Dick Portillo-Developed Florida Mansion Fetches Over $15.1 Million

A luxurious waterfront mansion in Naples, Florida, developed by a team including former Chicago restaurateur Dick Portillo, has sold for over $15.1 million. The sale marks the first of three high-end properties the partnership listed last year, signaling a successful exit for one of the ventures.

Key Takeaways

• A five-bedroom mansion on Naples Bay, developed with Dick Portillo’s involvement, sold for $15.1 million.
• The property was initially listed for nearly $17 million in February 2025.
• This is the first of three properties from the partnership to sell, with others seeing price reductions.

A Luxury Sale

The five-bedroom residence, situated on Dolphin Court with 157 feet of Naples Bay frontage, closed on February 2, 2026. It sold for approximately 89% of its initial asking price of nearly $17 million when it first hit the market in February 2025. At that time, Portillo and his partners had listed three high-end properties—a penthouse condo and two mansions—with a combined asking price of nearly $57.4 million.

Shifting Market Dynamics

The other two properties from the partnership have seen price adjustments. A 16,800-square-foot penthouse on Seagate Drive, initially listed at $32.5 million, is now priced under $25 million. A smaller 5,000-square-foot house on Second Avenue, which was first listed at $12.5 million, is now asking around $11 million.

Portillo’s Real Estate Ventures

While Dick Portillo’s name was prominent in the initial listings, it was removed by the time the Dolphin Court home sold. However, Chris Covelli, a principal at C&E Construction, confirmed that Portillo remains a partner and involved in their ventures. C&E Construction teamed up with Portillo and Ruta Menaghlazi of Theory Design on these Naples properties.

The Dolphin Court property was acquired by a legal entity headed by Covelli for $5.6 million in December 2022. The existing home was demolished to make way for the new construction. The mansion features contemporary design elements, including a glass-edged pool overlooking the water, beach-inspired wood floors, black-framed windows and doors, and stone countertops.

Background of Dick Portillo

Dick Portillo, the founder of the renowned Portillo’s restaurant chain, sold the company in 2014. He subsequently shifted his focus to real estate, investing in properties and engaging in house flipping. His involvement in the Naples development reportedly began after meeting Covelli and Ed Kellerman, another partner in C&E Builders, during a home renovation project.

Sources

• Florida mansion developed by Dick Portillo sells for $15.1M, Crain’s Chicago Business.