Danny Wallis, Adrian Portelli, and David Brandi: Millionaire property investors battling it out at The Block auctions

Three investors have shocked viewers with dramatic bids at The Block auctions. But you may be blown away to know just how much they’ve spent. See what they’ve done with the properties.

David Bonaddio

@daveobigbro

3 min read

November 5, 2024 - 9:00AM

Danny from the Block - the man who can and does buy half the shows homes with an erratic series of bids. Picture: Jake Nowakowski

A trio of multi-millionaire investors have bought a combined $53.9m worth of homes from The Block in the past 13 years.

IT entrepreneur Danny Wallis, online promotions businessman Adrian Portelli and Melbourne accountant David Brandi have now been key to the show’s success for more than a decade.

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An IT entrepreneur Mr Wallis has been lauded as “The man who bought The Block”, snapping up 11 homes with a combined value of more than $30m.

Wallis’ philanthropic efforts, like donating homes to Ronald McDonald House and My Room Children’s Cancer Charity, are well-known, as are his irregular bids.

So far he has sold off one of his properties at the end of 2023 with hopes to sell off more of them when the right opportunity comes along following the state government’s plan to change the land tax payment threshold from January 2024.

Industry sources put the sale price of 38A Grey St, St Kilda at $3.5m.

Danny Wallis has been a staple for The Block auctions. Picture: Jake Nowakowski

A newer face formidable face is Adrian Portelli, aka Lambo Guy, who burst into the scene in 2022 arriving in a flashy yellow Lamborghini and displaying a daring bidding style.

Initially outbid by Wallis, Portelli made a remarkable recovery in 2023 by snagging three properties for a jaw-dropping $12.4m.

Known for his vow to cause a stir, Portelli’s strategies will be closely watched in this years upcoming auctions as he aims to secure further wins.

But Portelli has been stung by spectacular losses and was “rapt” with the Hampton East auction with a more than $1m loss.

Portelli spent $4.3m buying in November last year buying 22 Charming Street, Hampton East, from The Block.

Adrian Portelli is expected to return to The Block auction’s for the third year in a row. Picture: NewsWire/ David Crosling

But, despite an Australian record 200 registered bidders it sold for $3.245m under the hammer, leading to a $1.055m loss, not including stamp duty.

In the shadows yet wielding quiet power is David Brandi, a discreet but savvy investor who has been acquiring Block properties since 2011 - although he hasn’t been seen for several years.

Brandi has turned a profit of over $1.141m by leveraging calculated flips and tax advantages.

But these giants won’t have the stage to themselves.

Seasoned buyers agent Frank Valentic is returning for The Block 2024’s auctions.

Frank Valentic, a seasoned auction strategist, will make a return known for his composed and precise bidding for high-profile clients.

With more than 20 years in real estate, Valentic’s expertise adds another layer of competition to this fiery auction battleground.

“Phillip Island has a strong Airbnb return around $190,000 to $220,000 per year,” Valentic said.

“So if you pick up one of The Block 2024 homes for $2.5m you’re getting about seven per cent return plus the extra $3000 in tax depreciation.”

The new kids on The Block: Paradoor founders Oliver Howard and Tom Ormond are ready to shake up the 2024 auctions.

Newcomers Tom Ormerod and Oliver Howard, founders of Paradoor, are also entering The Block auction scene this year.

These emerging players are rapidly forming a consortium, seeking to innovate with a co-ownership model that may disrupt traditional auction approaches.

Some other notable players from The Block’s past include co-founder of construction company Rob Phillpot, who was the mystery buyer of both of the penthouse apartments in the The Block Gatwick for $5.85m - Phillpot had only inspected the home only two nights before the auction.