PHOTO: Adrian Portelli. NEWS.COM.AU
Melbourne billionaire Adrian Portelli, also known as ‘Lambo Guy,’ is selling a prime block of land in the city’s northwest after plans for an extravagant mansion fell through.
Portelli, recognized for his online rewards club LMCT+ and famously craning a McLaren racing car into a Melbourne penthouse last year, has listed the residential block at 18 North Ave, Strathmore, with an asking price between $2.5m and $2.7m.
The property has been on the market since April, following Portelli’s purchase in March 2023 for $2.7m. Initially, Portelli had envisioned building a luxury home on the site, which offers spectacular city skyline views. He had even considered purchasing neighboring properties to create a large estate but respected the owners’ decision not to sell.
Portelli is known for the online rewards club and shopping tool LMCT+.
The planned property’s renders feature a basketball court.
This isn’t the first high-profile sale for the 35-year-old entrepreneur this year. In April, he sold a five-bedroom house in Hampton East, which he had purchased for $4.3m during The Block auction in November 2022. Portelli took a significant loss, selling it for $3.245m.
With a portfolio of about 20 properties across Tasmania, Victoria, and Queensland, Portelli has been gradually selling off several homes, citing rising land tax as a factor.
The facade of the home which now may never get built.
The residential block spans 1016sq m, or about a quarter acre.
Nelson Alexander Ascot Vale partner Paul Harrison, the listing agent, remains optimistic that the Strathmore property will sell within the price range. While Portelli had plans to create a $3m-$4m compound, Harrison mentioned that the buyer could still construct a premier home for less, taking advantage of the single-dwelling covenant, which restricts the block to one residence.
SOURCE: NEWS.COM.AU