The Block 2024 auction was WILD, with billionaire bidder Adrian ‘Mr Lambo’ Portelli forking out $15 million to buy up all five houses. He made a shock announcement on the show, saying it was his last time on The Block which is why he wanted to “go out with a bang”.
ICYMI, Portelli bought Courtney and Grant‘s house for $3.3 million, giving them a profit of $1.35 million, Mimi and Kristian‘s for $2.93 million, giving them a profit of $1.03 million, Kylie and Brad‘s for $2.6 million, giving them a profit of $650K, Ricky and Haydn‘s for $2.7 million, giving them a profit of $750K, and winners Maddy and Charlotte‘s for $3.5 million, giving them a profit of $1.55 million plus $100K prize money.
Considering Portelli snapped up three houses last year and is a reason the 2024 contestants have walked away with so much profit, you’d think producers would be scrambling after the loss of their flashiest bidder.
However, executive producer Julian Cress reckons the 2025 contestants will just need to step it up.
“We’ve enjoyed having Adrian Portelli on the ride for the last three years,” Cress told realestate.com.au.
“It’s been great for contestants. But obviously our new crop of contestants that will be joining us in Daylesford soon are going to know coming in that they’re not going to be selling to Adrian Portelli, so they’re going to have to knuckle down and build some beautiful houses for some local families next year.”
Cress admitted he was “nervous” going into the 2024 auction, but considers The Block 2024 as “the most successful” year yet.
“I think we gave away more money [at the auction] than we have in the previous 19 seasons, which is awesome,” he said.
@theblock YTG! 🩷 #TheBlock Grand Finale Auction | Watch on @9Now #fyp #tvtok #realitytv #wow ♬ original sound – The Block
What does billionaire bidder Adrian Portelli do with The Block houses?
It comes as no surprise that Adrian Portelli, who runs rewards club LMCT+ which gives customers the chance to win massive prizes and discounts. According to the website, the platform has given away over $70 million of prizes since it was launched in 2018.
Guess you can see how $15 million seems like chump change for this businessman!
It didn’t take long for Portelli to list The Block resort as LMCT+’s biggest giveaway yet. He’s offering people the chance to win either all five The Block properties plus the clubhouse, or $8 million cash tax-free.
“This is more than a giveaway; it’s a once-in-a-lifetime opportunity to launch yourself into a world of luxury, wealth, and freedom,” the listing says.
“Whether you choose the properties and step into the shoes of a property mogul, with a real estate portfolio worth millions, or take the $8 million cash, your life is about to change forever.”
He said on the Kyle & Jackie O Show he had a fleeting thought about starting his own resort, but scrapped that idea.
“I’m just going to give them away to one of my customers,” Portelli said. “I’m not much of a fan of Phillip Island, it’s a bit of a drive for me. I can’t be bothered driving all that way.”
He said the main reason for deciding to skip future auctions comes down to not wanting to “overstay” his welcome.
Either way, this is an incredible marketing ploy for Mr Lambo himself. He’s got all eyes on his LMCT+ business, and if he chooses to make a dramatic return to The Block in 2025, it’s all anyone will be talking about!
Lead image: Nine
