The sculpture, named Welcome to Worcester, was selected for the citywide art trail by BBC Hereford & Worcester.
Renamed Percy, it was displayed in the Hopmarket courtyard.
Worcester resident Noel Connolly, who lives on a canal boat in Diglis Marina, purchased the penguin and renamed it Percy.
Percy now sits on the stern of the boat, overlooking Café Afloat in Diglis Basin.
Mr Connolly said: “We decided to purchase Percy as my wife has had two close family members looked after by the wonderful staff at St Richard’s Hospice.
“We are delighted to have him as part of the family; he certainly turns heads and is a great talking point within the Diglis community.”
Mr Connolly is currently renovating a cottage on Diglis Island, where Percy will eventually be relocated.
The penguin was one of 40 large sculptures and one chick that raised £330,000 for St Richard’s Hospice at an auction last October.
Sara Matthews, business development manager at the hospice, said: “We are delighted that Percy has settled so well into his new home; he is a much talked about focus for local residents and visitors and a lasting legacy for the city.
“We wish him and his new family all the best.”
The trail saw 80 penguins, including 40 baby ones, displayed across the city for eight weeks over the summer.
The baby penguins have since been returned to the schools and community groups that painted them.
Welcome to Worcester was designed by Ollie Tindale, a designer at Big Helping, a creative studio in central Worcester.
The design incorporated some of the city’s most iconic features and landmarks, including the cathedral, the racecourse, the Royal Porcelain Works, and Worcester’s most famous son, Sir Edward Elgar.
Bill Simpson, chairman of The Hopmarket Charity, said: “We are delighted that Percy is settling so well into his new home and continuing to turn heads.
“He attracted lots of visitors to The Hopmarket last summer and continues to entertain both residents and visitors in Diglis Marina.”