Place oven rack to top level of oven, about 3-4 inches from the broiler. Place a large sheet tray on top rack and preheat oven to 375°F/190°C.
In a large skillet, heat 2 tablespoon extra virgin olive oil over medium high heat.
Add ground beef and brown, breaking the beef up into crumbles using a spoon, about 5-7 minutes.
Once beef is browned, drain most of the fat using a ladle, large spoon, or paper towels. Discard fat. Reduce heat to medium.
Add chopped onion, bell pepper, and garlic to skillet and cook for 3-4 minutes, until vegetables become tender.
Add chili powder, paprika, dry mustard, salt and pepper to meat and vegetables and continue cooking for 1 minute.
Add tomato paste, drained diced tomatoes, Worcestershire sauce, balsamic vinegar, brown sugar and water to skillet. Stir well to fully incorporate.
Set burner to high and bring the filling to a boil. Once boiling, reduce heat to medium low. Simmer mixture for 15 minutes. The sauce should thicken slightly.