It was the 15th annual online auction. The winner gets to spend several hours at lunch with Buffett, who leads Berkshire Hathaway and is known for his investing prowess and philanthropy.
The auction benefits the Glide Foundation, which provides meals, health care, job training, rehabilitation and housing support to the poor and homeless in San Francisco.
Glide spokeswoman Denis Lamott announced that Andy Chua from Singapore had the winning bid but said he was not interested in interviews right now.
Last year's winning bid was a little more than $1 million. Four of the previous five winners each paid more than $2 million, and the 2012 winning bid of $3,456,789 remains the most expensive charity item ever sold on eBay.
Buffett said he doesn't think the auction would have drawn such astronomical prices if it had benefited a lesser charity. The nonprofit relies on the auction for part of its $18 million budget.
"Nobody spends the money better than Glide," Buffett said.
Glide has a remarkable record over more than five decades of helping people rediscover hope, Buffett said. Since 2000 the investor has raised nearly $16 million for the charity through these auctions.
Past auction winners have praised Glide but made it clear that Buffett was the main reason they spent the money.
Guy Spier, an investor who paid $650,100 to dine with Buffett in 2007, has written a book due out this year that explains how that meal refined his approach to investing.
Nearly 40,000 people attended Berkshire Hathaway's annual meeting in Omaha last month to hear Buffett answer questions.
The winners of the lunch auction usually dine at Smith & Wollensky steakhouse in New York City, which donates at least $10,000 to Glide each year to host the lunch.
Buffett's company owns more
than 80 subsidiaries including insurance, furniture, clothing, jewelry
and candy companies, restaurants and natural gas and corporate jet
firms, and has major investments in companies including Coca-Cola Co.,
IBM and Wells Fargo & Co.
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ReplyDeleteA Singaporean man will pay $2,166,766 to have lunch with Warren Buffett, the fourth biggest-ever winning bid in an annual charity auction.
A representative of the San Francisco-based Glide Foundation, which gets 100 percent of the profits from the sale, identified the winner as Andy Chua of EMES in Singapore.
Who is Andy Chua?
ReplyDeleteOMAHA, Neb. (AP) -- A Singapore man says getting the chance to meet Warren Buffett and thank him for his inspiration makes the $2,166,766 price of a private lunch with the investor worth it.
ReplyDeleteAndy Chua won the annual auction last week. He issued a statement Tuesday through the California charity that benefits from the auction.
Chua says in the statement his friend William Francis wrote that he doesn't want to do any interviews. Chua says he has followed Buffett's philosophy for two decades and appreciates how much Buffett shares about his approach to investing.
The auction benefits the Glide Foundation, which provides meals, health care, job training, rehabilitation and housing support to the poor and homeless in San Francisco.
Over the past 15 years, Buffett has raised $17,858,277 for Glide through these auctions.