Buffett Lunch Auction Fetches Record $2.6 Million

Warren Buffett’s lunch auction rose to a record of $2.63 million in the 11th annual charity fundraiser.

That’s about 24 percent higher than the previous record, set in 2008 when hedge-fund manager Zhao Danyang of Hong Kong paid $2.11 million.

The chance to have lunch with the celebrated billionaire investor drew nine bidders and 77 bids, according to Ebay.

Much of the bidding action happened in the last three minutes, when the bids rose from $2.5 million to a final tally of $2,626,311.

Proceeds benefit San Francisco’s Glide Foundation, which helps the homeless and others in need of aid.

No word on who the winner is but the lunch will take place as usual at Mr. Buffett’s favorite New York City steakhouse Smith & Wollensky.

Previous winners have said the investment themes they discussed during the meal turned out to be helpful.

Source: Wall Street Journal