Categorised in: Breaking Financial News
One of the wealthiest people in the world is still trying to sell his vacation home more than a year after putting it on the market.
Warren Buffett’s 3,588-square-foot oceanside family vacation home in Laguna Beach, Calif., is listing for $11 million, according to listing agent Bill Dolby of Villa Real Estate. If Buffett sells at that price, it wouldn’t be a bad return on investment given that he purchased the home for $150,000 in 1971, according to property records.
Buffet, 87, is the chairman and CEO of the multinational holding company Berkshire Hathaway. Berkshire Hathaway owns, in whole or in part, dozens of companies, including Long and Foster, Apple, Geico, Wells Fargo, Coca-Cola and See’s Candies. A subtle nod to the latter two companies appears in the listing images of the home with a cardboard cutout of Mary See, face of See’s Candies, and a bottle of Coca-Cola visible in several of the photos.
With a net worth of $87 billion, Buffett is ranked No. 3 in wealth behind Amazon CEO Jeffrey P. Bezos (who also owns The Washington Post) and Microsoft founder Bill Gates.
Built in 1936, the six-bedroom, seven-bathroom property is designed to maximize as many ocean views as possible. A tiered design allows for tall windows and full-length glass doors to adorn the ocean-facing side of the house, with the upper levels having at least a partial ocean view from each of the main rooms.
“It’s an unusual layout but it works really well,” Warren Buffett’s daughter, Susan Buffett, said in a phone interview. “It’s got these separate spaces that are interesting because people can do their own thing. Not just when we would be out there, but friends of mine who stayed at the house have liked it because their kids can go over in the family room at night and be over there by themselves and watch TV and play games.”
A gated entrance and several high walls increase the privacy of the home, which sits directly on the corner lot of the street. Strategically placed tall bushes also add a visual barrier between the home and people passing by outside.
A spacious living room on the upper level comes with a fireplace and sliding glass doors that open to a porch overlooking the street below. The raised ceiling adds height to the room without making the space feel overly large.
A laminate countertop on either side of the kitchen provides ample workspace. One section of the counter can operate as a breakfast bar via the window between the kitchen and the adjacent living room. Skylights allow more light to enter through the angled roof.
Adjacent to the kitchen is a dining area that looks onto a wall of windows. The built-ins against the far wall create a separate serving area away from the kitchen that is closer to where everyone gathers to eat.
Five of the bedrooms have their own attached bathroom, and two of the bedrooms have their own private access to the outdoors. Several more of the bedrooms have direct access to the numerous porches on each level of the house. One of the bedrooms has a crucial part in the making of the Berkshire Hathaway annual reports.
“My dad wrote a lot of the Berkshire Hathaway annual reports in that bedroom,” Susan Buffett said. “The blue chair that’s in there? That’s where he used to sit and write those annual reports over Christmas every year.”
Two separate garages have space for one car each, with one garage having direct access to the home. More off-street parking is available directly in front of each garage with large paved aprons providing enough additional space for two to three cars.
The homeowners’ association fees total $9,264 annually and come with access to a communal pool, spa, tennis courts, playground and sport court, according to listing information.