The Real Deal New York

Warren Buffett slashes price on Laguna Beach vacation home

Billionaire investor now asking $7.9M for home he purchased in the 1970s for $150K
August 25, 2018 04:00PM

Warren Buffett and his Laguna Beach vacation home (credit: Wikimedia Commons, Zillow)

Warren Buffett slashed the price of his Laugna Beach vacation home by about 30 percent.

The billionaire investor reduced the $11 million asking price on his 3,500-square-foot home to $7.9 million, the Wall Street Journal reported.

The home originally hit the market in February. And despite the price chop, Buffett stands to make a tidy profit on the sale. He paid just $150,000 for the property in the 1970s.

The 87-year-old chairman of Berkshire Hathaway spent his holidays at the vacation house. But he has not spent much time at the home since his first wife Susan died in 2004.

Buffett’s real estate brokerage, HomeServices of America, saw profits slide during the second quarter bu 5.3 percent from a year earlier to $107 million. [WSJ] — Rich Bockmann