Everyone knows Warren Buffett lives in the same Omaha, Nebraska house he bought in 1958 for $31,500 � a symbol of this billionaire�s philosophy of a downscale lifestyle. What�s not so well known is that the Oracle of Omaha once owned a sweet piece of Laguna Beach real estate.
Buffett�s former California coast home was a vacation spot for Buffett and his former wife, Susan. The world-famous value investor sold the property in 2005 for $5,450,000.
According to public records, Buffett bought the home in 1993 for $1,100,000, turning a nice little real estate profit. Of course, what else would we expect from Buffett except handsome net gains?
Ranked the second-richest American, Forbes lists him just behind his friend and fellow philanthropist Bill Gates. Buffett had a little head start on the Microsoft founder, since the octogenarian Buffett started investing in the stock market at age 11.
Although Buffett publicly disdains a billionaire�s lifestyle of high-end real estate, expensive cars and other extravagances, the Laguna Beach home � currently listed for $4,995,000 � looks like it could be filed under the luxury real estate category.
Sitting just �two homes off of the sand� on a private cul-de-sac, Buffett�s former house has views of the Pacific Ocean and Catalina Island from several balconies and patios. Built in 1955, the 4-bedroom, 4-bath home has just over 3,000 square feet of living space set in an open floor plan with walls of glass and vaulted ceilings.
This isn�t the first time the home�s owners have placed the property on the market. In 2007, the home was listed for $9 million. Two years later, the listing saw a significant price cut of 27.8 percent down to $6,495,000.
Earlier in 2011, the home was re-listed at $5,295,000, only to see the price chopped again to its current sticker of $4,995,000. This downward trend is not unusual given the current market. Homeowners in southern California have on average been listing homes at a loss; median Laguna Beach home values have been declining at a rate of 16.7 year-over-year.
The listing is held by agent Tim Smith of Coldwell Banker.
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According to data on Zillow Mortgage Marketplace, a monthly payment on this home would be $21,583 a month with 20 percent down and a 30-year loan
