Sunday, July 01, 2007

$650k for Lunch...

...and no stock tips?!? An EBay auction for lunch with Warren Buffett closed for a record $650,100 (beating out last years price of $620,100, bloody inflation). The two winners of the auction (and six of their guests) will dine with Warren Buffett at a New York Steak House (I'd love to see the gratuity on that tab) for around 2 1/2 - 3 hours. Of course "Virtually anything but specific stocks are fair game for conversation."
It's not as crazy a $650,000 lunch sounds. "Buffett auctions his time to benefit the San Francisco- based Glide Foundation, where his late wife, Susan Buffett, volunteered. The organization, founded by the Reverend Cecil Williams, provides food, health care, shelter and job training to the city's poor...the lunches have raised $1.4 million for Glide. This year is the eighth auction."
"Three bidders drove up the price from $452,600 in the last 20 minutes of the auction, which closed yesterday at 7 p.m. San Francisco local time. The offers lingered at about $300,000 for two days before surpassing $400,000 at about 3 p.m. yesterday. The auction began June 25, with an opening bid of $25,000." The steakhouse (Smith & Wollensky) will donate $10,000 for the right to host the event.

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