How much would you pay for Warren Buffett's old Cadillac?
To raise money for charity, investment guru Warren Buffett sold his 2006 Cadillac DTS for 10 times market value.
Omaha, Neb.
Talk about value investing. A car owned by Warren Buffett was auctioned for more than $122,000, about 10 times the estimated worth, as the billionaire and philanthropist offered to again help out one of his favorite charities.
Buffett put the 2006 Cadillac DTS for sale on the website Proxibid, specifying that the money would be donated to Girls Inc. of Omaha. The car, valued at about $12,000 went for a final bid of $122,500 on Thursday, the Omaha-based auction website said. The buyer's name was not disclosed.
The metallic beige DTS sedan has just 20,310 miles on it — and Buffett's autograph on the dashboard. Buffett has offered to hand over the keys personally to the winning bidder if that person is willing to travel to Omaha to pick up the car.
Bids were taken between Feb. 11 and Feb. 19.
"Girls Inc. has benefited multiple times from auction events championed by Warren Buffett, but the Buffett family's endorsement of Girls Inc. and its role in the community has been invaluable," Roberta Wilhelm, the nonprofit's executive director, said in a statement. Girls Inc. of Omaha provides educational, cultural and recreational programs for young women.
Proceeds from the auction will go toward an $18.5 million expansion of the charity's facility in Omaha, reports the Omaha World Herald. Buffet's late wife was a founder of the organization and his daughter is on the organization's national board of directors.
In 2006, Buffett auctioned his 2001 Lincoln Town Car to support the organization and the vehicle sold for over $70,000.
He also donated his 20-something-year-old wallet - containing a stock tip - in 1999, bringing in more than $200,000 to the organization.
In 2008, performance artist Michael Israel painted a portrait of Buffett before the annual meeting of Buffett's Berkshire Hathaway Inc., netting a $100,000 donation.
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