Billionaire Adrian Portelli selling entire Block Phillip Island compound

Adrian Portelli has revealed he is selling off the entire Phillip Island compound he sensationally paid $15.03 million for atThe Block 2024 auctions last November.

Portelli took to Instagram to announce the sale on Tuesday, stating he would only sell the properties as a complete package, dubbed “The Phillip Island Block Resort”.

Portelli’s post read, “For Sale. EOI. The Phillip Island Block Resort selling complex complete. Everything included. Will not sell houses separately.”

As urgent as the Instagram post may read, Portelli was relaxed about finding a buyer when he spoke with Domain on Wednesday,  saying he’s “not too fussed either way”.

“If someone is keen on the compound and wants it more than I do, they’re more than welcome to take it,” he says.

“I’m looking for a quick, easy sale on the lot, otherwise I’m happy to keep them.”

But does a “quick, easy sale” mean Portelli is willing to sell The Block houses off at a bargain price?

“I’m open to genuine offers,” he told Domain. “Like I said, if someone genuinely wants the lot they can come take it off my hands.

“I’m just looking to lean out a bit and let go of a few assets I don’t really have the time to enjoy anymore.”

Portelli’s social media indicates he has indeed shifted his property aspirations further afield and set his sights on even more sophisticated locations than Phillip Island, Victoria.

His next Instagram story showed a panoramic video of what an overseas hilltop town overlooking a lake, with the caption: “House shopping day. Admittedly the views here are much better than Phillip Island”.

The Block billionaire is no stranger to splashing cash. He holidayed throughout Europe last year and took delivery of his custom-made Lamborghini yacht, made in Italy, in July.

In just three years, Portelli spent a jaw-dropping $31.68 million on The Block houses.

The billionaire businessman made headlines last year when he secretly bought all five houses at the TV finale, only to announce immediately afterwards that he was quitting the show and would not return as a bidder at The Block 2025 in Daylesford.

During last year’s finale of The Block in November, Portelli’s buying spree included a $3.5 million purchase of the house renovated by sisters Maddy and Charlotte Harry, a result which won them the competition and $1.65 million in prize money.

He also acquired the properties transformed by Courtney McInnes and Grant Freeman for $3.3 million, Kristian and Mimi Belperio’s home for $2.93 million, Ricky Recard and Haydn Wise’s renovation for $2.7 million, and Kylie and Brad Baker’s property for $2.6 million.

Since then, the compound has sat empty and unused.

In December, he offered the entire Phillip Island complex as the grand prize in a massive giveaway, allowing the winner to choose between the five homes or an $8 million cash prize. 

A Ballarat resident and healthcare worker won the sweepstakes, opting for the cash.

Buyers hoping to purchase the Phillip Island houses individually will be disappointed – Portelli ruled out splitting them up to sell individually and says he’ll simply keep them if no one is interested in the lot.

“Definitely not,” he told Domain. “It’s too much of a headache having to set up a body corp and then trying to sell five individual houses. I’d rather just keep them if that’s the case.”