How Adrian Portelli could dodge huge tax bill after buying all five properties on The Block By MARY MRAD FOR DAILY MAIL AUSTRALIA Published: 19:56 EST, 11 November 2024 | Updated: 19:56 EST, 11 November 2024 e-mail View comments The Block billionaire Adrian Portelli is facing an eye-watering tax bill after snapping up all five properties in the show's auction on Sunday. The businessman, 35, spent a grand total of $15.03million after buying all the luxury Phillip Island homes from the show's 2024 season in a first ever on the program.
The top Block bidder is now facing staggering costs exceeding $1.2million after his multimillion-dollar purchases, according to realestate.com.
au . However, Portelli could avoid paying the hefty bill by offloading the properties which he has announced he will be doing. He revealed he will be giving away all the houses in a massive 'resort giveaway' through his LMCT+ raffle business.
By doing this, Portelli could avoid paying the Victorian State Revenue Office as much as $876,950 and approximately $332,182 annually in land taxes. He made history on Sunday night when he snapped up every Block home on Phillip Island for a staggering $15.03million during the finale.
Following the auction, Portelli announced on Facebook : 'Under new management! And as mayor of Portelli town, I would like to announce a world first. LET'S GIVE AWAY A FKN RESORT!' The Block billionaire Adrian Portelli is facing an eye-watering tax bill after snapping up all five properti.