The annual charity auction lunch by renowned investor and philanthropist Warren Buffet is drawing attention and dollars with bids of up to $2 million.
The traditional fund raising event has been ongoing since 1999, which raises funds for The Glide Foundation of San Francisco, which was introduced by his late wife, to help assist those in need in the Tenderloin District. Those who win the bid to dine with the 80-year-old billionaire share the table with up to seven of their self nominated guests at the upmarket Smith & Wollensky’s steakhouse in Manhattan, New York City.
According to Buffett, the third wealthiest person in the world, the Glide was “maybe the most effective organization I’ve seen for people down on their luck. It takes people who have hit bottom and brings them back. I’ve seen it with my own eyes.”
Last year’s record from an anonymous bidder was $2.63 million. The current bidding process began on eBay on Sunday and closes June 10. There is a screening process undertaken by the Glide and opening bids have to be in excess of $25,000. It was reported that the only topic of conversation not on the agenda for the lunch is Buffett’s next investment ventures.
Buffett’s advice is well covered and followed by many around the world; his most recent comments about the health of the economy concentrated on the property market. In an interview with CNBC in May, he said, “We just built a couple million, maybe 3 million too many houses a few years back when we were building 2 million houses and household formation was only a million.”
“We have an inventory of too many houses, which we’re working off, and at 500,000, we’re working it off. I don’t know when the lines will cross, but I know every day we’re getting closer to when the lines will cross. So we will have residential construction come back,” Buffett noted.
Buffett, often referred to as the “Oracle of Omaha” is the chief investment officer, founder, and CEO of the Omaha, Neb.-based Berkshire Hathaway Inc.
