Sun, Jun 12, 2016 - Page 13 News List

Buffett lunch auction bid ties 2012 record

NO FREE LUNCH:The winners of the auction usually dine with Buffett at New York’s Smith and Wollensky steak house, which donates at least US$10,000 per year to host the event

AP, OMAHA, Nebraska

For the second time, an anonymous bidder has agreed to pay more than US$3.4 million for a private lunch with billionaire Warren Buffett, with the auction proceeds going to a San Francisco homeless charity.

The bid of US$3,456,789 from Friday night’s winner ties the record-high from 2012, when a bidder also paid US$3,456,789 to become the most expensive individual charity item ever sold on eBay.

The weeklong eBay auction to raise money for the Glide Foundation began on Sunday and wrapped up on Friday night. By midmorning Friday, the bidding reached more than US$2.6 million, nearly US$300,000 higher than last year’s winning bid by Beijing-based Dalian Zeus Entertainment Co (大連天神娛樂).

Six of the past eight winners paid more than US$2 million to dine with Buffett, the investor who leads the Berkshire Hathaway conglomerate.

Buffett has raised more than US$20 million for Glide.

“I am proud to be part of something that has directly benefited so many people in need,” Buffett said ahead of the auction. “Glide is a bridge for thousands of people on the brink of despair, helping them achieve dignity and opportunity by providing them with basic services.”

After the auction, the Reverend Cecil Williams, one of Glide’s cofounders, said: “We are astonished by the results of this year’s auction and send heartfelt gratitude to Mr Buffett for his deep investment in unconditional love and community.”

Buffett has said he gets a wide range of questions at the lunches that usually run for several hours. The only limit on lunch conversation is what Buffett might invest in next, but any other topic is open.

The winners of the lunch auction typically dine with Buffett at Smith and Wollensky steak house in New York, which donates at least US$10,000 to Glide each year to host the lunch. However, when the winner wants to remain anonymous, the lunch happens elsewhere.

Buffett’s company owns more than 90 subsidiaries, including insurance, furniture, railroad, jewelry and candy companies, restaurants and natural gas and corporate jet firms, and has major investments in such companies as Coca-Cola Co, IBM Corp and Wells Fargo & Co.

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