Adrian Portelli may have been left cringing on Friday when a Block home he purchased in 2024 hit the market again - for six figures less than he paid for it.
Showbiz
Adrian Portellis Major Property Blunder Exposed
Adrian Portelli may have been left cringing on Friday when a Block home he purchased in 2024 hit the market again - for six figures less than he paid for it.The...
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The billionaire entrepreneur, 36, snapped up all five homes from the Phillip Island season, dropping $15 million on the luxury holiday compound.
And it seems he grossly overpaid for the properties, as their true value has now proven to be hundreds of thousands of dollars less than what he bought them for, according to Realestate.com.au.
House Four, built by former couple Kylie and Brad Baker, has been listed for $1.7-$1.85 million - $750,000 less than the $2.6 million Portelli originally paid.
The Cowes pad, which Portelli raffled off through his promotion platform LMCT+ in 2025, is currently being sold through Ray White Phillip Island's Jon Taylor.
'The conversation I had with the new owners was that The Block prices were just not the reality for our marketplace,' Taylor said.
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Adrian Portelli, 36, may have been left cringing on Friday when a Block home he purchased in 2024 hit the market again - for six figures less than he paid for it
'I believe the price it has been listed for is realistic for what the market here is currently doing.'
Taylor worked on marketing campaigns for two of the other Cowes houses when The Block season 20 aired.
He said he has now been in contact with other buyers who were initially interested in buying Kylie and Brad's house but were vastly outbid by Portelli.
Offers for the home close at 5pm on May 11.
Daily Mail has reached out to Adrian Portelli for comment.
It
The show, produced by MasterChef creators Endemol Shine, is set to rival Nine's The Block and will feature four teams of renovators competing on neighbouring rundown houses in Melbourne.
My Reno Rules will
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The billionaire entrepreneur snapped up all five homes from the Phillip Island season, dropping $15 million on the luxury holiday compound. And it seems he grossly overpaid for the properties, as their true value has now proven to be hundreds of thousands of dollars less
House Four, built by former Queensland couple Kylie and Brad Baker, has been listed for $1.7-$1.85 million - $750,000 less than the $2.6 million Portelli originally paid
The Cowes pad, which Portelli raffled off through his promotion platform LMCT+ in 2025, is currently being sold through Ray White Phillip Island's Jon Taylor
'The conversation I had with the new owners was that The Block prices were just not the reality for our marketplace,' Taylor said
Meanwhile, property titles reveal that it was Portelli who snapped up two old suburban homes in Melbourne's Bulleen, 15km from the CBD, for My Reno Rules.
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The two homes, worth a total of $2.7 million, were purchased through Portelli's company Xclusive Tech Pty Ltd, and were 'donated' to the show.
'That's Portelli's role so far - sponsor,' the insider told Daily Mail, adding that the filming was at that time yet to start at the Bulleen site because the original builder 'walked'.
The show was due to start shooting on September 26 last year, but began filming several weeks behind schedule.
The insider added that an earlier report seen in the media saying that the show's homes were not 'TV-ready' is false.
When Daily Mail approached Portelli and Seven for comment, a spokesperson confirmed My Reno Rules would start construction later in 2025.
'As part of the pre-production phase, there are continuing conversations with several builders,' they said in a statement.
Portelli officially turned his back on Channel Nine's The Block in July last year.
The entrepreneur, who spent millions of dollars snapping up houses over the last three seasons of the show, shared a post to social media revealing he was leaving the series for good.
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