The hottest high ticket item in recent memory was for lunch with Warren Buffett. The current winning bidder this past Friday paid the fundraiser $2.2 million for the privilege of sharing a meal with the Oracle of Omaha.
Every year on auction website eBay, Warren Buffett auctions off a lunch invitation. The proceeds of this lunch auction go to the Glide Foundation, which is an organization that helps a number of anti-poverty programs in the San Francisco area.
The winning bid for this year went to Andy Chua, a man from Singapore, who paid more than double the amount of last year’s winning bid which went for $1,000,100. In 2012, the highest bid went for $3,456,789. Since its inception over 15 years ago, the auction has raised more than $16 million for Glide.
Some of the winners in the past include David Einhorn, hedge fund manager. In many instances the bidders choose to remain anonymous, and the Glide Foundation did not provide additional details and records in regards to Chua.
Andy has the opportunity to take up to seven of his closest friends to the Buffett lunch in New York City at Smith and Wollensky steakhouse.
The Glide Foundation operation budget is around $18 million. Each year, the organization serves over 850,000 people free meals, and also provides affordable housing and access to a health care clinic in the city.
“The demand keeps growing,” said Glide’s founding president Janice Mirikitani. “In this area, the cost of living is very high and a lot of people can’t afford to pay for both food and rent,” she said.
Warren Buffett is one of the leading philanthropists around the world. In 2010, he began in The Giving Pledge. The effort that he made has signed up over 100 billionaires all over the world. During their lifetime, or at the time of their death, they will donate over half of their net worth.