Warren Buffett’s Laguna Beach beach house sells for 32% less than asking price

The property first hit the market in February 2017 asking $11 million

Trust Warren Buffett to finagle a winning deal no matter what.

When his six-bedroom beach house in Laguna Beach’s Emerald Bay finally sold, it was at a heavily discounted $7.5 million–almost a third lower than the price he initially listed it for, as the Wall Street Journal reported. However, the chairman of Berkshire Hathaway only paid a mere $150,000 for the 3,500-square-foot house in the 1970s.

The sale is further proof — in case anyone still needed it — of Buffett’s philosophy to “never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.” Buffett wrote that in 1963 in a note to his partners, according to the Journal.

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Buffett himself slashed the price from his initial ask of $11 million in August to $7.9 million.

The buyers are a couple who remain unidentified, though Buffett said in a statement to the Journal that “I feel very good about the couple who bought the house and hope their family gets as much enjoyment from it as our family did.” [WSJ] — Erin Hudson

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Warren Buffett’s Laguna Beach beach house sells for 32% less than asking price

The property first hit the market in February 2017 asking $11 million

Trust Warren Buffett to finagle a winning deal no matter what.

When his six-bedroom beach house in Laguna Beach’s Emerald Bay finally sold, it was at a heavily discounted $7.5 million–almost a third lower than the price he initially listed it for, as the Wall Street Journal reported. However, the chairman of Berkshire Hathaway only paid a mere $150,000 for the 3,500-square-foot house in the 1970s.

The sale is further proof — in case anyone still needed it — of Buffett’s philosophy to “never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.” Buffett wrote that in 1963 in a note to his partners, according to the Journal.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Buffett himself slashed the price from his initial ask of $11 million in August to $7.9 million.

The buyers are a couple who remain unidentified, though Buffett said in a statement to the Journal that “I feel very good about the couple who bought the house and hope their family gets as much enjoyment from it as our family did.” [WSJ] — Erin Hudson

Tags