Business News

Price of Warren Buffett charity lunch heads for 2 million dollars

Jun 6, 2011, 12:28 GMT

New York - The price for joining legendary US investor Warren Buffett in a charity 'power lunch for eight' at a New York steakhouse topped 1.5 million dollars on Monday and was rising by the hour.

The 'Oracle of Omaha' kicked off the auction on Ebay on Sunday with a starting price of 25,000 dollars, a figure that soon soared past a million dollars, with two bidders competing strongly.

The lunch, at an establishment favoured by New York's financial wizards, has been an annual event for the past 11 years, raising millions of dollars for homeless people in San Francisco.

The steakhouse, Smith & Wollensky, offers sirloin steaks at around 40 dollars, while Cajun Marinated Rib Steak goes up to 49.50 dollars. At 9.50 dollars, the 'Famous Split Pea Soup' is one of the least pricey items on the menu.

The winner of the auction is entitled to bring seven friends along to join Buffett, who has a reputation for being 'good value,' with respect to both his financial acumen and his witty repartee.

Last year, the lunch raised 2.6 million dollars for the Glide Foundation, a charity that was close to the heart of Buffett's late wife Susan, who died in 2004.

Buffett, 80, is chairman and chief executive of Berkshire Hathaway, an investment holding company listed on the New York Stock Exchange.