He was born in Aker as a son of nobleman and landowner Harald Løvenskiold (1868–1934) and Dorothea Christine Blom.
He then attended Treider School, studied forestry at Yale University and in Nancy, and also took conscript officer training.
He became a partner in the family corporation Løvenskiold-Vækerø in 1933, was sole owner from 1935 to 1947, and then co-owner together with his son[1] until 1962.
[1] He chaired the Oslo–Lommedalen bus route, was a board member of Hunton Bruk, National Papemballageindustri, Dalen Cementvarefabrik and was a supervisory council member of Schøyens Bilcentraler, Gjensidige, Forsikringsselskapet Norden, Andresens Bank, Akers Sparebank, the Norwegian America Line, Søndenfjeldske Norske Dampskibsselskab and SS Garonne.
[5] He was decorated with the Defence Medal 1940–1945 and as a Knight, First Class of the Order of the Dannebrog.