Second Block house on the market for less than Adrian Portelli paid

A second house from The Block’s Phillip Island season has been listed for sale for less than billionaire Adrian Portelli paid for it in 2024.

So-called “House 4″ at 4/113 Justice Road, Cowes, renovated by Cairns couple Kylie and Brad Baker, whose distinctive black-themed interior design garnered mixed reviews from the judges, sold the property for $2.6 million, pocketing $650,000. The Block is on Nine, publisher of this masthead.

Ray White Phillip Island agent Mikka Paulsen said the luxurious four-bedroom, three-bathroom home was listed recently with a guide of $1.7 million to $1.85 million.

“The current owners won the property via the raffle, and I don’t think they’re willing to use the property and want to move on with it,” he said.

Regarding the asking price, Paulsen said: “Adrian paid what he was willing to pay in the current market, which doesn’t reflect the current market conditions.”

Portelli, a Young Rich Lister worth $1.41 billion after founding LMCT+, an online subscription-based club offering shopping discounts and giveaways of cars and houses, ended up paying $15.03 million to buy all five houses at the TV show’s 2024 auction.

The billionaire listed all five homes for sale as a compound last June, but after failing to sell, he announced he would give them away to five winners. He gave them away in November.

It is the second house to go on sale from the 2024 season, with “House 2″ at 2/113-119 Justice Road, Cowes, renovated by husband and wife Courtney McInnes and Grant Freeman, listed for sale in February with the same price guide as House 4.

Weeks after purchasing all five houses, Portelli offered them, alongside $8 million in cash, as a trade promotion prize through LMCT+. The winner, however, chose the money.

House 4 owner Parv Sid said it was a “beautiful win”.

“I got this win, and it’s such a plus with money, but it’s only my husband and me in this huge house,” she said. “We go there over weekends and long weekends … and it’s beautiful to be there, but it’s too big for the two of us.”

Sid said she and the other owners work together to maintain the complex, which includes a shared pool, communal area and theatre room.

“Each one of us walked through the house with Adrian, it has been so surreal to actually have such a house, and one of this size,” she said.

Sid said she was “realistic” with the asking sale price. “Adrian paid a large number, so I’m happy with this,” she said, adding that the money will go towards paying off her mortgage and travel.

“We’ve enjoyed the house for the whole year – it’s been great to have friends over,” she said. “We are very grateful for the win.”