Lunch auction with Buffett likely to draw big bids

2016-06-10 14:14
Warren Buffett. (John Peterson, AP)

Warren Buffett. (John Peterson, AP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Omaha – Billionaire Warren Buffett has raised more than $20m for a San Francisco homeless charity since 2000, and he's about to add to that total by auctioning off a private lunch.

The weeklong eBay auction that began on Sunday will wrap up Friday night. Six of the past eight winners paid more than $2m to dine with Buffett, the investor who leads the Berkshire Hathaway conglomerate, with the record so far coming in 2012, when the winning bid was $3 456 789.

That 2012 lunch remains the most expensive individual charity item ever sold on eBay.

The lunch auctions began after Buffett's first wife, Susie, showed him the Glide Foundation, where she had been volunteering. Susie Buffett died in 2004, but the connection between Warren Buffett and Glide's founders has endured.

Buffett has praised the foundation's efficient and effect approach in providing meals, health care, job training, rehabilitation and housing support to the poor and homeless.

'Astonishing'

"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."

Rev Cecil Williams, one of Glide's co-founders, said the cumulative effect of the donations has been "astonishing."

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 City, which donates at least $10 000 to Glide each year to host the lunch. But when the winner wants to remain anonymous, the lunch happens elsewhere.

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

Read more on:    warren buffett  |  us

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.