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 recorded this week. Chu and his wife Elizabeth originally purchased the oceanfront property at 102 Angler Avenue in 2013 for $1 million, resulting in a return of nearly 5,600 percent on their investment.
According to public records, the buyer is a trust named after the address and managed by attorney Sarah T. Connolly. The Chus developed the 0.60-acre property into an 8,000-square-foot mansion completed in 2016. The residence includes five bedrooms, seven bathrooms, two half-bathrooms, a pool, and private beach access.
L Catterton is described on its website as the largest consumer-focused private equity firm globally with $37 billion in assets under management.
Off-market sales are common in Palm Beach’s luxury real estate market as sellers often prefer privacy during transactions. High-value sales—those above $50 million—are becoming more frequent on the island.
This sale is the second high-value residential deal reported this year in Palm Beach. Earlier this month, British investor Pamela W. Starret sold her lakefront estate for $72 million through another off-market arrangement. In December, Bob Stiller sold a separate lakefront mansion for $66.1 million.
The winter and spring months represent peak season for luxury home sales in Palm Beach. Several properties listed with prices exceeding nine figures could potentially set new records if they sell near asking price levels. One such listing is represented by Christian Angle of Christian Angle Real Estate: a 4.8-acre oceanfront compound formerly owned by Aldo Gucci is currently listed at $205 million and could become the most expensive home ever sold on the island if it meets or approaches that price.
