L Catterton boss sells Palm Beach home for eye-watering 5,600% return

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. […]This article originally appeared on The Real Deal. Click here to read the full story.