Chinese Investor Bids $2.1 Million For Lunch With Warren Buffett

June 30, 2008

This year, Forbes named Warren Buffett the richest human being in the world. At 77 years of age, this self-made Nebraskan’s published net worth is US$62 b-b-billion. (Remember, there are 1,000 millions in one billion.)

So, how much would you give to power lunch with Buffett?

Zhao Danyang, a Chinese investment fund manager for Hong Kong’s Pureheart China Growth Investment Fund, won this experience at an eBay auction on Friday. His bid: US$2,110,100. The LA Times called it the “most expensive charity auction ever held on eBay.”

He and seven of his friends will dine with Buffett at the Smith & Wollensky steakhouse in New York City on a mutually agreed-upon date.

It seems that Buffett’s value is the only thing going up nowadays. Last year’s power lunch auction brought in US$650,100 — less than a third of this year’s winning bid. The year before, it was US$351,100.

All proceeds will go to the Glide Foundation, which provides social services to the poor and homeless in San Francisco. With an operating budget of US$12 million, the foundation must be thrilled. Nothing like a nice philanthropic cycle of wealth redistribution every now and again.

Follow the money.


Usher: Life for Sale on eBay Not Worth $2 Million

June 25, 2008

This past Sunday, heartbroken Ian Usher opened up an eBay auction for bids on his entire life’s property in Perth. In less than 24 hours, the bidding frenzy had raised the top price to over $2 Million (AU$1 = US$0.96). Interestingly, the next day, Usher decided to let common sense — not greed — rule. His property, it seems, isn’t worth THAT much. Good for him.

Realizing the eBay system was allowing non-registered bidders to place potentially fake bids, Usher issued a statement yesterday:

Apologies to all, but I guess there are a lot of bored idiots out there…

…after a long day on the computer, I have decided to pull all bids back as far as the first registered bidder, and the price is back to A$155,000 as I write this … we are back in the land of common sense and reality, so it’s over to you.

We’re happy to report that as of this posting, he now has 58 solid bids, with a top bid of over AU$383,000. We’re definitely rooting for Usher.

Which leads us to a thought-provoking NYT Op-Ed piece by Paul Krugman, posted coincidentally on the same day Usher put his home, his property all on eBay. Going against the grain, Krugman asks: Why is owning a home so integral to living the American Dream? Why is homeownership equated with having a “vital stake in the future of our country” (as the Bushites are pushing us to believe)?

Krugman writes about U.S. policies that historically favor homeowners. Non-homeowners are pretty much second-class citizens. But, he argues that we should recognize that homeownership has major risks. One of them being: Homeowners are rendered immobile by their homes. They can’t move around as much or as fast.

Which brings us back to Ian Usher. By the end of the auction, he will no longer be a homeowner. And he will have sold everything he owns. But he will have gained a fresh start. This is the future: letting go, feeling free.

Some might call it the audacity of hope. Go, Usher!


A Life for Sale on eBay

June 23, 2008

Does everything have a price? Apparently so. Ian Usher, a 44-year-old Englishman living in Perth, Australia, has had enough of his life. So he’s selling what he feels has defined his life up to this point: 3-bedroom home (valued at AU$400-420,000) and all its contents in Perth, car, motorbike, jetski, kitesurfing gear. Introductions to his friends. His lifestyle. Even a trial stint at his job at a carpet store.

Usher has published the details on http://www.alifeforsale.com and is holding an eBay auction that ends this Sunday, June 29th. As of this posting, his eBay listing (which opened Sunday) already has 115 bids. The current bid is at AU$2.2 million (approximately US$2.1 million).

Why? Apparently, a broken heart. Usher says he married “the best girl in the world”, but was “blindsided…by a shocking and awful discovery.” He doesn’t specify. He does say this though:

I now live alone in a house that was being built for us to live in together…I am still surrounded by all the memorabilia of our years together… Everything in my home is a reminder of the wonderful past we shared.

So, after a year in this house I decided that it is time to sell it and move on.

What next?

Upon completion and settlement I will walk out of my home for the last time in just the clothes I am wearing, and carrying only my wallet and passport.

My current thoughts are to then head to the airport, and ask at the flight desk where the next flight with an available seat goes to, and to get on that and see where life takes me from there!

Considering that Usher expected to get just £185,000 (US$365,000) according to BBC, he’s not doing badly. Perhaps people facing foreclosure might adapt his strategy. Why just sell the house? Hey, throw in the whole deal. And the personal narrative too.