PHOTO: Adrian Portelli. FILE
Adrian Portelli, known for his frequent bidding on The Block, expressed satisfaction with the outcome of the recent auction of a property he acquired during the show’s previous season, despite it selling for $1 million less than his purchase price.
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Portelli, who acquired 22 Charming Street in Hampton East on The Block last season for $4.3 million, recently sold the property. Although the auction attracted a record 200 registered bidders for the five-bedroom house, only nine parties placed bids. Ultimately, the house sold under the hammer for $3.245 million, resulting in a loss of $1.055 million for Portelli, excluding stamp duty.
Auctioneer Tom Panos with Adrian Portelli after the 2023 Block auctions.
Eliza and Liberty made a $1.05m from the original 2023 The Block auction.
The auction commenced with a mere $1 bid, a rarity according to Ray White Sunbury director Aaron Hill, who remarked that Portelli was pleased with the outcome, despite its unusual nature.
The property, now purchased by a young couple in their 30s who intend to make it their permanent residence, had previously fetched a significant $1.05 million profit for The Block contestants Eliza and Liberty during its last sale.
Earlier this year, Portelli attempted to raffle off the property through his LMCT+ promotions website, but the winner opted for $2.2 million cash instead.
The home sold to a young couple in their 30s.
Reflecting on the sale, Hill commented that the property was never valued as high as Portelli initially paid for it. Looking ahead, Hill is optimistic about Melbourne’s property market, expecting it to pick up soon with the return of investors, anticipating an exciting period for real estate in Victoria.
SOURCE: NEWS.COM.AU