Warren Buffett charity lunch fetching $1m | Fin24
 
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Warren Buffett charity lunch fetching $1m

Jun 02 2015 10:00

San Francisco - An online auction for the right to dine with billionaire investor Warren Buffett and raise money for a San Francisco charity has started strongly, with the top bid surpassing $1m in less than a day.

Buffett has raised $17.8m in 15 prior annual auctions for Glide, a charity in San Francisco's Tenderloin district that provides food, health care, rehabilitation and other services for the poor and homeless.

As of 20:30 on Monday, the top bid was $1 000 100 in the eBay auction, which ends at 04:30 Saturday.

That bid matches the seventh-highest amount ever paid, which occurred in 2013, and may go higher because bids often soar in the last hour. The auction began Sunday night, with a $25 000 minimum bid.

"We're very happy, very happy," the Rev. Cecil Williams, the co-founder of Glide, said in a phone interview. "We expect the bidding to take off, but $1m coming this early is somewhat surprising."

This year's winner can bring up to seven friends to dine with Buffett at the Smith & Wollensky steakhouse in Manhattan.

Some past winners chose to dine at a steakhouse in Omaha, Nebraska, where Buffett runs Berkshire Hathaway.

Last year's winner, Andy Chua of Singapore, bid $2 166 766. The record bid, in 2012, was $3 456 789, submitted anonymously.

One winner, Ted Weschler, ended up working for Buffett as a Berkshire portfolio manager after paying a combined $5.25m to win the 2010 and 2011 auctions.

The auctions began in 2000 after Buffett was introduced to Glide by his first wife, Susan, who died in 2004.
"Nobody who's donated to Glide has ever felt short-changed," Buffett said in a statement last month.

Williams, a community leader and pastor at Glide Memorial United Methodist Church, said he visited Buffett two weeks ago in Omaha to discuss Glide's work.

"We want to empower our people and find resources to help us pull this off, and touch the lives of people who are hurting most," Williams said.

Buffett's involvement helps, he added. "When Buffett speaks, people listen," Williams said. "He is a man of deep conviction."

Buffett is worth about $70.4bn, making him the world's fourth richest person, Forbes magazine said on Monday.

warren buffett  |  us  |  economy  |  charity
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