Lunch date with Buffett fetches record USD 2.62 mn on eBay | world | Hindustan Times
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Lunch date with Buffett fetches record USD 2.62 mn on eBay

world Updated: Jun 12, 2010 20:51 IST
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It takes millions of dollars to have lunch with legendary investor Warren Buffett, and a bidder has snatched the opportunity by agreeing to shell out USD 2.62 million in an online charity auction.

According to sources, the winning bidder wished to remain anonymous.

This year, the highest bid was much more than last year's bid price of USD 1.68 million and about 24 per cent higher than the previous record, set in 2008 at USD 2.11 million.

The proceeds from the auction, conducted every year on online marketplace eBay, would go for charity purposes.

According to information available on the eBay website, the highest bidder has offered to pay USD 2.62 million following a six-day auction which ended on June 11. The opening bid was USD 25,000.

The winner of the auction and seven others would get to dine with Buffett at the Smith & Wollensky steakhouse in New

The auction proceeds would go to Glide Foundation, an institution that helps alleviate poverty in the San Francisco bay Area.

"This (charity amount) will help Glide continue to serve those most in need. We work very hard for those severely in need," said Glide founder Rev Williams.

Buffett, Chief Executive of investment and insurance group Berkshire Hathaway, has described Glide as "...maybe the most effective organisation I've seen for people down on their luck."

The record amount which was bid till now on the annual auction was USD 2,110,100 by Hong Kong-based investor Zhao Danyang in 2008.

Last year, Salida Capital Corp, a Toronto-based wealth management firm, had won the online auction for the power lunch with a USD 1,680,300 bid.

In 2007, non-resident Indian Mohnish Pabrai paid USD 6,50,100 to dine with Buffett.