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Reality renovation TV show The Block has given away its largest prize yet, after contestants Steph and Gian Ottavio’s house soared $1.65 million above its reserve price at auction to win the season.
But in a rollercoaster finale, another of the properties earned a profit of just $65,000 and one passed in. The Block airs on Nine, owner of this masthead.
The winning home at 20 Charming Street, Hampton East sold for $5 million to businessman Adrian Portelli aka “Mr Lambo”, who also bought another two homes on the day, spending a total of $12.4 million.
His outsized offer means NSW high school sweethearts Steph and Gian take home the $100,000 winner’s cheque, pocketing a total of $1.75 million.
Their five-bedroom Japandi-style residence, popular with fans and the show’s judges, was advertised with a price guide of $2.8 million to $3 million. Its reserve was $3.35 million.
Block regular and IT entrepreneur Danny Wallis made one bid and buyer’s agent Frank Valentic of Advantage Property Consulting made another, before a member of the crowd fainted and was helped out in an ambulance.
Steph and Gian won the 2023 season of The Block after their five-bedroom Japandi-style residence sold for $5 million.
The next bid was a knockout offer of $5 million from Portelli, founder of LMCT+, an online club offering shopping discounts and regular giveaways of cars and houses to paying subscribers.
“We have no words, we are so, so grateful,” Steph, an architect, said after the auction.
Gian added: “The Block has changed our lives.”
The median house price in Hampton East is $1.4 million. The top sale resets the suburb’s house price record, previously held by the same property when it was purchased by Nine production company Micjoy Pty Ltd last year for $3.5 million.
It’s also a record for the show, beating last year’s winners Omar Slaimankhel and Osman “Oz” Said, who made a profit of $1,586,666.66 plus the $100,000 winner’s prize.
Melbourne’s preliminary auction clearance rate by Saturday evening was 59.8 per cent from 189 reported results, on Domain figures.
Portelli also bought the home of Victorian sisters Eliza and Liberty Paschke at 22 Charming Street, bidding against Wallis, then against himself to push the price to $4.3 million.
The five-bedder had a price guide of $2.8 million to $3 million and a reserve price of $3.25 million.
Renovation rookies Eliza and Liberty nabbed a profit of $1.05 million and plan to go on a holiday, and then purchase property.
“Mum was heave-crying,” Liberty said. “As was, actually, dad.”
Portelli, driving an Audi, liked that the winning house had the largest land size and the runner-up was the largest house.
“That was the favourite,” he said of Steph and Gian’s house. “I felt everyone wanting a piece of that one, so I just came out strong on that.”
Eliza and Liberty were renovation rookies, but walked away with more than a million dollars in cash.
He would see whether he would end up moving in. It was also an option to give the homes away through his business.
He said he bid against himself because the crowd was quiet and he tried to “rev everyone up a bit”.
Next, SA couple Kristy and Brett Beams walked away with a profit of $65,000 after a hard-fought auction. A local family beat buyer’s agent Valentic for the keys to 18 Charming Street, paying $3,035,000 against a reserve price of $2.97 million.
The price guide had been $2.7 million to $2.9 million. Portelli and Wallis did not bid.
Proceedings began at $2.75 million and when the offers reached $2.97 million, Valentic asked if the home was on the market, to which auctioneer Sam Inan of Belle Property Brighton replied they were selling. A short break followed and when the auction resumed, two parties traded small bids until the hammer fell.
Asked later how she was feeling, Kristy said: “Livid.”
“Our agent literally s— the bed with our game plan,” she said, “And pretty much said that our reserve was what it was to the auction.”
This had cruelled her chances and the chances of the following houses, once the number was revealed, she said.
Kristy and Brett made a profit of $65,000.
“We are not mad at the price. $60,000 is a lot of money to some people. We are mad at the strategy and how it has put the other houses in the positions that they are now.”
She said the couple lost more money coming on the show than what they made.
Her agent, Sam Inan, said the Consumer Affairs Victoria inspectors who were present told him during the break that once proceedings resumed, he should reiterate that the home was on the market.
He had been asked if the home was on the market. “With Consumer Affairs in attendance, it is very hard not to answer truthfully,” he said.
He said he was told by the producers not to reject it if bidding came through.
The Block executive producer Julian Cress said it was a public auction. “I think discouraging bidding is probably not a sensible way to go,” he said.
A feature of the show this year was reserve prices set above advertised price guides, which is legal in Victoria but can be confusing for buyers. This practice generally was raised in a 2022 government review, the results of which have not been made public and remain under consideration.
Speaking broadly, Valentic said elevated reserves were “not a great experience” for property buyers.
Portelli’s other purchase was 14 Charming Street, renovated by WA parents Kyle and Leslie Cottone.
He paid $3.1 million for the four-bedroom home, which had a price guide of $2.7 million to $2.9 million and a reserve of $2.97 million, leaving the contestants with $130,000 profit.
Leslie said there was a “huge discrepancy” between the results for different houses, after wanting everyone to walk away with something.
“It doesn’t make you ungrateful for the number that you’ve got – but it’s a lot.“
Kyle and Leslie made a profit of $130,000. Credit: Nine
After four mixed results, 16 Charming Street passed in on a single bid from Valentic of $2.9 million, the top of the guided price range of $2.7 million to $2.9 million.
Queensland parents Leah and Ash Milton were expecting bidding from the attendee who earlier left in an ambulance. They decided not to risk continuing once they watched Portelli and Wallis lose interest. Comedian Dave Hughes attended, but did not bid.
“I said: ‘Not a dollar more,’” Leah said. Negotiations for the home will continue next week via Buxton Hampton East selling agent Halli Moore.
The Block host Scott Cam acknowledged the difference between results when the businessmen entered the bidding, and when they didn’t.
“We’d like to have some mums and dads come and buy some homes as well,” he said. “There was a couple of families here bidding today.”
Leah and Ash’s house passed in. Credit: Nine
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