Richest 250 debutant Adrian Portelli to auction ‘The Block’ home with $1 reserve
Buyers may be able to pick up one of the homes featured on last year’s season of The Block for a bargain, with Adrian Portelli ‘happy just to move it on’.
Richest 250 debutant Adrian Portelli is auctioning one of the homes he purchased on The Block with a reserve price of just $1.
It has been just four months since Mr Portelli – better known as Melbourne’s “Lambo Guy” – splashed $3.25m to secure the mid-century inspired home at 22 Charming Street, Hampton East, renovated by sisters Eliza and Liberty Paschke on the program last year.
Mr Portelli recently raffled off the deed to the property through his online promotions and awards club business LMCT+. However, the winner opted to take $2m in cash instead.
Now, he has listed the property for sale with a reserve of just $1.
“I’m happy just to move it on, I’ve done what I wanted with the house,” Mr Portelli told The Australian.
“I’m just happy just to get one and have a bit of fun with it and see what happens.
“Even if we’re in for $2m, $2.5m it’s still a bargain. So as long as someone gets a good bargain out of it, then my job’s done.”
The social media mogul has an estimated $1.3bn fortune, which allowed him to join the ranks ofThe Australian’s Richest 250 for the first time this year.
The rich lister purchased three of the five homes featured on The Block’s 2023 season, all of which are located in Melbourne’s south eastern suburbs. They are just a few properties in his exceptional portfolio, having headlines in 2023 for craning a McLaren Senna GTR into his $39m penthouse apartment on the 57th floor of the Sapphire by the Gardens building on Exhibition Street.
Ray White Sunbury principals Aaron Hill and Marin Durkovic have been appointed to take the Hampton East house to auction on April 21, with The Block’s regular auctioneer Tom Panos to call it.
More than 400 groups of prospective buyers have checked out the home during its first week on the market.
“The majority of buyers are local, but we have also seen some investor interest as well,” Mr Durkovic said.
“There are also a few people looking for a bargain; anyone can be the winning bidder,” he said.
Property prices in Melbourne have been quite subdued compared to the rest of the nation, up just 1.71 per cent over the year to March.
The five-bedroom, four-bathroom property which sits on 632 sqm has a price guide of $2.9m to $3.2m, with neighbouring homes renovated for the show used as comparable properties. Decked out in earthy tones and 70s-inspired furniture, the home will be sold as is with all the furnishings.
Mr Portelli’s business LMCT+ turns over more than $100 million in annual revenue and gave away more than 75 big prizes last year. The no-reserve auction is a return to form for the entrepreneur, who long conducted auctions for luxury cars without a bidding floor.
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