Adrian 'Mr Lambo' Portelli's jaw-dropping tax bill is revealed as billionaire buys up all five properties on The Block READ MORE: The Block fans slam the 'same 3 bidders' buying houses every year By ALI DAHER FOR DAILY MAIL AUSTRALIA Published: 04:58, 11 November 2024 | Updated: 04:58, 11 November 2024 e-mail View comments The Block billionaire Adrian Portelli is now facing an eye-watering tax bill after snapping up all five properties in the show's auction on Sunday. The billionaire, 35, spent a grand total of $15.03million as he bought all of the luxury Phillip Island homes from the show's 2024 season in a first ever on the program.
On the back of the huge purchases, his tax obligations to the Victorian government has been revealed, with hefty stamp duty and annual land taxes on the horizon. The top Block bidder is facing staggering costs exceeding $1.2million after his multimillion-dollar purchases.
In stamp duty alone, the Victorian State Revenue Office could reap as much as $876,950, according to realestate.com.au .
On top of that, Portelli will also reportedly be forking out approximately $332,182 annually in land taxes. Alan Mitchell, managing director of Mitchell Partners, emphasised the toll that taxes are taking on property investors. He noted that many of his clients are opting to sell their Victorian assets and reinvest in Queensland properties or even the stock market due to the high taxes.
The Block billionaire Adrian Portelli is now facing an eye-watering tax b.