Aussie millionaire buys record-breaking $39m penthouse for ‘entertainment on weekends’

An Aussie self-made millionaire has bought a luxury penthouse for a record-breaking sum, but he has no plans to live in it.

Adrian Portelli spent a record-breaking $39 million on his new luxury penthouse – but he’s not going to live in it.

An Aussie self-made millionaire has bought a luxury penthouse for a record-breaking $39 million – but he says he has no plans to live in it.

Instead, Adrian Portelli wants to use the Melbourne pad for weekend entertaining – and to stash one of his luxury cars.

“I don’t like city living,” he told realestate.com.au.

“This will probably be a weekender.”

On Thursday, Mr Portelli visited his opulent new penthouse, showing the impressive “blank canvas” on his Instagram stories.

The 34-year old multi-millionaire property investor and founder of online promotions business LMCT-Plus will spend another $6 million customise the 1200 sqm double-storey penthouse that crowns the new Sapphire by the Gardens towers on La Trobe Street in Melbourne’s CBD.

It will take another 12 months for Mr Portelli to fit out the space with bespoke decor across four bedrooms, a cinema, an indoor pool overlooking the cityscape, multiple kitchens and a cigar bar.

A rendering of Mr Portelli’s new “weekender”. Picture: Supplied

He even toyed with the idea of installing a bowling alley, telling 7 News the “thick windows” of the 57th and 58th floors should be safe enough.

“I don’t think a bowling ball will go through them. Hopefully not,” he said.

Mr Portelli said he doesn’t plan to live in the penthouse. Picture: Instagram @adrian_portelli

The home crowns the new luxury dual-tower Sapphire by the Garden development.

Mr Portelli, an avid car enthusiast, will also have a $3 million McLaren supercar craned into the penthouse to become an “art piece” in the loungeroom.

“It’s a car that we can’t register and it’s just collecting dust so I might as well have it somewhere where it’s safe,” he told 7 News.

Mr Portelli is a luxury car enthusiast. Picture: Instagram @adrian_portelli

The luxe penthouse is not only one of the biggest apartments ever built in Victoria but is now the most expensive ever sold in Melbourne. The previous record was held by a $38 million off-the-plan sale at Australia’s future tallest tower, the STH BNK by Beulah in Southbank.

The property sits atop 325 apartments in the new dual-tower Sapphire by the Gardens development, which is linked to a five-star Shangri-La Hotel by a golden sky bridge – home to the hotel bar – featuring panoramic views of Melbourne and a see-through floor with four layers of glass to show the 100m drop to the city below.

The skybridge will house the Shangri-La hotel bar. Picture: Supplied

“I’ve got a lift from my apartment that goes directly to the bar,” Mr Portelli told realestate.com.au. “I think that’s what sold me.”

A handful of two and three-bedroom apartments remain for sale in the tower, starting from $1.2 million.

According to realestate.com.au, the lowest price fetched for one of the properties was $514,000.

It will take 12 months and an additional $6 million to fit out the penthouse.

The 1200 sqm property spans the 57th and 58th floor of the Sapphire by the Garden tower.

It is not the first major property move Mr Portelli has made as he transitions to full-time investment and development. According to realestate.com.au he currently has around 20 developments underway around Australia – including four childcare centres in Perth, and 10 houses being built under the NDIS in Sydney.

He also made headlines last year for his appearance at The Block auctions, when he arrived in a yellow Lamborghini – earning him the title of ‘Mr Lambo’ – and placed the opening $4.5 million bid on Omar and Oz’s house.

Mr Portelli caused a stir when he opened an auction on The Block at $4.5 million, well above the $4.08 million reserve. Picture: Channel 9

Viewers were quick to criticise his appearance on the show, accusing him of being a plant to jack up the price of the house. But he strongly denied those claims.

He did not win the keys to the boys’ house, but did buy fellow contestants Sharon and Ankur’s home for $4.25 million, only to raffle it off through his company. He announced the winners in February this year.

LMCT-Plus has run a number of car and home giveaways, the latest being a $2.3 million waterfront mansion in Sanctuary Cove – but the winner opted to pocket $1.8 million in cash instead.

Mr Portelli’s company, LMCT-Plus, ran a giveaway for a $2.3 million Gold Coast home. Picture: Instagram.

But buying – and giving away – multimillion-dollar homes and driving fast cars is a far cry from Mr Portelli’s humble beginnings, which included dropping out of university to work at his dad’s truck repair business before scraping by in Los Angeles to make his fortune through tech start-ups.

After news broke of his record-breaking $39 million Melbourne purchase, he took to social media to celebrate the news, teasing he’ll have “one hell of a house-warming party”.