General Motors (GM) scores earnings beat, but big revenue miss >>> READ MORE

Lunch With Warren Buffett 2017: Annual Auction Ends This Friday

Last year's winner paid $3.5 million for lunch, tip not included


While the Classic 26-ounce Prime Rib at New York’s Smith & Wollensky steak house is on the menu for $59, it will cost you a lot more if you want to have it for lunch with Berkshire Hathaway Inc. (NYSE:BRK.A, BRK.B) chairman and CEO Warren Buffet. The winning bidder gets to bring along seven friends.

Source: Shutterstock

As he has done for the past 17 years, the Oracle of Omaha will have lunch with the highest bidder in an auction benefiting the Glide Foundation, which provides services to homeless people in San Francisco.

The auction on eBay opened on Sunday around 7:30 p.m. PDT. Within seconds, by 7:31 p.m., the bid had already hit $1 million. The auction ends Friday, June 9, at 7:30 p.m. PDT. As of 10:25 a.m. EDT today, there were three active bidders.

Last year, an anonymous bidder paid $3,456,789 for lunching rights, only revealed by Buffet to be a woman. Announcing that information to a women’s business networking group, Buffet said “if you’d like to buy it next year, $3.5 million is just a suggested price”, mentioning that the tip is not included. The restaurant’s menu notes “A suggested gratuity of 20% has been added to your party of 6 or more . If you do not find this convenient, please inform a manager for assistance adjusting the amount.”

In total, Buffett has helped raise about $23.6 million in past auctions. Buffett’s partnership with GLIDE was conceived by his late wife Susan, who died in 2004.


Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC