Adrian Portelli selling entire Block compound at Phillip Island

News.com.au

5 hours ago

Adrian Portelli is selling off his entire Block compound at Phillip Island months after snapping up all five homes on the hit renovation show.
The billionaire businessman posted on Instagram, begging fans to take all the properties off his hands, The Herald Sun reports.
'For Sale. EOI. The Phillip Island Block Resort. Selling complex complete. Everything included. Will not sell houses separately,' he posted.
Portelli put out a call for expressions of interest in making the multimillion-dollar purchase.
During last year's The Block grand final, the Aussie entrepreneur made history when he bought every single house for a whopping $15.03 million.
Portelli's purchases included $3.5 million for the house renovated by sisters Maddy and Charlotte Harry.
He dropped $3.3 million for a property transformed by Courtney McInnes and Grant Freeman.
Portelli paid $2.93 million on the pad created by Kristian and Mimi Belperio, $2.7 million for the home renovated by Ricky Recard and Haydn Wise and rounded out his 'royal flush' by purchasing the home made-over by Kylie and Brad Baker for $2.6 million.
The businessman announced he was done with The Block and would not be in the market for Block properties in 2025.
Back in December, Portelli put the entire Phillip Island complex up as a prize in a mega-giveaway.
In Australia's most lucrative giveaway outside of lotteries, the richlister offered up a choice of either all five Phillip Island homes from last season's The Block, or a substantial cash prize of $8 million.
Ballarat resident and healthcare worker Holly won the sweepstakes and ended up pocketing the money, he revealed.
Portelli said the cash prize had already cleared into her account and they were sending her a cheque as well.
He added that his shopping platform, LMCT+, was not going to be running another giveaway of the properties as a promotion of that scale was costly.
'I've purchased (the homes) twice now,' he said.
'I think everyone forgets that the resort is one half of the cost. So to run a promotion like that costs double the amount we have paid for it in marketing expenses and running it and permits.
'It's really difficult to try chase the money back for it.'
At the time, Portelli said he would most likely keep the residences for himself and maybe hold events there.
— Additional reporting by Sarah Petty