US$1m bid for lunch with Warren Buffett, down from US$3.4m

The annual charity auction of a private lunch with billionaire investor Warren Buffett went for just more than US$1 million - a bargain price compared to past years for an opportunity to sit down with one of the world's most successful philanthropists.

An anonymous donor had the high bid of US$1,000,100 when the bidding ended on eBay. The private audience with Buffett drew bids of more than US$2 million in each of the past five years, including last year's record-setting winning bid of US$3,456,789.

In 2008, Chinese hedge fund manager Zhao Danyang won it for US$2.11 million.

All proceeds go to the Glide Foundation, which helps the poor and homeless in San Francisco. The charity relies on the auction to provide a significant chunk of its US$17 million annual budget.

"It means a lot to us to make sure we continue meeting the needs of the people who need it most," said the Reverend Cecil Williams, Glide's founder.

Glide and Williams were introduced to Buffett, 82, the world's third-richest man, by his first wife, Susan, who was a volunteer for the group.

Last year's Buffett lunch was the most-expensive charity item ever sold on eBay. The most expensive item ever sold on eBay was a jet that drew US$4.9 million in 2001, eBay spokeswoman Karen Sayah said.