The Block: Adrian Portelli tipped to make history at 2024 auction with major move

The highly-anticipated auction for this year’s season of The Block is still weeks away from taking place, but the outcome may have already been revealed. A source close to the series tells Yahoo Lifestyle that it’s very likely serial Block buyer Adrian Portelli will purchase all five of the houses for the same price.

“The houses will all sell for the one price and the well-established Adrian Portelli wants them all,” our insider shares. “He will definitely be in attendance at the auction in Phillip Island, most likely in his Lamborghini.

“Adrian has been very vocal during discussions with the producers and has also told his close friends he will be buying the entire resort for his LMCT+ website for up to $15 million. It will be the noisiest sale in Block history and that’s perfect for his business model.”

The billionaire entrepreneur first made an appearance on The Block in 2022 when he bid on Omar and Oz’s house and went on to purchase three properties last year, including winners Steph and Gian’s for a whopping $5 million. If he were to buy all five properties this year, it would mark the first time in the show’s 21-year history that a single buyer has done so.

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What does Adrian do with The Block houses?

Typically, Adrian gives the properties away in a raffle for his business LCMT+. He held the first giveaway for Steph and Gian’s house on Facebook Live on Christmas Eve, however, the winner ended up choosing to take the cash prize of $2.5 million tax-free over the $5 million property.

The house was finally given away in July when 42-year-old Bryan from Victoria was the lucky recipient of the re-raffle and chose to take the house over the cash.

2024 price guides revealed

This comes just a few weeks after the price guides for this year’s five renovated holiday homes were made public. The online listings went live on Domain in August, revealing that the price guides have all been set below $2 million for the first time in eight years.

Each of the properties has an indicative selling price of $1.7 million to $1.85 million, which is an enormous shift from last year’s season where the properties had a reserve price between $2.97 million and $3.35 million.

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It’s also surprising that the 2024 properties have the exact same price guide considering each of them differ in size. All five houses have three bedrooms and two car spaces, however, House 1 and House 2 only have four bedrooms compared to their neighbours which have five.

House 5 is also the only two-storey property this season as the others only have a mezzanine level. While this would typically suggest that the property would have a higher reserve price, the indicative selling price shows this might not be the case.

Meanwhile, it's important to note that the median sale price for a house in Cowes, the main township on Phillip Island, is $757,250 over the past 12 months.

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