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The Block's big spender: Who is Adrian Portelli?
The buyer with deep pockets splashed out over $12 million at this year's Block auctions
It's the name on everybody's lips today: Adrian Portelli. He's the high-flying buyer who has taken The Block 2023 auctions by storm again, leaving audiences dumbstruck as he bought not one, not two, but three properties on Charming Street during the 2023 finale.
At just 34 years old, hailing from Melbourne, Adrian became a force to be reckoned with during last year's Block finale when he made a grand entrance in a bright yellow Lamborghini (earning him the name "Mr Lambo") and placing a staggering $5.5 million bid on the winning house.
While he may have been outbid, he left a lasting impression by shelling out a cool $4.25 million in cash for the runner-up's property.
Last night's big auction win, where Portelli secured three of The Block's sought-after properties, has left all of Australia wondering, who is this guy?
Young and rich
Adrian isn't your typical Block buyer. He's a flamboyant billionaire, celebrated for his attention-seeking stunts and passion for sports cars. He's even earned a spot on AFR's Young Rich List of Australia's 100 wealthiest people under 40.
Adrian, a university dropout, started his career in the family's truck repair business. However, he soon discovered his ticket to wealth within the bustling tech landscape of Los Angeles. During his tenure there, he ventured into tech start-ups, collaborating with a roommate to develop a suite of highly lucrative mobile apps, which were sold for substantial profits.
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His net worth currently stands at an eye-watering $1 billion, according to AFR Magazine, and he's not afraid to show off his deep pockets. In 2022, he made headlines with the acquisition of a rare supercar, shelling out a whopping $6.5 million for the prized possession.
He even grabbed international attention in May 2023 when he orchestrated the jaw-dropping feat of craning his $3 million supercar into the living room of his $39 million Melbourne penthouse.
How did Adrian Portelli make his fortune?
Adrian is the founder of LMCT, a promotional platform focusing on luxury vehicles and prestige homes. It's through LMCT and other entrepreneurial endeavours, as well as strategic property investments, that he has built his wealth.
Adrian started LMCT in 2018 with the vision of "giving everyday Australians a chance to save thousands from our network and help change some lives along the way".
Now, you might be curious about how a business like LMCT makes money. The system is quite straightforward; subscribers willingly pay $20, $50 or $100 per month to participate in giveaway opportunities, including lavish homes and luxury cars. Notably, Adrian even gave away one of The Block properties he acquired last year through LMCT.
Billionaire philanthropist
It's not all flashy cars and expensive houses, as Adrian's passions also extend beyond business to philanthropy. He is the driving force behind the Little Legends Foundation, which aims to brighten the lives of Aussie children suffering from chronic illnesses and a range of disabilities.
The foundation collaborates with other charities like Ronald McDonald House to grant wishes, host activities and events, and provide financial support when needed the most.
What will Adrian do with The Block houses?
Speaking to Hughsey, Ed, and Erin at 2DayFm, Portelli disclosed that he was close to bidding on a fourth house during The Block's auctions. However, his decision took a turn due to a comment made by the auctioneer in the preamble of the fourth house auction. The auctioneer mentioned the possibility of the house being "raffled off", a choice of words that didn't sit well with Adrian.
He clarified, "We spend a lot of time and effort educating people on the nature of our business." He pointed out that using the term "raffle" to describe the giveaway aspect of his business LCMT created a negative connotation for him, causing him to reconsider his bid. "It threw me off a bit," he confessed.
When questioned about his plans for the acquired houses, Adrian remained mysterious, stating, "Who knows? I'm definitely not going to live in them, so there's a hint there. We might give a few lucky Aussies a chance to win."
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