Todd Tankersley
Billionaire investor Warren Buffett has sold his California beach house for roughly $7.5 million, or 32% less than its original asking price, according to a spokeswoman for the listing agent.
Mr. Buffett, the 88-year-old Berkshire Hathaway chairman nicknamed “the Oracle of Omaha,” first put the home on the market for $11 million in February 2017. He cut the asking price to $7.9 million in late August in a bid to spur interest. Don’t feel too badly for him: The businessman paid $150,000 for the home in the early 1970s.
The three-level Emerald Bay home spans 3,500 square feet, with six bedrooms and views of the beach. Per Mr. Buffett’s modest style, it is decorated with white laminate countertops and gray carpets.
“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,” Mr. Buffett said in a statement.
His agent, Bill Dolby of Villa Real Estate, declined to comment on the identity of the buyer.
Mr. Buffett previously told The Wall Street Journal he was selling because he wasn’t spending time at the property. He bought the home because his first wife Susan fell in love with it; since she died in 2004, he rarely visits. He also recalled having written Berkshire Hathaway annual reports there during Christmas vacations and when visiting Disneyland with his children.
The post Warren Buffett Finally Sells Beach House After Big Price Cut appeared first on Real Estate News & Insights | realtor.com®.
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