Michael Chu might’ve made the best investment of his life when he bought a Palm Beach home for $1 million in 2013.
He and his wife Elizabeth Chu sold that house for $58.3 million in an off-market deal that recorded this week, equating to a 5,595 percent return on that purchase. Records show they sold the oceanfront house at 102 Angler Avenue to a trust named for the address and managed by attorney Sarah T. Connolly.
Michael Chu is the executive chairman and co-founder of L Catterton, the largest consumer-focused private equity firm in the world, according to its website. It has $37 billion in assets under management.
The Chus acquired the 0.60-acre property in 2013 and completed the 8,000-square-foot mansion in 2016. It has five bedrooms, seven bathrooms, two half-bathrooms, a pool and private beach access.
Off-market deals like the Chus’ are commonplace in Palm Beach, where many sellers prefer to quietly shop their homes around to keep out prying eyes. Trophy sales, those that close at $50 million or more, are also growing in regularity on the island.
The Angler Avenue deal marks the second trophy sale so far this year. Earlier this month, British investor Pamela W. Starret sold her lakefront estate for $72 million in an off-market deal. In December, coffee magnate Bob Stiller sold another lakefront mansion for $66.1 million.
The winter and spring are Palm Beach’s busy season for luxury real estate sales, and a slew of nine-digit listings have the potential to break records for the island.
Christian Angle with Christian Angle Real Estate has the $205 million listing for a 4.8-acre oceanfront compound once owned by Aldo Gucci, which could be the island’s most expensive home ever sold if it goes for at or near that asking price.