Warren Buffett not quite in LA, but definitely leaving the OC

Billionaire investor Warren Buffett has yet to shack up in Los Angeles, but he is looking to make a hefty return on a profit in nearby Laguna Beach.

The Berkshire Hathaway chairman put his beach house on the market for $11 million, the Wall Street Journal reported.

Buffett purchased the 3,588-square-foot property in 1971 for $150,000. He told the paper that he bought the property because his then-wife liked it — he wasn’t specifically looking for an investment property.

The three-level home on Emerald Bay has six bedrooms, seven bathrooms and a family room that opens to a large deck with ocean views.

Buffett, who lives in Omaha, Nebraska, remodeled the home several times but it’s still consistent with his famously frugal style. For example, the kitchen countertops are mostly white laminate and the flooring is grey carpeting.

The house was mostly used as a family retreat. Buffett had purchased an adjacent property to accommodate more houseguests but sold that portion of the home in 2005.

Buffett is reported to be the world’s third-richest man, according to Forbes. [WSJ] — Subrina Hudson