Adrian ‘Mr Lambo’ Portelli’s jaw-dropping tax bill is revealed as billionaire buys up all five properties on The Block

Block billionaire Adrian Portelli now faces an eye-watering tax bill after buying up all five properties in the show’s auction on Sunday.

The 35-year-old billionaire spent a total of $15.03 million buying all the luxury Phillip Island homes from the show’s 2024 season, for the first time ever on the schedule.

As a result of the huge purchases, his tax liabilities to the Victorian government have been revealed, with hefty stamp duty and annual land taxes on the horizon.

The highest Block bidder faces staggering costs of more than $1.2 million after its multimillion-dollar purchases.

The Victorian State Revenue Office could collect as much as $876,950 in stamp duties alone, according to The Guardian. real estate.com.au.

In addition, Portelli will reportedly pay approximately $332,182 in land taxes annually.

Alan Mitchell, director of Mitchell Partners, highlighted the toll taxes take on real estate investors.

He noted that many of his clients are choosing to sell their Victorian assets and reinvest in properties in Queensland or even the stock market due to high taxes.

After acquiring all five 2024 season homes at Sunday’s grand final auction, Portelli’s tax liabilities to the Victorian government have been revealed, with hefty stamp duty and annual land taxes on the horizon.

“Even if the government rolls back these taxes, real estate is a long-term investment,” Mitchell explained to Realestate.com.au.

“If investors decide to buy in Queensland, they are not likely to sell into Queensland just to take advantage of the reduced rates in Victoria.

“It’s like turning around the Titanic: even if they cut rates, it could take five to 10 years to counteract the effects of recent tax policies.”

He added that the state government’s reliance on taxing investors could backfire in the long term, describing land tax revenue as a “short-term gain.”

He pointed out that as more investors leave the Victorian property market, the government could see a drop in revenue in the coming years.

It comes after Libertarian MP David Limbrick shared a video last week suggesting the ‘real winner of The Block’ would ultimately be the State Revenue Office.

He highlighted how rising transaction costs were pushing investors away, with many choosing to put their money in the stock market, where there is no stamp duty.

According to realestate.com.au, the Victorian State Revenue Office could rake in as much as $876,950 in stamp duty alone.

Portelli revealed his shock plan for ‘Block Island’ after purchasing all five of the contestants’ homes during auction day.

He revealed that he will be giving away all the houses in a huge ‘resort giveaway’ through his LMCT+ lottery company.

‘Under new management! And as mayor of the city of Portelli, I would like to announce a world first. Let’s give away an FKN resort!’ he confirmed on Facebook.

‘1 Giveaway – 1 Prize – Winner gets the entire resort OR $8,000,000 tax-free cash immediately instead! Let the game begin.’

The announcement included a photo of Portelli posing next to one of his lavish cars as he posed in the Block complex, which he had just purchased.

He was all smiles as he relaxed against his car while holding an LMCT+ banner that read “No Vacancy.”

The “rewards club” that Portelli has made his billions from has his customers pay for different membership levels to receive a number of entries into luxury giveaways.

Portelli has been buying up Block homes and giving them away in his sweepstakes for the past three seasons.

It comes after Portelli revealed his shock plan for ‘Block Island’ after buying all five of the contestants’ homes on auction day. Pictured: Portelli’s company’s Facebook post

Despite seizing all five properties, Portelli admitted to The Kyle and Jackie O Show on Monday that he doesn’t even like Phillip Island and that’s why he’ll be giving away all the houses in the lottery.

“I was thinking about starting my own resort, but I’m actually going to give them away to one of my clients,” Adrian responded.

Host Kyle Sandilands explained, “That’s what he does. Every time he buys these houses, he gives them away to one of his clients… It’s part of a competition [LMCT+].’

“We’re giving them away and someone can win,” Adrian said, before slamming the location where The Block was filmed this year.

‘I’m not a big fan of Phillip Island. It’s a bit of a drive for me. “I don’t feel like driving all that way,” he said.

Portelli also revealed that the auction had been rigged after Maddy and Charlotte Harry became the youngest ever winners on Sunday.

Portelli also revealed the auction had been rigged after Maddy and Charlotte Harry (both pictured) became the youngest ever winners on Sunday

‘We have hand-selected the auction order to ensure that the girls [Maddy and Charlotte Harry] went last. So we can let them win,” Portelli told Nova’s Jase & Lauren.

Portelli revealed that it was decided that their house would be the last to be auctioned to add to the drama after the latecomers were criticized by their co-stars.

‘The girls thought it was important. They came in late. They were the underdogs, bullied and bullied,” he claimed.

He said Marry and Charlotte had been informed in advance as to why their properties would be auctioned last, adding that the other participants were left in the dark.

“It was just the girls [who were in on the plan]. How good is that? They are the sweetest and most innocent and played the game the best,” he said.