Serial The Block buyer Adrian Portelli looks set to completely dodge hundreds of thousands of dollars in property taxes, despite buying every single home off in the 2024 series finale.
The Melbourne billionaire is already offering up the keys to ‘Portelli town’, selling tickets on his LMCT+ website for the public to have a chance to win the entire resort or choose $8m in prize money.
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Portelli purchased every single property from the 2024 season of The Block, with a total spending splurge of more than 15m across the five houses.
Adrian Portelli picked up all five homes, but does not appear to want to hold onto them. Picture: Instagram/AdrianPortelli
And while Portelli has declared he won’t return to The Block for its 21st season in Daylesford in 2025, it seems his strategy this season was focused more on grabbing the ‘royal flush’ so he could then give them away.
With Victoria’s stringent new taxes, including a 7.5 per cent levy on short-stay rentals beginning on January 1 2025, Portelli is attempting to sidestep hefty fees that could impact owners of multiple properties.
The tax move is expected to boost the Victorian government’s revenue by $70m annually, but Portelli is dodging the financial bullet put in place by the Victorian Government.
Portelli took to Instagram to announce the news, which according to him is set to be a ‘world first’.
1/113-119 Justice Road, Cowes is one of the five homes Portelli now owns, but wants to give away. Picture: Ch9.
“As mayor of Portelli town, I would like to announce a world first – LET’S GIVE AWAY A F*N RESORT!!! Let the games begin,” he said.
Portelli, who burst onto the scene in 2022 with his notable yellow Lamborghini entrance, has now stacked up $27.8m worth of The Block properties, spanning homes from subsequent seasons in 2023 and all of them from 2024.
Portelli said he wanted to take the ‘royal flush’ by buying up all the homes. Picture: Instagram/AdrianPortelli
Portelli would be due to pay more than $1.2m to the government in taxes if he held onto all five Phillip Island homes.
The State Revenue Office could be getting as much as $876,950 in stamp duty and $332,182 each year in land taxes thanks to ‘Lambo Guy’, according to accountancy firm Mitchell Partners analysis.
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His aggressive bidding style stunned onlookers, after he previously snatched up three properties for $12.4m last year in Hampton East.
However, earlier this year Portelli lost a staggering $1m when he offloaded one of the Hampton East homes at auction.
Property records show that Portelli still owns two other properties from previous Block auctions — 20 Charming St, Hampton East ($5m) and 14 Charming St, Hampton East ($3.1m).
— Additional reporting by Sarah Petty
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