Buffett's steakhouse lunch auction raises $2.3 million

Omaha: Billionaire investor Warren Buffet's twelfth annual lunch auction was sold for $2.3 million  on the final day of the weeklong online auction, falling short of last year's winning bid at $2.6 million, that set a record for the most expensive charity item ever sold on eBay.

Organisers didn't immediately release the identity of the winner, whose exact bid was  $2,345,678. All proceeds go to the Glide Foundation, which provides social services to the poor and homeless in San Francisco.

The revised winning bid for a steakhouse meal with the 80- year-old billionaire beat by $100 the record set last year by an unidentified donor. Reuters

Buffett will spend several hours discussing whatever it is the winner would like to talk about, traditionally at New York's Smith and Wollensky steak house. The only topics the billionaire chairman and CEO of Berkshire Hathaway will not broach are potential future investments. "I've met a lot of nice people through this," Buffett said.

Last year's record-setting auction was won by an anonymous American who placed the $2.6-million bid. The most expensive item ever sold on eBay was a jet that drew $4.9 million, eBay spokeswoman Amanda Miller said.

In 2009, Canadian investment firm Salida Capital paid $1.68 million to dine with Buffett. In 2008, a Chinese investment fund manager paid  $2.11 million.
The annual lunch auction is a huge revenue generator at Glide, which operates on a $17 million annual budget. The charity estimates that Buffett has raised nearly  $ 9 million over the past 12 years through auctioned lunches.

PTI


Published Date: Jun 11, 2011 02:40 pm | Updated Date: Jun 11, 2011 02:41 pm