The co-founder of clothing chain Universal Store Greg Josephson died at a Brisbane house party on Thursday night, according to The Brisbane Times.

A teenager, 15, has been charged with murder after Josephson allegedly died from a stab wound in a multi-million dollar home in the upmarket inner-city suburb of Clayfield.

Police allege the man and boy were known to each other.

Officers responded to a call about 8.15pm on Thursday and arrived at a Clayfield residence hosting a party with “around 30” teenagers present, police said.

“I can confirm that there was a party underway at the house with a number of young persons,” Detective Acting Superintendent Craig Williams told reporters on Friday.

Officers found the man’s body inside, but the majority of the teens were unaware of what had happened, he said.

“It was a confusing situation,” Williams said. The 15-year-old was located by police on a nearby street.

“At this stage the initial investigation indicates that no other persons were involved other than the 15-year-old boy,” Williams said.

He confirmed police had also located the weapon. The boy was taken into custody, with a number of teens at the party assisting police. The 15-year-old was later taken to hospital.

“No others were taken into custody,” Williams said.

“A number of the teens who were at the address are assisting with inquiries and were brought back to stations to have their parents contacted.

“It’s distressing for the family. It’s distressing for the community and for ... innocent people who were at the house who had nothing to do with it, so all possible support is being offered to those people.”

9News reported the home was full of teenagers, and crews responding to a triple-zero call allegedly found the dead man upstairs at the property.

Josephson founded the Universal Store in 1999 with his brother Michael and opened their first store in a Brisbane suburb.

According to his LinkedIn, he left his role of director of Universal Store in 2018 and most recently was the chief executive of Josephson Holdings. He also held roles at Westfield and Lendlease.

With AAP