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Stabroek News

Buffett auctions car for charity at 700% its value
published: Tuesday | September 26, 2006


Warren Buffett, billionaire investor. - reuters

OMAHA, Nebraska (AP):

A US$73,200 (€57,331) donation to charity for a chance to meet billionaire investor Warren Buffett seemed like a good deal to Bill Zanker.

So, the New York businessman pledged that much money Friday to win an online auction for Buffett's 2001 Lincoln Town Car. Included in the eBay listing was Buffett's "THRIFTY" licence plate, a plaque bearing his name and an opportunity to meet Buffett.

"The chance to meet the greatest investor in the world is terrific," Zanker said Monday.

He said he plans to ask Buffett to speak at an upcoming real estate-and-wealth seminar his business, The Learning Annex, will be holding in New York.

Proceeds from the auction will go to Girls Inc, a national non-profit youth organisation that provides educational and recreational programmes to girls, particularly those in high-risk, underserved areas.

Daughter sits on board

Buffett's daughter, Susie, sits on the organisation's board.

Buffett's light gold Town Car, which has about 14,000 miles (22,530 kilometres) on it, has a Kelly Blue Book value of about US$15,000 (€11,748). Zanker paid almost five times that in the auction that ended at 5:00 p.m. Friday.

"Only Warren could sell a used car at 700 per cent above its value," Zanker said. Under the terms of the auction, Buffett, wearing a chauffeur hat and driving the car, will pick up Zanker at the Omaha airport.

Zanker said he is in the process of scheduling that trip.

Zanker previously paid US$60,000 (€46,992) for a lunch with Rupert Murdoch, during which, Zanker said, the media mogul told him he should offer his seminars in China.

In June, someone paid US$620,100 (€485,667) in an eBay auction to dine with Buffett in New York, with the proceeds going to charity.

The lunch was the second-most expensive charity item sold on eBay, according to an eBay spokeswoman.

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