Buffett charity lunch fetches $1 mln bid, down from $3.46 mln last year
June 8 (Reuters) - The yet-unidentified winner of an online charity auction will pay $1 million to lunch with Warren Buffett and friends, a relative bargain compared with last year's top bid that came in at more than three times the amount.
The event raises funds for the San Francisco-based charity GLIDE, which provides meals and shelter for the poor.
The annual auction for the chance to dine with the "Oracle of Omaha" had reached record price levels in recent years. Last year's winning bid was $3.46 million, which topped the previous year's $2.63 million top bid from fund manager Ted Weschler, who was later hired as an investment manager at Buffett's Berkshire Hathaway.
This year's anonymous winner, who paid the lowest amount in six years at exactly $1,000,100, will have lunch with the Nebraska billionaire and up to seven friends at Smith & Wollensky in New York City. The five-day auction on eBay, which closed on Friday evening, received 106 bids.
Buffett, who was introduced to GLIDE by his late first wife Susan, has held 14 auctions raising more than $15 million for the organization, which was founded 50 years ago.
The San Francisco Business Times reported a GLIDE executive saying budget cuts were likely due to the surprisingly low auction results.
A GLIDE official was not immediately available to comment.