Warren Buffett puts Laguna Beach property on the market for $15.3m
Warren Buffett, one of the three richest men in the world, didn't get where he is today by making a bad investment.
The multi-billionaire, who is worth US$75.6 billion (NZ$105.6b), has owned this beach house at Laguna Beach, CA, for nearly 50 years, and has finally decided it is time to divest.
The US$11 million (NZ$15.3m) house is so sparsely decorated we don't imagine Buffett has spent any time here recently, or maybe he just likes a (very) pared-back interior. His main house is in Omaha, Nebraska.
But clearly the house has been a good investment – records show he paid $150,000 for it back in 1971. And there's the cool location, right near the beach at Emerald Cove. You even get a slice of the view.
Then there is the size. The 325 square-metre house has six bedrooms and seven bathrooms, and we know, the bigger the house the more it fetches, even if it isn't the greatest thing to look at. And let's face it, this house is rather plain. It also appears to be overlooked by the neighbours.
However, Buffett, who is known for his modest tastes, told The Wall Street Journal he bought the house because his first wife Susan liked it, not because he saw it as an investment. Susan Buffett died in 2004.
Buffett also said that during Christmas gatherings he often would hunker down in the master bedroom to write Berkshire Hathaway's annual report.
Listing agent Bill Dolby of Villa Real Estate told the Journal, "It has few of the pricey flourishes expected in the homes of billionaires. Much of the flooring is grey carpeting; the kitchen countertops are mostly white laminate."
To quote Buffett's own words of wisdom: "Price is what you pay. Value is what you get."