It’s not cheap to have lunch with the world’s third richest man, but it is for a good cause. Every year, Warren Buffett, who has an estimated net worth of $83.3 billion, auctions off the chance to have a personal meal with the Oracle of Omaha. Since 2000, the investor has donated the proceeds to GLIDE foundation, a San Francisco institution that helps the poor, homeless, and most vulnerable.
Since its inception, the Power Lunch with Warren Buffett auction has raised more than $30 million. Initially, bids for Buffett’s time, auctioned off at a local San Francisco event, were relatively low. Wayne Heldt and Diane Lee snagged the honor in 2001 for a meager $18,600. But that was before eBay got involved. Once the auction site presented the opportunity to the world’s 1%, prices quickly rose and now regularly exceed $3 million.
Buffett started the tradition at his wife’s suggestion, reports GLIDE. “It makes a difference, and it translates into human beings finding that there is hope in life and that something better is there,” Buffett said, according to a statement. “The rest of the society may have given up on them, but GLIDE is going to give them a chance to find out what their real potential is. And the people that buy lunch feel good about that, I feel good about that. The most important thing, though, is what it does to resurrect many thousands of people from hopelessness.”
This year’s opening bid is $25,000. You have until May 31.