Michael Chu, executive chairman and co-founder of L Catterton, has sold his Palm Beach home for $58.3 million in an off-market transaction. Chu and his wife, Elizabeth Chu, originally purchased the property at 102 Angler Avenue for $1 million in 2013. The recent sale represents a return of nearly 5,600 percent on their initial investment.
Property records indicate that the buyer is a trust managed by attorney Sarah T. Connolly. The Chus acquired the 0.60-acre site in 2013 and completed construction of an 8,000-square-foot mansion three years later. The house features five bedrooms, seven bathrooms, two half-bathrooms, a pool, and private beach access.
According to L Catterton’s website, the firm is the world’s largest consumer-focused private equity company with $37 billion in assets under management.
Off-market transactions are common in Palm Beach’s luxury real estate market as sellers often prefer discretion. High-value deals—those closing at $50 million or more—are becoming increasingly frequent on the island.
This sale marks the second so-called “trophy” deal in Palm Beach this year. Earlier this month, British investor Pamela W. Starret sold her lakefront estate for $72 million through another off-market arrangement. In December, coffee entrepreneur Bob Stiller finalized a lakefront mansion sale for $66.1 million.
The winter and spring months are typically the busiest periods for luxury home sales in Palm Beach. Several listings priced above $100 million could potentially set new records for the area’s residential market.
Christian Angle of Christian Angle Real Estate currently holds a listing for a 4.8-acre oceanfront compound previously owned by Aldo Gucci with an asking price of $205 million.
