Porn King Sells Assets

BRISBANE — Just a few years ago, Greg Lasrado was reaping the rewards of a multimillion-dollar pornography empire, driving black Lamborghinis, jetting to Paris for long weekends in high priced hotels, and buying a $7 million penthouse.

However, this week the Australian porn king saw everything in his Brisbane mansion put on the auction block, bringing to a close a short-lived but incredibly successful $100 million empire.

Hundreds crowded the Brisbane’s RNA Showgrounds this week to buy everything from Persian carpets to a Salvador Dali lithograph. Lead auctioneer Peter du Plessis told local papers it was the biggest estate sale to take place in the city in 16 years, with estimates from the sale exceeding the previous $10 million record.

Plessis said the highest price paid for a single item was $215,000 for a Rupert Bunny painting.

"I can't believe this," Plessis told the Courier-Mail newspaper, lamenting that a number of items sold for well below their market value.

Lasrado has seen his financial glory wither since 2000, beginning with a number of highly publicized disputes over his adult online services. Excessive overages and undisclosed subscription fees plagued his more than 50 companies, which included GDL Investments, Net Billing and Insanemedia. Several banks began to refuse to process credit card payments for his companies and increased their fees for dispute resolution, draining Lasrado’s accounts of millions of dollars in just a few months.

Lasrado exited the online adult business shortly after the credit card disputes surfaced, but apparently continued to live his lavish lifestyle, buying several vacation properties throughout Australia and becoming a regular at several upscale casinos.

But money troubles continued to surface, including an unpaid multimillion-dollar loan dispute and accusations of tax evasion. By 2004 Lasrado had sold many of his assets, including millions of dollars worth of property.

At the same time, several incidents raised speculation by local law enforcement that Lasrado was in serious financial trouble. Besides bouncing several checks, Lasrado’s home office caught fire under mysterious circumstances, and he was later found asleep in his Lamborghini with several hundred thousand dollars in the trunk.

Lasrado has tried to avoid the spotlight in recent months, but was brought back into the public forum in May when the local tax board initiated proceedings in the Queensland Supreme Court for the recovery of $331,472.

An official statement by Jim Conomos, his tax attorney, said the recent auction was “voluntary.”

Copyright © 2025 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Valerica Steele Headlines Jonni Darkko's 'DVP Sluts'

Valerica Steele toplines director Jonni Darkko’s “DVP Sluts,” from Evil Angel.

Michael Ninn Returns With 'Catherine' Sequel Made Entirely by AI

Veteran filmmaker Michael Ninn, though retired from the adult business for the past 10 years, recently unveiled a new episodic project titled "Catherine II: The Series," which serves as a sequel to his 2005 adult film "Catherine."

Alison Rey Stars in Latest From New Sensations

Alison Rey stars with Isiah Maxwell in the latest release from New Sensations.

Bad Bella Fronts Latest From MYLF

Bad Bella stars with Hayden Wild in the latest release from MYLF.

Abella Danger Opens Up Like Never Before in X3 Magazine

Powerhouse star Abella Danger lights up the latest issue of X3 magazine, the industry’s premier “authenticity first” publication spotlighting the real personalities, passions, and stories behind today’s top creators.

Pure Taboo Debuts Bree Mills Thriller 'Let Me In Too'

Reagan Foxx stars with Shay Sights in the latest thriller from Pure Taboo, titled “Let Me In Too.”

FSC Toasts Jeffrey Douglas for 30 Years of Service

n the very same evening when the adult industry was hit hard by the Supreme Court ruling supporting Texas’ controversial age verification law, HB 1181, members of the Free Speech Coalition board, staff and supporters gathered to celebrate Jeffrey Douglas’ 30 years as board chair — a fitting reflection of his reputation as an eternal optimist.

Hookup Hotshot Adds TobyDick.com

Hookup Hotshot (HUHS) has added U.K. paysite TobyDick.com to its network.

Leana Lovings, Shay Sights Front 'Substance' Parody From Brazzers

Leana Lovings stars with Shay Sights in the latest release from Brazzers, a parody of "The Substance.”

Little Puck Stars in Latest Episode of 'The Bottom Floor' From Adult Time

Little Puck stars in the second episode of Adult Time series “The Bottom Floor,” titled “The Second Coming.”

Show More