Meal deal: $1M lunch with Warren Buffett

An anonymous auction winner will dine with the 'Oracle of Omaha' for the lowest price in 6 years.

By Kim Peterson Jun 10, 2013 1:56PM
File photo of Warren Buffett on the NBC News' 'Today' show on November 27, 2012 (© Peter Kramer/NBC/NBC NewsWire via Getty Images)Lunch with Warren Buffett has moved to the dollar menu. OK, it's the million-dollar menu, but that's a steal compared with what people have paid in the past.

Millionaires normally shell out $3 million to $4 million to have lunch with Buffett at Smith & Wollensky in New York. The lunch is auctioned off annually to raise funds for Glide, a San Francisco charity.

But this year's winner is paying the lowest amount in six years: $1,000,100. The anonymous winner was the highest bidder in a five-day auction on eBay (EBAY), Reuters reported. The auction received 106 bids.

The charity supported by the auction was stunned at the low amount, reports the San Francisco Business Times. Some auction observers wondered if there had been a glitch in eBay's system, but eBay said that was not the case, wrote reporter Mark Calvey. Last year's winning bid of $3.5 million contributed about 20% of Glide's annual budget. The charity is now facing budget cuts.

Sometimes the Buffett lunch is money well spent. Fund manager Ted Weschler won the auction in 2010 and 2011, spending $2.6 million each time, and later accepted an offer of employment from Buffett to join Berkshire Hathaway (BRK.A).

So what happened this year? Is it some form of Buffett deflation? Or maybe rich fund managers now have better ways to spend their money?

More on moneyNOW

3Comments
Jun 10, 2013 6:25PM
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The only person that ever walked this earth I would pay to have lunch with is Jesus Christ.  And he's probably the only person that ever walked this earth that wouldn't accept the money.

Jun 10, 2013 8:25PM
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guess Mr. Buffett  will only dine with other millionaires    poor people like myself would never stand a chance
Jun 10, 2013 11:06PM
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I would like to have pie and coffee with Warren, just interesting to talk to...Not pick his brain.

I would pay for the pie and coffee for both...And maybe the tip??

 

Kinda afraid to Lunch with Jesus, Possibilty that I could burst into flame...

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