A luxurious waterfront mansion in Naples, Florida, developed with the involvement of Chicago restaurateur Dick Portillo, has sold for more than $15.1 million. The sale marks the first transaction from a trio of high-end properties initially listed by Portillo and his partners.
Key Takeaways
- A five-bedroom Naples Bay mansion, co-developed by Dick Portillo, sold for over $15.1 million.
- This is the first of three high-end Florida properties linked to Portillo and his partners to be sold.
- The other two properties have seen price reductions.
The Dolphin Court Sale
The five-bedroom residence, located at 1640 Dolphin Court with 157 feet of Naples Bay frontage, was sold on February 2nd. The final sale price was approximately 89% of the nearly $17 million asking price when it first hit the market in February 2025. At that time, Portillo and his partners had listed three properties—a penthouse condo and two mansions—with a combined asking price of nearly $57.4 million.
Remaining Properties and Price Adjustments
The other two properties from the initial portfolio are still on the market, with adjusted prices. A sprawling 16,800-square-foot penthouse on Seagate Drive, known as The Seasons, is now listed for just under $25 million, down from its original $32.5 million asking price. Additionally, a 5,000-square-foot house on Second Avenue is now seeking around $11 million, a reduction from its initial $12.5 million listing.
Portillo’s Involvement and Real Estate Ventures
While Dick Portillo’s name was initially prominent in the listings, it was removed by the time the Dolphin Court home sold. However, Chris Covelli, a principal at C&E Construction and a partner in the development, confirmed that Portillo remains involved. C&E Construction partnered with Portillo and Ruta Menaghlazi of Theory Design on these luxury developments. Covelli expressed satisfaction with the Dolphin Court sale but indicated no immediate plans for further joint projects.
Property Details and Background
The Dolphin Court site, approximately four-tenths of an acre, 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 contemporary mansion. The property boasts a glass-edged pool overlooking the waterway and features modern interior finishes, including matte wood floors, black-framed doors and windows, and stone countertops. The buyers were represented by Pat Wilkins of Re/Max Alliance Group.
Dick Portillo, founder of the renowned Portillo’s restaurant chain, sold the company in 2014. He has since shifted his focus to real estate, engaging in property acquisitions and high-end residential development.
Sources
- Florida mansion developed by Dick Portillo sells for $15.1M, Crain’s Chicago Business.
- Portillo-Linked Naples Florida Spec Mansion Trades for $15M, The Real Deal.