Adrian Portelli’s extraordinary $15m Block spending spree

Just how deep are Adrian Portelli’s pockets? The Block’s serial buyer has shattered all previous auction records – yet again.

Adrian Portelli promised to “go out with a bang” during this year’s Block auctions, and that’s exactly what he did, snapping up all five houses at auction for well over their reserves.

His incredible $15 million spending spree broke several Block records: It was the first time one buyer had won all five auctions. The combined total of $5.43 million in winnings also made it the most lucrative auction day for contestants in the show’s history. And he topped his own spending spree from last year when he bought three out of five houses at auction for a combined price of $12m.

And, always one for a bit of auction day showmanship, Portelli waited until after all five auctions had taken place to make his big reveal.

The flashy billionaire stunned the crowd when he revealed, post-auction, that he had bought every home on the show, directly or through his buyer’s agent. He also confirmed that he won’t be returning to bid again next season.

Despite a tumultuous season that saw not one but two teams quit, in the end, it was a lucrative year to be a Block contestant.

Winners Maddy and Charlotte hug the man who made them instant millionaires.

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Even this year’s fifth-placed contestants, Kylie and Brad, scored $650,000 in winnings – more than the winners got in many previous seasons of the show.

And this year’s winners, Maddy and Charlotte, scored a massive profit of $1.65m (including their $100k first-prize money). Not bad for two sisters who only joined the show five weeks into the season, after Perth couple Jesse and Paige quit the competition.

That puts Maddy and Charlotte narrowly behind The Block’s 2023 winners Steph and Gian ($1.75m), and 2022 winners Omar and Oz ($1.68m), on the list of the show’s all-time biggest wins.

Portelli was responsible for two of those massive wins. So who is this very rich man who can spend $15m buying five houses in one day?

How Adrian Portelli made his millions

Portelli (right) and his beloved yellow Lambo, just one of a fleet of luxury cars he owns. Picture: NewsWire/ David Crosling

MORE: ‘Won’t be back’: Portelli’s shock Block admission

At just 35 years of age, father-of-one Portelli is reportedly worth over a billion dollars and is known for his eye-watering spending, which he documents for his 387,000-odd Instagram followers.

Last year, he made headlines when he had his prized $3 million McLaren Senna GTR car craned to his penthouse on the 57th floor of a Melbourne apartment building. The entire side of the building had to be deconstructed to make way for the car, which then took pride of place in his $39 million penthouse.

In July of this year, he travelled to Italy to pick up a “Lamborghini superyacht” that was two years in the making.

Portelli’s Lamborghini yacht: Real Batman villain vibes. Picture: Supplied/Instagram

MORE: How Lambo Guy Adrian Portelli swept Block auctions

A university dropout, he initially worked at his father’s truck repair business before striking riches in Los Angeles working in tech start-ups. He teamed up with his tech-savvy flatmate while in the US to develop several successful apps, which they then sold at enormous profits.

Nowadays, he keeps his coffers full by running various online raffles and promotions on his online platform LCMT+, where punters can pay for the chance to win big prizes.

His net worth, estimated at $350m a few years ago, shot past the billion-dollar mark in 2023, according to his placing on that year’s Australian Financial Review Young Rich List.

A chequered Block history

Portelli made quite the entrance on the 2022 season of The Block, pulling up to Omar and Oz’s auction in his ostentatious yellow Lamborghini, putting sky-high bids on the property, then promptly disappearing again. That led to some viewer speculation that he was only there to drive up the home’s price and deliver Omar and Oz the win, which all parties fiercely denied.

Portelli’s first Block appearance was in the 2022 season of the show. Picture: Channel 9

Portelli later gave away the home he did buy that year as a prize on his LCMT+ website – which then caused more controversy when he was locked in a bitter public feud with the couple who ended up winning the $4.25m luxury home. Portelli said they were ungrateful winners and had complained from the moment they were given their first tour of the house, while they accused him of removing $100,000 worth of items from the property before handing over the keys.

After the video of the couple’s complaints went viral, Portelli announced a $1 giveaway of all the items removed from the house, including a wine fridge and kitchen appliances.

This year’s Block auction results

WINNER:

Maddy and Charlotte, house 1: Reserve of $1.95m, sold for $3.5m = $1.65m profit (including $100k prize money for coming first)

SECOND PLACE:

Courtney and Grant, house 2: Reserve of $1.95m, sold for $3.3m = $1.35m profit

THIRD PLACE:

Kristian and Mimi, house 5: Reserve of $1.9m (reduced $50k from Challenge win), sold for $2.93m = $1.03m profit.

FOURTH PLACE:

Ricky and Haydn, house 3: Reserve of $1.95m, sold for $2.7m = $750,000 profit.

FIFTH PLACE:

Kylie and Brad, house 4: Reserve of $1.95m, sold for $2.6m = $650,000 profit.

Originally published as Adrian Portelli’s extraordinary $15m Block spending spree