News | advice | area guide

Warren Buffett Lists Longtime Laguna Beach Home for Million

Billionaire investor Warren Buffett is putting his longtime California beach house on the market for $11 million.

If it sells anywhere near its asking price, Mr. Buffett will score a decent return: He bought the Laguna Beach home in 1971 for $150,000. Mr. Buffett said he bought the house because his then-wife liked it, without giving a thought to its potential as an investment. At the time Laguna Beach “wasn’t fully developed,” he said, but since then the area “just took off.” He added that he’s put a considerable amount of money into renovating the home over the years.

The 86-year-old Berkshire Hathaway chairman, who lives primarily in Omaha, Neb., said he used the property for years as a beach house for his family, spending summers and Christmases there. But since his first wife, Susan, died in 2004, he hasn’t spent much time there, which is why he’s putting the home on the market.

The six-bedroom home is a short walk from the ocean in the affluent gated community of Emerald Bay, said listing agent Bill Dolby of Villa Real Estate. The three-level house has an all-white exterior. It spans about 3,600 square feet, and a family room has a large deck with ocean views. Mr. Buffett said he remodeled the house several times over the years.

Consistent with Mr. Buffett’s famous frugality, the house is “on the simpler side” for Emerald Beach, Mr. Dolby said. 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. Mr. Buffett said he prefers not to be directly on the beach for privacy and quiet.

When the family gathered at the house for Christmas, Mr. Buffett said he often holed up in the master bedroom to write Berkshire Hathaway’s annual report. He also recalled making frequent trips to nearby Disneyland with his children and houseguests.

As the family grew, he bought an adjacent house to accommodate overflow houseguests, connecting the two properties with a staircase. “That became kind of the annex,” he said. “We could handle a lot of people out there.” He sold the “annex” in 2005.

Mr. Buffett, Berkshire Hathaway’s chairman and biggest shareholder, is the world’s third-richest man, according to Forbes. When asked if he’ll look for another vacation home, Mr. Buffett said: “If you want to know where I want to go for vacation, it’s the office.”

The post Warren Buffett Lists Longtime Laguna Beach Home for $11 Million appeared first on Real Estate News & Advice | realtor.com®.

Source: Real Estate News and Advice – realtor.com » Real Estate News