$1m price cut offered. Source: realestate.com.au

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The Penn family has relisted its investment apartment in the Point Piper residential complex Chatsworth House through Sotheby’s International agent Michael Pallier.

The top-floor Wolseley Rd company title apartment no longer comes with $5.9m hopes as it did on listing in May.

Joshua Penn and Benjamin Palmer have relisted their investment apartment in the Point Piper company title residential complex Chatsworth House. Picture: realestate.com.au

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The lavishly modernised 1929 apartment now has an opportunistic $4.9m guidance for its October 28 auction.

Set in a block of eight Art Deco apartments, it had a striking makeover by Joshua Penn and Benjamin Palmer, complete with Louis Vuitton decor. It is two bedrooms plus a nursery.

Benjamin Palmer and Joshua Penn. Picture: Instagram

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Point Piper has been even more problematic for another vendor, Vaughan Blank’s STM Property. Luxe Listings Sydney cast member Gavin Rubinstein is yet to sell his priciest two offerings in the now-complete Burley Katon Halliday-designed Wolseley Rd block, Vilon.

There’s been no success finding a buyer for the penthouse that hit the market last year as “Sydney’s best penthouse” with $30m hopes, and remains available for $25m.

The home now has $4.9m price hopes. Source: realestate.com.au

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The home has been tastefully renovated. Source: realestate.com.au

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Meanwhile, the sub-penthouse has returned to the market after the buyer didn’t proceed with their $16.5m purchase of the 240sq m whole-floor fifth level residence. The Wang family has reportedly failed to settle on $80m of property in Sydney’s east.

According to PropTrack, the median unit price in Point Piper is $3.9m. That’s down 25 per cent over the past 12 months.

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