INDUSTRY NEWSReal Estate NewsVIC Real Estate News

The Block property listed for auction with surprise $1 reserve price

The luxurious home sisters, Eliza and Liberty, renovated on The Block 2023, has been listed for auction with a reserve price of just $1.

The five-bedroom, four-bathroom, two-storey home at 22 Charming St, Hampton East, was bought on the show by ‘Lambo guy’ Adrian Portelli for $4.3 million.

That price netted the girls a $1.05 million profit for House 5.

The property is now listed with Ray White Sunbury principals Aaron Hill and Marin Durkovic, and will be taken to auction on April 21.

According to the Statement of Information, the indicative selling price for the property is $2.9 million to $3.2 million, but with a rock bottom reserve price, there’s sure to be a lot of interest in the home. 

“Adrian raffled his houses and the winners of this raffle chose to take the $2 million cash instead of the house, which is why we have been appointed to auction this stunning home,” Mr Hill said.

“He has set the reserve at $1, which means that whoever puts the best price forward on the day, will own this house.”

Mr Portelli, a successful entrepreneur best known for founding LMCT+, an online rewards club and shopping tool, also bought Steph and Gian’s House 4 and Kyle and Leslie’s House 1 in the 2023 series of the hit renovation show.

He has already auctioned those properties. 

Features of 22 Charming St include a free-flowing floor plan that spreads across two levels, making it the biggest home on The Block, on one of the largest blocks of land. 

Earthy textures and raked ceilings create a stylish finish, as do European Oak floorboards, bespoke lighting and contemporary tiling.

The home comes fully furnished and features four bedrooms, four bathrooms, two entertaining zones, a designer kitchen and a pool house/fifth bedroom.

Mr Durkovic said more than 400 groups had come through to view the home since it launched last week.

“The majority of buyers are local, but we have also seen some investor interest as well,” he said.

“There are also a few people looking for a bargain; anyone can be the winning bidder.”

Show More

Kylie Dulhunty

Kylie Dulhunty is the Editor at Elite Agent.