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.