While the contestants on The Block work their tails off over their weeks on the show, it all comes down to one question? Will it sell?
That was the question posed last night at The Block’s finale auction, which saw five houses go under the hammer, and some major wins, while others suffered major losses.
So who won? Well that would be Steph and Gian, who delivered a record profit of $1.75 million after their house sold for $5 million (their reserve price was the highest at $3,350,000).
They were first to go under the gavel, and ended up taking home the most profit.
Unfortunately for the other couples, the buyers weren’t quite so generous with their finances.
How Much Profit Did The Block Couples Make In 2023?
First Auction: Steph And Gian
- Reserve: $3,350,000
- Sold: $5,000,000
- Profit: $1,650,000, plus $100,000 in prize money
Second Auction: Eliza And Liberty
- Reserve: $3,250,000
- Sold: $4,300,000
- Profit: $1,050,000
Third Auction: Kristy And Brett
- Reserve: $2,970,000
- Sold: $3,035,000
- Profit: $65,000
Fourth Auction: Kyle And Leslie
- Reserve: $2,970,000
- Sold: $3,100,000
- Profit: $130,000
Fifth Auction: Leah And Ash
- Reserve: $2,970,000
- Sold: Passed in
- Profit: $0
What Happened In The Block Finale?
Buyer Adrian Portelli, known colloquially as ‘Mr Lambo’, took out the bidding floor, winning out on Steph and Gian’s $5 million home. He also bid and won for house two, Eliza and Liberty’s home.
However, the auction itself was a surprise with Portelli bidding against himself not once, but twice, in an effort to scare away other buyers Frank Valentic and Danny Wallis, who had looked interested in placing a bid until they saw Portelli’s determination. He also purchased Leslie and Kyle’s house.
Third to the auctioning block were Kristy and Brett, whose house was not bid on by Portelli. The bidding unfortunately stalled, with the couple only taking home $65k for their efforts.
The final house to be auctioned was from serial renovators Leah and Ask from Brisbane. As the last up on the auctioning table, it was a tense wait. This was made only worse by the fact that one of their registered buyers had fainted earlier on in the auctioning process and therefore was not present to bid.
Knowing this, and having seen the carnage go before them, the couple decided to pass in the property after the first bid of $2.9 million was not beaten (and thus, they had not met the reserve).
By the end of the auctioning, known Block buyers Frank Valentic and Danny Wallis walked home without properties for their clients.
Who Is Adrian Portelli?
You might be wondering how on earth a young man managed to snap up three designer properties in Melbourne on one day. Adrian Portelli, 33, is a Melbourne-based entrepreneur who founded a subscription-based rewards company called LMCT+.
His subscribers pay $20, $50 or $100 a month to enter the raffle to win a prize, such as the homes he just bought on The Block or luxury cars. He also purchased a house last year on The Block, house three, which was raffled through his company later on.
In November 2023, Adrian placed seventh in the Financial Review’s ‘Young Rich List’, with an estimated $1 billion net worth.
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