Charity Auction for Buffett Lunch Raises $2.63 Million

More than $2.6 million was raised in the eleventh annual charity auction that offered a chance of having lunch with Berkshire Hathaway Inc. CEO Warren Buffett on Friday. This year’s collection exceeded the mark of $2.1 million by investor Zhao Danyang in 2008.

The auction, organized online by eBay Inc., gives the collection to Glide Foundation, which is a charity serving the homeless in San Francisco's Tenderloin district.

Mr. Buffett, whose late wife Susan was a volunteer at Glide, is a well known billionaire investor, and his presence attracted nine bidders and 77 bids. The winner of the bid opted for staying anonymous, stated the Glide staff.

Last year’s bidder, Canadian investment firm Salida Capital, spent $1.68 million for the event.

In the concluding three minutes of the bidding action, bids elevated from $2.5 million and settled finally on $2,626,311. Founder of Glide, Rev. Cecil Williams, said that the bid intends to help the poor.

He added that with a rise of about 30% in the requirement of the services from the organization, the donations have dipped 20%.

Expressing his excitement, Rev. Williams said that people are now getting concerned about the social cause by associating themselves with non-profit groups.

He also assured that the money will be utilized properly. “The money will be put where it counts".