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The Block house that Portelli just auctioned on the weekend at 22 Charming Street Hampton East.
The Block serial bidder Adrian Portelli is “rapt” with a weekend auction that cost him more than $1m.
Portelli spent $4.3m buying in November last year buying 22 Charming Street, Hampton East, from The Block.
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But despite an Australian record 200 registered bidders for the five-bedroom house that had been listed with a $1 reserve, only nine parties actually made a bid and the home.
It ultimately sold for $3.245m under the hammer, leading to a $1.055m loss, not including stamp duty, for the young rich lister known as “Lambo Guy”.
Auctioneer Tom Panos with Adrian Portelli after the 2023 Block auctions.
Eliza and Liberty made a $1.05m from the original 2023 The Block auction.
The auction opened with a $1 bid, which Ray White Sunbury director Aaron Hill said was something he didn’t normally see happen.
“Adrian Portelli was rapt with the result, I don’t normally see auctions like this in my career,” Mr Hill said.
“The buyer is a young couple in their 30s that will be making this their forever home.
“What the home sold for at The Block auction, the home was never worth that price.”
The home sold to a young couple in their 30s.
When the property last sold, it provided a whopping $1.05m windfall for The Block contestants and South Australian sisters Eliza and Liberty.
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Earlier this year, Portelli tried to raffle the home off via his LMCT+ promotions website — but the winner felt $2.2m cash was better value.
Ray White director Aaron Hill said the home was never worth the price that Portelli originally paid for it.
Currently, Mr Hill has a 90 per cent clearance rate of home’s going to auction under the hammer and has high hope’s for the future of Melbourne’s property market.
“I’m expecting the market to kick off in the near future; the investors are back and I think things around Victoria are going to get exciting,” he said.
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