Around 2009, the legendary investment adage went something along the lines of: if you invested $1000 dollars when Sir Frank floated Westfield in 1960, you would be worth about $148 million.

For more than 50 years, Lowy was the innovator in retail property.
For more than 50 years, Lowy was the innovator in retail property. Photo: Louie Douvis

But if you invested in Westfield 18 months ago, you would have lost money even if you accepted the $10-a-share offer now on the table.

Australia’s shopping centre king, Frank Lowy, hangs up in his crown