Heir to retail giant Lowes sells grand Sydney mansion for $23 million
A magnificent waterfront property in Sydney Harbor, previously belonging to Joshua Penn – the heir of Lowe’s clothing retail, was auctioned off at an impressive price tag of $23.5 million.
In 2021, the spacious four-bedroom, five-bathroom house situated at Point Piper was purchased by Josh’s parents, Linda and David Penn, for approximately $16 million.
37-year-old Joshua, joint owner of the house with his spouse, Ben Palmer, initially put their 1905-built property on the market at a price tag of $28 million.
For the past three years, the couple along with their two little ones have resided at an elite location, as they’ve been refurbishing a different property located in Double Bay, according to The Wentworth Courier’s report from Wednesday.
As per real estate documents, it appears that the parents of the retail heir have consistently owned a 70% share of the renowned property, often referred to as “The Capri.
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Nonetheless, it’s noted that the sandstone and brick two-story house with scenic beauty is officially owned by Josh Penn and Ben Palmer.
Showcasing meticulously preserved traditional aspects, this breathtaking residence offers captivating vistas of the harbor, a swimming pool, and an interior elevator.
Notable features encompass a grand foyer illuminated by chandeliers, accompanied by a spacious ground level lounge area that seamlessly blends into beautifully designed outdoor gardens.
There’s also a private dining room and a ‘sitting room’.
On the upper level, you’ll find all four bedrooms. The primary bedroom, located in a whole corner on the ground floor, boasts a terrace, private bathroom (en suite), walk-in closet (dressing room), and a sunroom.
Other highlights include a rumpus room, which can be converted into a private office space.
The sale occurs following rumors that Josh and Ben, together with their kids, Brooklyn (age 6) and Blake (age 4), might be thinking about relocating to France.
According to The Wentworth Courier, a youthful family might undertake the project of refurbishing the Penn family’s vacation home on the French Riviera.
As per the report, the pair purchased a four-bedroom, two-bathroom house, styled with Spanish influences, in Double Bay for approximately $6.7 million back in 2020. Since then, they’ve carried out extensive renovations on it.
They’re currently weighing their options between settling into a new home they’ve bought in the east, or relocating to France instead.
Josh and his mother Linda were recently seen at the Gold Dinner charity event.
Earlier this month, the CEO of Lowe’s Menswear, along with her brother and co-owner Jeffrey Mueller, who collectively boast a net worth of $400 million, graced an elegant event.
Linda, along with her son Joshua, is in charge of the Gold Dinner Committee, and they run the charity event with firm authority.
Year after year, I find myself eagerly anticipating the arrival of a powerful fusion of entrepreneurs and generous benefactors gracing this esteemed gathering. In times past, the glamorous elite were a common sight here, but ever since the noble decision to bar A-list celebrities from partaking in the event, it has become even more enchanting for devoted fans like myself.
Previously, well-known figures such as Chris Hemsworth, Roxy Jacenko, Ian Thorpe, Hamish Blake, and Karl Stefanovic have graced the red carpet.
In advance of the 2024 gala, Gold Dinner co-chair Joshua shared that the future events would no longer feature celebrities due to their perceived lack of significant contribution.
He pointed out that often, the focus tends to be more on the celebrities themselves, as opposed to the intent or reason behind the event.
Each year, an exclusive gala takes place at an undisclosed venue in Sydney, featuring a special theme that changes annually.
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2025-06-18 06:48