Adrian Portelli’s Second Block House Listed Below Purchase Price
A second property from the 2024 season of The Block is now up for sale at a price below its purchase cost by billionaire Adrian Portelli. Known as “House 4,” this home is located at 4/113 Justice Road in Cowes, Victoria.
Details About House 4
This luxurious residence features four bedrooms and three bathrooms. It was renovated by Kylie and Brad Baker, who incorporated a distinctive black-themed interior design. This design received both praise and critique from the show’s judges.
The house was originally sold for $2.6 million, providing its owners with a profit of $650,000. Currently, it is listed by Ray White Phillip Island agent Mikka Paulsen for between $1.7 million and $1.85 million.
Current Status of Ownership
- The current owners acquired the home through a raffle.
- They expressed a desire to move on from the property.
- Paulsen noted that the previous sales price does not align with current market conditions.
Adrian Portelli’s Investment
Adrian Portelli, a Young Rich Lister with a net worth of $1.295 billion, originally secured all five homes from The Block’s 2024 auction for a total of $15.03 million. He later attempted to sell these properties as a compound but switched tactics when they didn’t sell.
In November 2024, Portelli gave away the five homes as prizes in a trade promotion through his platform LMCT+, although one winner opted for a cash alternative of $8 million instead of the property.
Additional Properties on the Market
This is not the first house from The Block’s 2024 season to be listed. “House 2,” situated at 2/113-119 Justice Road, Cowes, also entered the market in February, with a similar asking price range.
Owner Insights
The owner of House 4, Parv Sid, expressed her appreciation for winning the property. However, she mentioned, “It’s too big for the two of us,” suggesting that although they enjoy their weekends there, the size feels excessive for their needs.
She conveyed a sense of realism regarding the asking price, recognizing Portelli’s significant investment. The proceeds from the sale will help pay off her mortgage and support future travels.
Sid remarked on the surreal experience of owning such a substantial home and expressed gratitude for the opportunity to host friends and enjoy life in the property over the past year.
