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, according to public records. Chu and his wife, Elizabeth Chu, originally purchased the property at 102 Angler Avenue in 2013 for $1 million. The sale represents a return of approximately 5,595 percent on their initial investment.
The buyer is a trust named after the address and managed by attorney Sarah T. Connolly. The Chus developed the 0.60-acre oceanfront property into an 8,000-square-foot mansion completed in 2016. The residence features five bedrooms, seven bathrooms, two half-bathrooms, a pool, and private beach access.
L Catterton describes itself as the largest consumer-focused private equity firm globally with $37 billion in assets under management.
Off-market deals are common in Palm Beach’s luxury real estate market as sellers often seek privacy during transactions. High-value sales—those above $50 million—are becoming more frequent on the island.
This transaction is the second trophy sale recorded this year in Palm Beach. Earlier this month, British investor Pamela W. Starret sold her lakefront estate for $72 million through another off-market deal. In December last year, Bob Stiller sold a lakefront mansion for $66.1 million.
Palm Beach typically sees increased activity in luxury real estate during winter and spring months. Several listings priced at nine figures could potentially set new records for home sales on the island. One such listing is a 4.8-acre oceanfront compound previously owned by Aldo Gucci; Christian Angle with Christian Angle Real Estate is representing the property with an asking price of $205 million.
