48 Hours

For Love or Money (16x36)

Air date: May 14, 2003

Texas is known for doing everything big. And in Austin, millionaire business tycoon Steven Beard was living large with his new wife, Celeste. "Steven was always very generous. He gave me lovely jewels, lots of jewelry, lots of everything," says Celeste. They had two houses, including a custom-built Texas palace in one of Austin's wealthiest neighborhoods. "I spent a lot of money," says Celeste. "I spent a lot of money redoing the houses all the time." Steven Beard had made his mark as the co-owner of a local television station. He was rich, powerful, and an important member of the community. But his fairy-tale life was soon shattered. Correspondent Peter Van Sant reports.