Heir to retail giant Lowes sells grand Sydney mansion for $23 million
A grand mansion on Sydney Harbour owned by Lowes clothing retail heir Joshua Penn has gone under the hammer for a whopping $23.5million.
The sprawling four-bedroom, five-bathroom property located at Point Piper was originally snapped up by Josh's mother and father - Linda and David Penn - in 2021 for a cool $16 million.
Josh, 37, who co-owns the home with his husband, Ben Palmer, first listed the 1905 era home for $28million.
The couple and their two young children have been living at the exclusive address for three years while renovating another property in nearby Double Bay, reported The Wentworth Courier on Wednesday.
According to property records, the retail heir's parents have maintained a 70 per cent stake in the mansion, which is known as the 'Capri'.
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The sprawling four-bedroom, five-bathroom property, located at Point Piper, was originally snapped up by Josh's mother and father - Linda and David Penn - in 2021 for a cool $16 million
Still, Josh Penn and Ben Palmer are listed as 'owners' of the land title on the beautiful sandstone and brick two-storey home.
Featuring beautifully maintained classic features throughout, the dazzling home boasts stunning harbour views, a pool and an internal lift.
Highlights include a formal entranceway with chandelier lighting and an oversized ground floor 'living room' which opens out to landscaped gardens.
There's also a private dining room and a 'sitting room'.
The second storey hosts all four bedrooms with the main bedroom occupying an entire corner of the first floor and includes a terrace, en suite, dressing room and 'sun room'.
Other highlights include a 'rumpus room' which can be converted into a private office space.
The sale comes after reports have surfaced that Josh and Ben, along with their children - son, six-year-old Brooklyn, and daughter, Blake, four - are considering moving to France.
The Wentworth Courier reports that the young family could take on the task of renovating the Penn family getaway on the French Riviera.
According to the publication, couple snapped up a four-bedroom, two-bathroom 'Spanish influenced' home in Double Bay for $6.7million in 2020 which they extensively rebuilt.
They are now deciding to move in or move on to yet another property, which they have purchased in the eastern suburbs, or head to France.
Josh and his mother Linda were recently seen at the Gold Dinner charity event.
The Lowes Menswear CEO, who, alongside her brother and Lowes co-owner Jeffrey Mueller is worth a cool $400 million, held court at the glamorous do earlier this month.
Linda heads the Gold Dinner Committee alongside her son Joshua, and rules the charity event with an iron fist.
Every year an influential mix of business and philanthropic leaders attends - and the gala was once also littered with A-listers before mother and son banned them from the event.
In the past, celebrities like Chris Hemsworth, Roxy Jacenko, Ian Thorpe, Hamish Blake and Karl Stefanovic made appearances on the red carpet.
Gold Dinner co-chair Joshua revealed ahead of the 2024 gala that the event will shun celebrities going forward, as they 'don't seem to add much value'.
He said that the attention is usually too much on the celebrities, rather than on the purpose of the event.
The invitation-only gala is held annually at a secret location in Sydney and is given a unique theme every year.
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