Warren Buffett lunch auction starts with big bids

AP News
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Posted: Jun 06, 2011 1:17 PM
Warren Buffett lunch auction starts with big bids

Two bidders have already driven up the price of a private lunch with billionaire Warren Buffett to over $1.5 million, and the online charity auction runs all week.

Typically, the bidding doesn't reach astronomical prices until closer to the Friday evening end of the auction. That the bids jumped from the opening $25,000 to $1.51 million may bode well for the Glide Foundation.

Glide uses the proceeds to help provide social services to the poor and homeless in San Francisco.

Last year's $2.6 million winning bid set a record for the most expensive charity item eBay ever sold.

The winners usually dine with Buffett for several hours at New York's Smith and Wollensky steak house. The only topic off limits is what Buffett is planning to invest in next.