The annual auction to have lunch with billionaire investor Warren Buffett is underway, and it helps to benefit the Glide Foundation, a San Francisco charity that the deceased Susie Buffett supported. At this time, the bidding has already surpassed the $1 million mark. So it has already gone further than last year’s winning bid. With one day still remaining, we’ll soon find out how much somebody’s willing to pay to eat lunch with the Oracle of Omaha.
At the moment, the highest bid is $1,000,700. This is an excellent seven-figure payday for the Glide Foundation, which uses the money to help the homeless and poor and provides food and services to those in need.
As with any other auction, the bid will often surge in price within the last one or two hours before eBay closes it down for good. The auction ends at 10:30 PM Eastern daylight time on Friday, June 6.
Last year, the winning bidder paid $1,000,100. Based upon other auctions of this nature, this is looked upon as a relative bargain. It is the lowest bid in the last five years. In 2012, the highest bidder paid $3,456,789.
The winner of the auction will meet Warren buffet for lunch at Smith and Wollensky steakhouse in Manhattan, and the winner has the opportunity to bring seven of his or her friends.
The billionaire investor is willing to talk about just about anything. But do not bring up his next potential investment, because that topic is currently off the table.
Buffett began auctioning off this lunch for the Glide Foundation in the year 2000, and it was first started because of an introduction to the organization by his wife Susie. At the time of this writing, Buffett has already raised over $17 million for the organization when counting this year’s current bid.
Previous winners of the lunch with Warren Buffett include David Einhorn, hedge fund manager, who paid just $250,100 back in 2003. Current Berkshire Hathaway investing manager Ted Weschler paid a combined $5.25 million for winning the auctions in 2010 and 2011.