First ‘Lambo Guy’, next Elon Musk? Why The Block’s controversial buyer is no surprise

It’s a hell of a metaphor for the Australian housing market: all five houses on The Block have sold — delivering record-breaking winnings – to one billionaire.

Adrian Portelli – known by Block viewers as “Lambo Guy” – revealed in the closing moments of Sunday night’s finale that he had secured “the royal flush”, paying a total of $15.03 million for all the properties featured in this season of the reality-TV show. The renovated homes, in a former resort in Cowes on Phillip Island, netted $5.43 million in winnings for the contestants – the most lucrative season in the 20-year history of The Block, which screens on Nine, owner of this masthead.

“So I bought these houses, a little bit for a premium, but I get all the amenities that come with it”: Winning bidder Adrian Portelli (left) with another bidder at The Block auction.Credit: Nine

The season winners, sisters Maddy and Charlotte Harry, in their early 20s, made a $1.55 million profit (plus the $100,000 grand prize).

“To be honest, I barely watch the show,” Portelli said after the auctions. But he said he had seen “the girls having a hard time and getting bullied” and was happy to give them the win. The move is being celebrated by many on social media who were happy to see the “kind” and “hard-working” contestants net a big profit, but critiqued by others who feel Portelli’s influence undermines the concept of the show.

“That was my last appearance on The Block and I thought I’d go out with a bang,” he said.

Executive producer Julian Cress, however, says courting people like Portelli is a key part of the show.

So … who is this guy?

Portelli, 35, is an entrepreneur whose main source of wealth is LMCT+: an online “shopping tool and rewards club” he has run since 2018. It’s a subscription service that advertises “exclusive discounts” from brands and giveaways of cash, cars, bikes, boats and houses. Last year, the Australian Financial Review reported LMCT+ had an annual revenue of about $60 million.

The business operates legally as the giveaways are “trade promotions” to paying members. However, anti-gambling advocates have criticised this practice as a legal “loophole” that they claim should be addressed by regulators. Both the Victorian Gambling and Casino Control Commission and South Australia’s Consumer and Business Services confirmed last year that they were investigating complaints about the business. The result of the CBS action is not known, and the regulator did not respond by the time of publication. The Victorian body said it was “not currently investigating Mr Portelli or LMCT+” and provided no further response.

Adrian Portelli at the 2024 Melbourne Cup.Credit: Getty Images

A 2023 AFR Young Rich Lister, Portelli first entered The Block in 2022, rocking up in a yellow Lamborghini and bidding $5.5 million for the winning contestants’ property. Though he missed out on that, he nabbed the runner-up’s house and came back the following year.

In 2023, the same year he made headlines for hoisting a luxury car up 57 floors to his $39 million CBD penthouse, he bought three houses in Hampton East. That included Steph and Gian’s winning property which went for $5 million, making them a profit of $1.65 million. They also pocketed the $100,000 winner’s cheque, for a total of $1.75 million – the largest prize in Block history. All the homes Portelli has bought through the series have then been offered as giveaways to members of LMCT+. This year’s are no exception.

“LET’S GIVE AWAY A FKN RESORT!!!” he wrote on Instagram Monday morning. “1 Giveaway – 1 Prize – Winner takes the whole resort OR take $8,000,000 Instant Tax-Free Cash!”

It’s an expensive marketing strategy but given the enormous audience and media interest, it might work.

What does that mean for The Block?

Cress, The Block executive producer, said it was “always on the cards” that someone might buy the lot as a gated community. He’s also unfazed that Portelli is gaining recognition off the back of his show.

“This is how it works,” he said. “This is broadcast television ... These guys are just savvy.”

He notes that the very first auction of The Block was won by John Ilhan, founder of Crazy John’s mobile phone stores, who had a mascot in the crowd.

“Twenty seasons later, Adrian Portelli, the smartest guy in the room, has done exactly the same thing.”

The Block contestants Warren and Gaz hug the Crazy John’s mascot after their 2003 auction. Credit: Danielle Smith

Courting interest from these types of buyers, Cress says, is just part of the game.

“All five teams put in a lot of effort to win the support of Adrian Portelli. They were all reaching out, they were all cozying up, they were all together at the Melbourne Cup ... It’s about putting people in the room who are willing to spend as much as they can.”

Contestants Courtney and Grant said they had contacted several other rich-listers.

“We spoke to about 100 to 200 people, potential buyers. We were hustling hard,” Courtney said.

“If I was a contestant next year,” Cress said, “the first person I’ll be picking up the phone to is Elon Musk.”

Portelli was unavailable for comment.

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