News Maker

Jul 01, 07:26 PM

Current Headlines: Buffett lunch sells for record $650,100

A bidder agreed to pay $650,100 to have lunch with billionaire Warren Buffett, surpassing last year's record for the annual charity auction.

Mohnish Pabrai, an Irvine, California-based investor who models his investment style on Buffett's, won the right to dine with the 76- year-old chairman of Berkshire Hathaway in the five-day online auction on eBay.

It was Pabrai's fifth year of bidding but the first time he won.

"He has had a major influence on the way I've invested, and also on the way I give back," said Pabrai, 43.

A year ago, Buffett pledged most of his fortune to the Bill & Melinda Gates Foundation and four family charities. Forbes magazine in March estimated his net worth at $52 billion.

The lunch for up to seven people will be held at a Manhattan steakhouse. Pabrai plans to take his wife and two children, and a fellow investor who contributed to his bid.

Auction proceeds will benefit the Glide Foundation, a non-profit group in San Francisco that helps the poor and homeless.

Agencies

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