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Billionaire's Phillip Island home, bought for $3.3M, now listed for $1.7M–$1.85M.
The Block house on Phillip Island, bought by billionaire Adrian Portelli for $3.3 million in 2024, is now listed for $1.7 million to $1.85 million—about $1.5 million below his purchase price.
The fully furnished, four-bedroom home, renovated by Courtney McInnes and Grant Freeman, features a pool, outdoor kitchen, and fire pit.
Portelli later acquired all five 2024 season homes through his company LMCT+, but after a failed attempt to sell them as a compound, he gave them away in November, with the winner choosing cash.
The current owner, who bought the property after the giveaway, has listed it with agent Camille Morris, who said pricing is difficult due to limited comparable sales.
The home’s reduced value reflects broader challenges in selling The Block properties at expected prices.
La casa del multimillonario de Phillip Island, comprada por $3.3 millones, ahora cotizada por $1.7 millones a $1.85 millones.