit after being linked to an A-list gambling ring. But he denied any wrongdoing when he collected $300,000 from poker matches that were organized in Beverly Hills by a convicted investment scammer. Reps for Maguire and Gores didn’t get back to us.
UPDATE: Michael Sitrick, spokesman for Alec Gores added, “The loss wasn’t anywhere near $50 million. At times he (Beal) won and at times he lost.”