The house that Adrian Portelli had planned to build.
Melbourne billionaire Adrian Portelli is selling a large block of land in the city’s northwest after his plans to build an expansive mansion were foiled.
‘Lambo guy’, as Portelli is nicknamed, is known for founding LMCT+, an online rewards club and shopping tool, as well as craning a McLaren racing car into a penthouse apartment at the Sapphire by the Gardens development in Melbourne last year.
The residential block at 18 North Ave, Strathmore he is selling is listed with a $2.5m-$2.7m price tag.
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The property has lingered on the market since April, with records revealing that Portelli purchased the land in March 2023 for $2.7m.
It’s not the first home the 35-year-old has listed this year, having sold the five-bedroom house he bought off The Block at auction in November last year at 22 Charming St, Hampton East, for $3.245m in April.
He paid The Block sisters Eliza and Liberty Paschke $4.3m for the home, copping a more than $1m loss when he offloaded it.
Portelli is known for the online rewards club and shopping tool LMCT+.
The planned property’s renders feature a basketball court.
Portelli said he bought the Strathmore block because it had one of the best city skylines in Melbourne and he initially had plans to build a home for himself there.
“I was wanting to potentially buy the neighbours’ houses and just create one big block,” he said.
“So I offered them a considerable amount, more than what their house was worth, but they didn’t want to sell, which I respect.”
He added that he is now looking for a property that is a bit bigger and hoped to get what he paid for the Strathmore land.
“If I don’t get that, then I’ll probably just put a house on it and sit on it for a bit,” Portelli said.
He added that of his about 20-house portfolio, he had now sold seven or eight across Tasmania, Victoria and Queensland.
“I’m just trying to lean out a bit because the land tax is a bit wild at the moment, so it’s not really worth holding on to, which is a bit of a shame,” Portelli said.
The facade of the home which now may never get built.
The residential block spans 1016sq m, or about a quarter acre.
Nelson Alexander Ascot Vale partner Paul Harrison said the Strathmore property had been on the market for a few months, but he had “hope” the block would sell within its price range.
While Portelli had marked up $3m-$4m plans to build himself a “compound”, Mr Harrison said the purchaser could construct a premier home for less and still have one of the best residences in Strathmore.
He noted that the property had a single-dwelling covenant, so only one home could be built on the block.
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sarah.petty@news.com.au
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