A man from Singapore on Friday bid $2,166,766 to win a private lunch with Warren Buffett, well below the record price but on par with other winning bids in recent years.
It was the 15th annual online auction. The winner gets to spend several hours at lunch with Buffett, who leads Berkshire Hathaway and is known for his investing prowess and philanthropy.
The auction benefits the Glide Foundation, which provides meals, health care, job training, rehabilitation and housing support to the poor and homeless in San Francisco.
Glide spokeswoman Denis Lamott announced that Andy Chua from Singapore had the winning bid but said he was not interested in interviews right now.
Last year's winning bid was a little more than $1 million. Four of the previous five winners each paid more than $2 million, and the 2012 winning bid of $3,456,789 remains the most expensive charity item ever sold on eBay.
Buffett said he doesn't think the auction would have drawn such astronomical prices if it had benefited a lesser charity. The nonprofit relies on the auction for part of its $18 million budget.
"Nobody spends the money better than Glide," Buffett said.
Glide has a remarkable record over more than five decades of helping people rediscover hope, Buffett said. Since 2000 the investor has raised nearly $16 million for the charity through these auctions.
Past auction winners have praised Glide but made it clear that Buffett was the main reason they spent the money.
Guy Spier, an investor who paid $650,100 to dine with Buffett in 2007, has written a book due out this year that explains how that meal refined his approach to investing.
Nearly 40,000 people attended Berkshire Hathaway's annual meeting in Omaha last month to hear Buffett answer questions.
The winners of the lunch auction usually dine at Smith & Wollensky steakhouse in New York City, which donates at least $10,000 to Glide each year to host the lunch.
Buffett's company owns more than 80 subsidiaries including insurance, furniture, clothing, jewelry and candy companies, restaurants and natural gas and corporate jet firms, and has major investments in companies including Coca-Cola Co., IBM and Wells Fargo & Co.
The Motley Fool recommends Berkshire Hathaway, Coca-Cola, eBay, and Wells Fargo. The Motley Fool owns shares of Berkshire Hathaway, eBay, International Business Machines, and Wells Fargo and has the following options: long January 2016 $37 calls on Coca-Cola, short January 2016 $37 puts on Coca-Cola, and short June 2014 $48 puts on Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.